Can you provide an updated revenue mix for Morningstar Data?

February 5, 2024

Overall, we are focused on delivering our data to meet different investor needs. Data is a key component of our offering across our product suite, including PitchBook, Morningstar Direct, Morningstar Advisor Workstation, and Morningstar Investor.

The Morningstar Data product area includes managed investment data (such as mutual funds, ETFs, separate accounts, collective investment trusts, and model portfolios), Morningstar Essentials, equity data, and real time data. The mix remained relatively stable between 2018 and the first nine months of 2023. Morningstar managed investment data continued to account for the largest share of Morningstar Data revenue, a percentage that grew from roughly 60% of revenue in 2018 to slightly less than two-thirds of Morningstar Data revenue for the year-to-date period through September 2023. Morningstar Essentials, a product that allows clients to license Morningstar ratings, rankings, reports, and other metrics accounted for a little under a fifth of total Morningstar Data revenue for the year-to-date period through September 2023. Real- time data and equity data together accounted for the remaining roughly fifth of Morningstar Data revenue through the period.

Morningstar Data’s clients include asset and wealth managers and redistributors. Data sold to redistributors powers third-party applications and platforms and accounted for roughly one-fifth of Morningstar Data annual contract value as of September 2023. From a geographic perspective, North America accounted for roughly 60% of Morningstar revenue for the year-to-date period through September 2023, with another third coming from EMEA and the remaining share coming from Asia Pacific. That mix was substantially the same as the mix in 2019, with a slight increase in the percent of revenue from North America, and a slight decrease in the percent from EMEA.

The Morningstar Data product area includes data delivered through direct data feeds, direct shares, streaming capabilities, and APIs. Data feeds are typically delivered through flat files via FTP / SFTP. APIs are generally consumed on demand to power websites and Morningstar’s client applications. The recently announced Direct Web Services API platform enables broad consumption of Morningstar data by Morningstar’s clients and partners. Morningstar Data is not listed on any data marketplaces but can be delivered directly via platforms like snowflake and AWS data marketplace via direct data shares or through partners such as CRUX. Finally, real time market data is delivered via both API and streaming webservices.

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