March 2010 Newsletter - Spotlight: Online Video

Internet amp Digital Media

March 2010

Industry Perspectives

Gerry Walters

Managing Director

Head of Digital Media

gerrywaltersopcocom

(650) 234-2482

Bill Lisecky

Managing Director

Head of Media amp Entertainment

williamliseckyopcocom

(212) 667-5888

Mathew Salter

Director

Digital Media

msalteropcocom

(650) 234-2469

Andrew Bracy

Director

Media amp Entertainment

andrewbracyopcocom

(212) 856-3756

Oppenheimer Internet amp Digital Media Investment Banking Team

Market Spotlight | Online Video

2

Large addressable video market

$1670 $1718 $1710 $1777 $1818 $1910 $1965

$00

$500

$1000

$1500

$2000

$2500

2007 2008 2009E 2010E 2011E 2012E 2013E

($ b

illio

ns

)

TV advertising Cable subscription Home video DVD PPV amp VoD

Sources Veronis Suhler Stevenson 2009 IDC 2009 Nielsen 2009 comScore 2009

bull The US Television and Home Video Market is a $172

billion market in transition and expected to grow by a 27

CAGR over the next 4 years

bull Consumers watched on average 140 hours 20 minutes of

TV in the home per month in Q3 2009 representing a

slight decrease of 03 from Q3 2008

bull In contrast consumers watched on average 12 hours 11

minutes of online video per month in Q4 2009

representing a 209 increase over Q4 2008

bull So far online video has not cannibalized traditional TV

video consumption but the threat is real

Long-form video is expected to account for the majority of revenue generation in 2012 and

projected to grow from $15 billion in 2009 to $78 billion in 2012 representing a 71 CAGR

US online video revenue by content type

48

33

7

53 3 1

Long-form video

content (TV shows and movies)Sports

Other

News

Music videos

Movie trailers

UGC

56

26

9

61 1 1

2009Total $19 billion


$19 $34

$55

$88

$140

$00

$20

$40

$60

$80

$100

$120

$140

$160

2008 2009E 2010E 2011E 2012E

($ b

illio

ns)

Advertising Subscription Download Rental

US online video revenue by business model

bull The online video market is a ~$2 billion market expected to grow

by a 65 CAGR over the next 4 years

bull Online video subscription services driven primarily by TV shows

movies and sports content are expected to be the largest

revenue segment and grow by a 58 CAGR from 2008-12

becoming a $62 billion market

- if content channels are truly unbundled online the

subscription services revenue segment may be smaller than

anticipated

bull Video advertising is the next biggest revenue segment and is

forecasted to grow by a 461 CAGR from 2008-12 into a $43

billion market as more premium content is made available online

and consumers become more comfortable viewing video ads

online

- enhanced targeting capabilities inherent in online video and

large investment in emerging online advertising technology

could cause this revenue model to become bigger than

subscription services


3Sources Wall Street Research Veronis Suhler Stevenson 2009 Stevenson Communications Industry Forecast report dated August

2009 IDC 2009

Home entertainment spending

$293$304

$287$302 $298

$288 $284 $286 $283 $286 $288

$00

$50

$100

$150

$200

$250

$300

$350

2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E

($ in

bill

ions

)

