Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Analyst for Imran Khan - JP Morgan.
Analyst for Imran Khan – JP Morgan
On ad revenue, what was the ad revenue growth rate for the quarter, and are you seeing any improvements in conversions of listings with the roll out of Pago 3.0?
Nicolas Szekasy
Yes, let me first take the ad revenue question. Advertising revenues is part of our marketplace segment. We do not break that down. At the time of the IPO, we were producing specific numbers for advertising. At that time it was less than 1% of our revenues, but we can say that it has been growing faster than the rest of the marketplace segment, but we are not breaking down specifically the growth rate for that.
Marcos Galperin
With respect to MercadoPago, we launched it in Argentina, which is the first time we launched it in a country that has the prior version of MercadoPago. The initial results are good, but it’s very early to draw conclusions. It’s a new product, it’s a beta product, I would say. We are working in fixing different bugs and to roll it out to the rest of the countries where we operate throughout the year.
Operator
Your next question comes from Bob Ford - Merrill Lynch.
Bob Ford - Merrill Lynch
Marcos, on Pago, I think I can get a sense for how power sellers are responding, but I’m curious as to how consumers are responding to the switch in the version.
Marcos Galperin
As we were saying, initial results are good. We have the new version that buyers do not have to pay for using it, so obviously, good results from buyers in that sense. Now sellers have to pay for the cost. I think they understand the value of this. So, as I was saying, early, it’s a new product, it’s a beta product, but we believe it’s going to be fantastic for MercadoLibre in the medium-term and long-term, and we look forward to rolling it out to other markets.
Bob Ford - Merrill Lynch
And at these levels right now, do you think acceptance rates have stabilized among some of your power sellers, or are they still pushing back a little bit?
Marcos Galperin
No, I think they have stabilized. Obviously, we have lots of leverage to drive adoption of MercadoPago amongst our power sellers and our sellers in general, particularly as we include, operate MercadoPago as one of the relevant items in our sorting algorithm. We are not doing that yet because, as we were saying, we want to make sure we have the product working in the right way before we start promoting it aggressively amongst our sellers.
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