Why did Overstock.com spend $350,000 for the domain name O.co from .CO Internet S.A.S, the official .co domain registry? Why $350,000 - why not $400, 000 or $300,000? Also, what does the company intend to do with the designation? A brief talk with Overstock president Jonathan Johnson provides the answers.
Why we went ahead with a .co domain: We looked at what O means to our brand - it's important. We decided it was worth it to have the domain. In terms of real estate, it felt like a lakeside property to use.
On the $350,000 price tag: We didn't start out at $350,000. We offered a lot less and they [the domain registry] wanted a lot more. After a week of negotiating we settled on $350,000. We didn't have a lot to go on - I think maybe two other companies have purchased .co domains so judging other comparable sales was not an option.
What we are going to do with it: Right now we are just sending people to our overstock.com site. Longer term is to be determined. We are more than just a liquidation company - we have a tab for real estate, cars, auctions. We had a short window to do this, so we grabbed it and trust we will find a use for it.