DVD VHS Online download PPV amp VoD

bull Blu-ray DVD shows promise but consumer adoption has

been slow and sales have not been sufficient to offset

traditional DVD declines

bull Video on Demand and Pay-per-View are the fastest

growing home entertainment segments accounting for

63 of total spend in 2009 and highlight the importance

of digital distribution to the industry

bull While still nascent the online download market

represents a large opportunity with many emerging

companies looking to capitalize on the shift towards

digital distribution

54

28

6

84

DVD Theatrical Broadcast TV Cable TV PPV amp VoD

2007 film studio revenue

bull DVD sales to the home video market account for over

50 of all studio revenue but have been declining DVD

sales are projected to decrease from $24 billion in 2008

to $19 billion in 2013

bull The 8020 revenue split on retail DVDs represents a

lucrative channel the studios are reluctant to change

bull Despite the decline in DVD sales studios have been

slow to embrace newer online distribution channels

preferring to protect this large and profitable retail

channel

Total ~$270 billion

Retail

downloadRental VoD Subscription Ad supported

2009 traditional

market size $ 148 billion $82 billion $693 billion $732 billion

Incumbents

2009 online

market size

Emerging

$ 08 billion $46 billion $14 billion $54 billion

Retail


New digital media business models present a challenge to the existing ecosystem

B

ox

Off

ice

Ret

ail D

VD

Dig

ital

Vo

DR

enta

l DV

DC

able

TV

Ad

su

pp

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le P

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rnet

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tern

et r

enta

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cast

TV

Inte

rnet

Rele

as

e

Win

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w-

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21

days

+ 2

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ys+

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mon

ths

+ infin

Co

ns

um

er

Pri

ce

$71

8$2

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$59

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$39

9$1

00

$14

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mon

th-

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dio

$5 b

illio

n$1

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llion

$1 b

illio

n$2

bill

ion

$2 b

illio

n$1

5 b

illio

n$5

0 m

illio

n

Ec

on

om

ics

split

50

5080

20

604

030

70

752

5

Dis

trib

uti

on

Pa

rtn

ers

Ac

ce

ss

Pa

rtn

ers

Em

erg

ing

Tre

nd

s

bull W

orld

wid

e bo

x of

fice

reac

hed

an a

ll-tim

e hi

gh in

2008

at $

281

bill

ion

incr

easi

ng 5

2

ove

r

2007

bull 3D

mov

ie te

chno

logy

(eg

Ava

tar)

is e

nhan

cing

the

cons

umer

exp

erie

nce

bull A

MC

Cin

emar

k an

d

Reg

al h

ave

secu

red

$660

m in

fund

ing

to

conv

ert m

ost o

f the

ir

thea

ters

to d

igita

l scr

eens

by 2

013

bull D

igita

l inf

rast

ruct

ure

offe

rs c

inem

as m

ore

flexi

bilit

y on

pro

gram

min

g

eg

live

spo

rts

and

conc

erts

bull T

he la

rges

t and

mos

t

prof

itabl

e st

udio

cha

nnel

stro

ng a

ttem

pt to

mai

ntai

n

rele

ase

win

dow

des

pite

antic

ipat

ed D

VD

dec

lines

bull R

etai

lers

are

em

brac

ing

digi

tal a

cces

s pa

rtne

rs

(Wal

mar

tVud

u

Bes

tBuy

Cin

emaN

ow)

as

digi

tal b

ecom

es m

ore

prev

elan

t

bull R

elea

se w

indo

w h

as

been

exp

andi

ng

(WB

Net

flix

Red

box)

as

stud

ios

try

to p

rote

ct r

etai

l

DV

D c

hann

el -

Blo

ckbu

ster

pos

ition

ing

is

yet t

o be

det

erm

ined

bull N

etfli

x w

ill g

ains

from

addi

tiona

l str

eam

ing

title

s

and

low

er D

VD

cos

ts b

e

high

eno

ugh

to o

ffset

lost

cons

umer

dem

and

for

new

rel

ease

s

bull In

crea

sed

dist

ribut

ion

and

acce

ss o

ptio

ns in

the

Dig

ital V

oD r

elea

se

win

dow

is p

uttin

g

pres

sure

on

Pre

miu

m

Cab

le p

rovi

ders

to m

ove

onlin

e an

d se

ll th

roug

h

mor

e di

gita

l cha

nnel

s

(HB

O G

O S

tarz

Pla

y)

