From The Business Journal of Phoenix, local domain registrar GoDaddy.com is fighting against a ruling that it believes creates a monopolistic environment in the Internet domain name registration industry. They are petitioning the U.S. Department of Commerce to deny final approval of the recent controversial .com registry agreement with VeriSign.
The agreement “would allow VeriSign to raise registration fees by seven percent annually in four of the next six years without cost-based justification. It also would give VeriSign control of the .com registry indefinitely, as it extends VeriSign’s “presumptive renewal” right when the proposed settlement agreement expires in 2012,” as reported by the Journal.
“We will not sit back without a fight,” said Bob Parsons, CEO and Founder of GoDaddy.com.
“This deal is outrageous. It’s monopolistic because it locks in price hikes and eliminates good old-fashion competition. This deal would give VeriSign a monopoly in the .com registry — the source of its highest profit margin,” Parsons said. “The .com price should be going down, not up.”
David Wallace, co-founder and CEO of SearchRank, is a recognized expert in the industry of search and social media marketing. Since 1997, David has been involved in developing successful search engine and social media marketing campaigns for large and small businesses.
