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Another good article I found today: The Sydney Morning Herald has covered Rick Schwartz’s recent sale of iReport.com to CNN. The article, Domain king’s rivers of gold, doesn’t go into too much detail talking about the domain market, but it’s a very positive article overall. Other people cited in the article are Andrew Allemann from Domain Name Wire and Ed Keay-Smith from OzDomainer.com. Nice info about one of Rick’s domains, by the way (I would be reluctant to let that domain go, too! :)):

Schwartz’s reluctance to sell is unsurprising given the amount of annual income some names can generate. Porno.com, which includes little more than advertising, is Schwartz’s smartest acquisition so far.

“The domain name cost me $US42,000 in 1997 and spits out more than $US1 million annually,” said Schwartz, who estimates he has spent $US5 million purchasing domain names so far.

I particularly like Andrew’s comment on starting out in the domain business, because it is true:

“Most successful ‘domainers’ will tell you they worked 20 hours a day to establish their business,” said Allemann, whose domain name dabbling earns him a six-figure income.

I can only agree with the above. Although some might believe the contrary, domain investing is no get-rich-quick scheme. It’s a serious business that requires hard work and dedication if you want to make it. But there are still lots of opportunities for those who are creative and willing to put it some hours of work. Luck can help, of course, but you should not rely on it.

Read the entire article here.