bull A

s m

ore

stud

io c

onte

nt

is d

istr

ibut

ed d

igita

lly

Pre

miu

m C

able

pro

vide

rs

will

dem

and

low

er p

ricin

g

and

shor

ter

rele

ase

win

dow

s

bull U

nifie

d au

then

ticat

ion

is

key

to d

rivin

g bu

ndle

d

subs

crip

tion

onlin

e an

d

few

sol

utio

ns h

ave

emer

ged

to s

olve

this

prob

lem

bull O

nlin

e sy

ndic

atio

n of

olde

r st

udio

con

tent

pres

ents

an

emer

ging

and

pote

ntia

lly lu

crat

ive

dist

ribut

ion

chan

nel

bull R

elea

se w

indo

w h

as b

een

shrin

king

(e

g S

ony

sim

ulta

neou

s re

leas

e of

DV

D

and

VoD

title

s) a

s st

udio

s tr

y to

figu

re o

ut th

e op

timal

rev

enue

pr

ofita

bilit

y m

ix

bull A

cces

s pl

atfo

rm la

ndsc

ape

is v

ery

uncl

ear

Box

or

no b

ox

Em

ergi

ng p

latfo

rms

cont

inue

to s

trug

gle

with

this

que

stio

n -

Box

ee h

as m

oved

to a

box

sol

utio

n w

hile

Vud

u ha

s ab

ando

ned

its b

ox fo

r a

softw

are

dist

ribut

ion

mod

el

Tra

ditio

nal C

E

man

ufac

ture

rs (

TV

DV

DG

ame

Con

sole

) ar

e pr

ovid

ing

dire

ct a

cces

s to

cons

umer

s by

par

tner

ing

with

em

bedd

ed s

olut

ions

pro

vide

rs (

Yah

oo W

idge

ts

Div

X C

inem

aNow

Net

flix)

who

are

look

ing

to r

each

bro

ader

aud

ienc

es

bull T

he in

dust

ry is

wat

chin

g fo

r a

muc

h st

rong

er p

lay

from

App

le (

App

leT

V i

Pad

)

bull C

ritic

al q

uest

ion

is to

wha

t ext

ent s

tudi

osc

onte

nt p

rovi

ders

will

byp

ass

trad

ition

al d

istr

ibut

ion

chan

nels

to p

ort d

irect

ly o

n de

vice

s (e

g M

LBc

om)

and

how

this

will

dis

rupt

late

r re

leas

e w

indo

ws

and

part

ner

econ

omic

s

bull C

an X

finity

or

sim

ilar

offe

rings

kee

p ca

ble

oper

ator

s in

the

gam

e

bull W

ith 2

011

reve

nues

pro

ject

ed to

sur

pass

You

Tub

e

Hul

u ha

s va

lidat

ed th

e ad

sup

port

ed o

nlin

e m

odel

bull H

ulu

s ex

clus

ive

licen

sing

dea

ls w

ith N

BC

and

Fox

are

set t

o ex

pire

- w

ill s

tudi

os a

band

on H

ulu

in fa

vor

of a

dire

ct to

con

sum

er li

nk o

n th

eir

own

site

s (H

BO

GO

mod

el V

iaco

m p

ullin

g C

omed

y C

entr

al fr

om

Hul

u)

bull A

s lo

ng-f

orm

and

pre

miu

m c

onte

nt b

ecom

e m

ore

perv

asiv

e on

line

will

You

Tub

es

mar

ket p

ositi

on a

s

king

of U

GC

eve

r le

ad to

mea

ning

ful r

even

ue

oppo

rtun

ities

bull Li

ke P

rem

ium

Cab

le p

rovi

ders

Bro

adca

st T

V w

ill

dem

and

low

er p

ricin

g an

d sh

orte

r st

udio

rel

ease

win

dow

s as

mor

e co

nten

t is

cons

umed

in e

arlie

r

chan

nels


4

28 days later where will the bodies be buried

Sources Adams Media Research MPAA company filings and websites Wall Street research Oppenheimer estimates

