Colombia’s internet country code, .co, is becoming a new must-have among global brands such as BMW, Nike, Sony and Visa, as many of the more recognizable .com domain names have all been taken.
Since the domain name’s “pre-launch” phase from February 2010, over 39,000 companies have applied for the two-letter code, including 70% of the companies listed in the Brand Finance top 500.
Juan Diego Calle, CEO of .CO Internet said that “the launch of the .CO domain represents the next phase in the growth and development of the Internet.”
The e-commerce leader Overstock.com recently paid $350,000 for the snappy O.co address, as it was an “an unprecedented opportunity to add a meaningful online presence that will enhance recognition for the “O” brand.
“For all intents and purposes, the .com reservoir is empty of meaningful domains,” said Tim Draper, founder of the global venture capital firm Draper Fisher Jurvetson. “It’s a constant struggle, especially for start-ups, to find a credible domain name that best describes their business or product.”
The newly available .co domain name is also popular due to its recognition as a pseudonym for “company,” “corporation,” and “commerce.”