ICANN enters into .net contract extension with Verisign

ICANN greenlights massive price increases for .net domains in contract renewal.

On Thursday, ICANN executed a renewal of a contract extension with Verisign (NASDAQ: VRSN) for running the .net registry. It extends the agreement to June 30, 2029.

The renewal allows ICANN to increase wholesale prices by 10% a year, over the objections of many people who submitted comments regarding the deal. The current wholesale price is $9.92, and the new agreement gives Verisign the right to increase prices to $19.31 at the end of the six-year term.

In 2005, ICANN put the .net registry contract out to bid, resulting in the wholesale fee dropping from $6.00 to $3.50. If put out to bid again, there’s little doubt that the lowest bids would be just a few dollars or less per year.

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