Tim

e

Em

erg

ing

Gam

es

TV

D

VD


Digital video landscape

5

Cre

ati

on

Dis

trib

uti

on

Access

Mo

neti

zati

on

Content Delivery CMS

Aggregators Video Search

Ad NetworksMetadata

Mgmt

Rights

Mgmt

Ad

ServingAd Mgmt

Emerging Platforms

Analytics

Traditional

Content

Established

Creative ToolsEmerging Content

Emerging Creative

Tools

Company Spotlight | Online Video

Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2009

bull Los Angeles CA

bull 20

bull Benchmark Capital Redpoint Ventures Jafco

and Allen amp Company

bull Clicker provides the most comprehensive

organized and unbiased way to navigate whatrsquos

available to watch online where and when to

watch it and finally whatrsquos worth watching

amongst infinite choices

bull The solution is powered by a massive

structured database with more than 400000

episodes from over 7000 shows from over

1200 networks - in addition to more than

30000 movies and over 50000 music videos

from over 20000 artists

bull Programming is organized by episode show

network media type title popularity duration

and artist and divided into over 1200

categories

bull Clicker complements this database with search

and recommendation technologies a

proprietary playlist system for saving and

tracking shows social features for sharing and

discovering programs and trending lists of the

most popular shows by category or time

bull Online consumers

bull Advertising lead-generation

bull Amount raised $19 million

bull 1998

bull Research Triangle Park NC

bull 42

bull 406 Ventures Aurora Funds Chrysalis

Ventures Cisco Systems

bull Videosense solution powers next generation

search discovery and navigation of video

through rich metadata to deliver on the promise

of any content anywhere on any device

bull Ability to index video with ~78 tracks of time

based metadata

bull Computer vision-based video indexing search

and interpretation algorithms aim to allow

content owners and publishers to monetize their

digital video content and advertisers to target

ads to thematically relevant video content

bull Digital content publishing system enables

simplified multi-platform content syndication

intelligent content recommendations and

reporting and analytics

bull WarnerBros Buena Vista Paramount

FoxTwentieth Century

bull Technology license and fee for search


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2005

bull Palo Alto CA

bull 25

bull Greylock Partners Redpoint Ventures

bull Video ad platform for publishers to better

monetize and index online video content

bull Ad platform supports ad flighting and serving

creative management yield optimization

detailed forecasting and real-time reporting

bull Indexing system automates the process for

content owners to identify track and monetize

video content across the web

bull Apple Comcast DoubleClick eBay Google

PayPal MTV Networks MySpace Warner

Brothers and Yahoo

bull Advertising lead generation


bull 2004

bull San Mateo CA

bull 23

bull Intel Capital Mayfield Fund Polaris Cisco

Comcast Interactive Capital

bull Provides advanced advertising products and

technology for network programmers and

content distributors

bull Offers a multiplatform advertising system

designed specifically for video content

distributed over any on-demand platform

enabling networks and content distributors to

maximize advertising revenues

bull Adobe Akamai Arris BrightCove Cisco

EdgeCast Highwinds Limelight Networks

Motorola Move Networks Multicast Media

RGB Networks SeaChange thePlatform

bull Software license


6Sources VentureSource CapIQ Press releases


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2007

bull San Mateo CA

bull 90

bull Battery Ventures Foundation Capital

bull Offers a robust system for digital video ad

management and monetization

bull Monetization Rights Management product

allows content owners to effectively manage ad

sales rights analyze video ad performance

and forecast future inventory

bull Sling Media Vevo CBS Warner Brothers and

Next New Networks

bull Revenue share of ad revenue


bull 2006

bull New York NY

bull 36

bull Spark Capital Globespan Capital Partners

bull Online video portal for instructional knowledge

and lifestyle videos

bull Enables consumers to share video on ldquohow tordquo

and instructional guides in the arts business

fashion sports health technology and food

areas


bull Online video advertising


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2001

bull Fremont CA

bull 80

bull Popcorn Hour provides digital media players to

stream video and other digital media from the

internet to consumer TVs

bull Popcorn Hourrsquos set top boxes handle a variety

of file and content types based on open

development platforms which allow media

companies to rapidly develop and deploy a

wide range of interactive high definition

applications and content

bull Popcorn Hourrsquos latest set top box Popbox is

expected to launch Spring 2010

bull Popcorn hour has a large network of premium

content partners including Twitter MLB and

Clicker

bull Online consumers large international installed

base

bull Hardware sales advertising revenue share


bull Revenues ~$20 million profitable

bull 2005

bull New York NY

bull 51

bull Canaan Partners European Founders Fund

SAP Ventures Meritech Capital Partners

bull Developer of rich media and online video

advertising solutions

bull Video ad network that provides in-banner and

in-stream video advertising on leading publisher

sites

bull Major consumer brands and online video

publishers

bull Video advertising revenue share



Trading Statisticsdagger

Stock Price Market Value Valuation Multiples Margins PEG

Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09

Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG

(US$ millions except per share data)

Advertising | Search Marketing Services

Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x

Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x

AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA

ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x

Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x

comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA

InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA

Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x

Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA

Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA

Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x

Advertising | Vertical Content Lead Gen

WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA

QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA

eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x

Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x

The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA

Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x

TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x

Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA

Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x

Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x

TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA

zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA

TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA

Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x

Cloud Services | Consumer

Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x

TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA

RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA

Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x

LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x

Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA

Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x

Cloud Services | Business

Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x

Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA

Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x

Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA

j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x

OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA

Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA

Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x

LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x

InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x

Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x

Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x

supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA

Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail

Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x

eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x

pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x

Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x

IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x

Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x

Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x

Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA

Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA

Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA

Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA

Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x

Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x

US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA

1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA

Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA

BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x

Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA

Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x

eCommerce | Services

GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x

CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x

Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x

Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x

Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x


BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA

PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA

Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming

Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x

Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA

Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA

Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA

THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA

Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA

Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ






Digital Media Technology

Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x

Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x

Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x

Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x

Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA

EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x

IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA

DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x

Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x

Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA

DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x

Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x

Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA

DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA

Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA

Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA

SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x

Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x

Diversified Media amp Entertainment

Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x

News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x

Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x

Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x

CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x

Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x

Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x

Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x

DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x

The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x

Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA

CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA

Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA

Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ


dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX

DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI

LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM

TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG

30 Day Stock Performance(1) February Traffic Metrics(2)





-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR

Market Movement amp Traffic Data

Unique Page

Visitors growth Views growth

(mm) (YoY) (mm) (YoY)

GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1

Index median 315 73 1635 80

Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18

Index median 19 -27 453 51

Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7


(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate

values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011

-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5

Index median 09 43 34 -40

Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70

Index median 06 -12 30 -43

12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer

This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc

(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp

Co Inc This publication is provided for informational purposes only and is not intended as a

recommendation or an offer or solicitation for the purchase or sale of any security or financial

instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any

securities discussed herein in any jurisdiction where such offer or solicitation would be

prohibited

This report may contain statistical data cited from third-party sources believed to be reliable but

Oppenheimer amp Co Inc does not represent that any such third-party statistical information is

accurate or complete and it should not be relied upon as such All market prices data and

other information are not warranted as to completeness or accuracy and are subject to change

without notice Oppenheimer may be a market maker and trade on a principal basis or may

have undertaken or may undertake and own account transaction in the financial instruments or

related instruments of any security discussed herein and may act or has acted as an

underwriter placement agent advisor or lender to such security Oppenheimer andor its

employees may hold a position in any securities or financial instruments mentioned herein

Past performance is not a guarantee of future results and no representation or warranty

express or implied is made regarding future performance of any security mentioned in this

report The price of the securities mentioned in this report and the income they produce may

fluctuate andor be adversely affected by exchange rates and investors may realize losses on

investments in such securities including the loss of investment principal Oppenheimer amp Co

Inc accepts no liability for any loss arising from the use of information contained in this report

except to the extent that liability may arise under specific statutes or regulations applicable to

Oppenheimer amp Co Inc

copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All

rights reserved

14


2

Large addressable video market

$1670 $1718 $1710 $1777 $1818 $1910 $1965

$00

$500

$1000

$1500

$2000

$2500

2007 2008 2009E 2010E 2011E 2012E 2013E

($ b

illio

ns

)

TV advertising Cable subscription Home video DVD PPV amp VoD

Sources Veronis Suhler Stevenson 2009 IDC 2009 Nielsen 2009 comScore 2009

bull The US Television and Home Video Market is a $172

billion market in transition and expected to grow by a 27

CAGR over the next 4 years

bull Consumers watched on average 140 hours 20 minutes of

TV in the home per month in Q3 2009 representing a

slight decrease of 03 from Q3 2008

bull In contrast consumers watched on average 12 hours 11

minutes of online video per month in Q4 2009

representing a 209 increase over Q4 2008

bull So far online video has not cannibalized traditional TV

video consumption but the threat is real

Long-form video is expected to account for the majority of revenue generation in 2012 and

projected to grow from $15 billion in 2009 to $78 billion in 2012 representing a 71 CAGR

US online video revenue by content type

48

33

7

53 3 1

Long-form video

content (TV shows and movies)Sports

Other

News

Music videos

Movie trailers

UGC

56

26

9

61 1 1



$19 $34

$55

$88

$140

$00

$20

$40

$60

$80

$100

$120

$140

$160

2008 2009E 2010E 2011E 2012E

($ b

illio

ns)

Advertising Subscription Download Rental

US online video revenue by business model

bull The online video market is a ~$2 billion market expected to grow

by a 65 CAGR over the next 4 years

bull Online video subscription services driven primarily by TV shows

movies and sports content are expected to be the largest

revenue segment and grow by a 58 CAGR from 2008-12

becoming a $62 billion market

- if content channels are truly unbundled online the

subscription services revenue segment may be smaller than

anticipated

bull Video advertising is the next biggest revenue segment and is

forecasted to grow by a 461 CAGR from 2008-12 into a $43

billion market as more premium content is made available online

and consumers become more comfortable viewing video ads

online

- enhanced targeting capabilities inherent in online video and

large investment in emerging online advertising technology

could cause this revenue model to become bigger than

subscription services



2009 IDC 2009


$293$304

$287$302 $298

$288 $284 $286 $283 $286 $288

$00

$50

$100

$150

$200

$250

$300

$350

2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E

($ in

bill

ions

)













54

28

6

84












channel

Total ~$270 billion

Retail


2009 traditional


Incumbents

2009 online

market size

Emerging


Retail



B

ox

Off

ice

Ret

ail D

VD

Dig

ital

Vo

DR

enta

l DV

DC

able

TV

Ad

su

pp

ort

edS

ynd

icat

ion

Cab

le P

PV

Inte

rnet

dow

nloa

dIn

tern

et r

enta

lB

road

cast

TV

Inte

rnet

Rele

as

e

Win

do

w-

0+

21

days

+ 2

8 da

ys+

5 m

onth

s+

10

mon

ths

+ infin

Co

ns

um

er

Pri

ce

$71

8$2

999

$59

9$1

499

$39

9$1

00

$14

99

mon

th-

-

Stu

dio

$5 b

illio

n$1

5 bi

llion

$1 b

illio

n$2

bill

ion

$2 b

illio

n$1

5 b

illio

n$5

0 m

illio

n

Ec

on

om

ics

split

50

5080

20

604

030

70

752

5

Dis

trib

uti

on

Pa

rtn

ers

Ac

ce

ss

Pa

rtn

ers

Em

erg

ing

Tre

nd

s

bull W

orld

wid

e bo

x of

fice

reac

hed

an a

ll-tim

e hi

gh in

2008

at $

281

bill

ion

incr

easi

ng 5

2

ove

r

2007

bull 3D

mov

ie te

chno

logy

(eg

Ava

tar)

is e

nhan

cing

the

cons

umer

exp

erie

nce

bull A

MC

Cin

emar

k an

d

Reg

al h

ave

secu

red

$660

m in

fund

ing

to

conv

ert m

ost o

f the

ir

thea

ters

to d

igita

l scr

eens

by 2

013

bull D

igita

l inf

rast

ruct

ure

offe

rs c

inem

as m

ore

flexi

bilit

y on

pro

gram

min

g

eg

live

spo

rts

and

conc

erts

bull T

he la

rges

t and

mos

t

prof

itabl

e st

udio

cha

nnel

stro

ng a

ttem

pt to

mai

ntai

n

rele

ase

win

dow

des

pite

antic

ipat

ed D

VD

dec

lines

bull R

etai

lers

are

em

brac

ing

digi

tal a

cces

s pa

rtne

rs

(Wal

mar

tVud

u

Bes

tBuy

Cin

emaN

ow)

as

digi

tal b

ecom

es m

ore

prev

elan

t

bull R

elea

se w

indo

w h

as

been

exp

andi

ng

(WB

Net

flix

Red

box)

as

stud

ios

try

to p

rote

ct r

etai

l

DV

D c

hann

el -

Blo

ckbu

ster

pos

ition

ing

is

yet t

o be

det

erm

ined

bull N

etfli

x w

ill g

ains

from

addi

tiona

l str

eam

ing

title

s

and

low

er D

VD

cos

ts b

e

high

eno

ugh

to o

ffset

lost

cons

umer

dem

and

for

new

rel

ease

s

bull In

crea

sed

dist

ribut

ion

and

acce

ss o

ptio

ns in

the

Dig

ital V

oD r

elea

se

win

dow

is p

uttin

g

pres

sure

on

Pre

miu

m

Cab

le p

rovi

ders

to m

ove

onlin

e an

d se

ll th

roug

h

mor

e di

gita

l cha

nnel

s

(HB

O G

O S

tarz

Pla

y)

bull A

s m

ore

stud

io c

onte

nt

is d

istr

ibut

ed d

igita

lly

Pre

miu

m C

able

pro

vide

rs

will

dem

and

low

er p

ricin

g

and

shor

ter

rele

ase

win

dow

s

bull U

nifie

d au

then

ticat

ion

is

key

to d

rivin

g bu

ndle

d

subs

crip

tion

onlin

e an

d

few

sol

utio

ns h

ave

emer

ged

to s

olve

this

prob

lem

bull O

nlin

e sy

ndic

atio

n of

olde

r st

udio

con

tent

pres

ents

an

emer

ging

and

pote

ntia

lly lu

crat

ive

dist

ribut

ion

chan

nel

bull R

elea

se w

indo

w h

as b

een

shrin

king

(e

g S

ony

sim

ulta

neou

s re

leas

e of

DV

D

and

VoD

title

s) a

s st

udio

s tr

y to

figu

re o

ut th

e op

timal

rev

enue

pr

ofita

bilit

y m

ix

bull A

cces

s pl

atfo

rm la

ndsc

ape

is v

ery

uncl

ear

Box

or

no b

ox

Em

ergi

ng p

latfo

rms

cont

inue

to s

trug

gle

with

this

que

stio

n -

Box

ee h

as m

oved

to a

box

sol

utio

n w

hile

Vud

u ha

s ab

ando

ned

its b

ox fo

r a

softw

are

dist

ribut

ion

mod

el

Tra

ditio

nal C

E

man

ufac

ture

rs (

TV

DV

DG

ame

Con

sole

) ar

e pr

ovid

ing

dire

ct a

cces

s to

cons

umer

s by

par

tner

ing

with

em

bedd

ed s

olut

ions

pro

vide

rs (

Yah

oo W

idge

ts

Div

X C

inem

aNow

Net

flix)

who

are

look

ing

to r

each

bro

ader

aud

ienc

es

bull T

he in

dust

ry is

wat

chin

g fo

r a

muc

h st

rong

er p

lay

from

App

le (

App

leT

V i

Pad

)

bull C

ritic

al q

uest

ion

is to

wha

t ext

ent s

tudi

osc

onte

nt p

rovi

ders

will

byp

ass

trad

ition

al d

istr

ibut

ion

chan

nels

to p

ort d

irect

ly o

n de

vice

s (e

g M

LBc

om)

and

how

this

will

dis

rupt

late

r re

leas

e w

indo

ws

and

part

ner

econ

omic

s

bull C

an X

finity

or

sim

ilar

offe

rings

kee

p ca

ble

oper

ator

s in

the

gam

e

bull W

ith 2

011

reve

nues

pro

ject

ed to

sur

pass

You

Tub

e

Hul

u ha

s va

lidat

ed th

e ad

sup

port

ed o

nlin

e m

odel

bull H

ulu

s ex

clus

ive

licen

sing

dea

ls w

ith N

BC

and

Fox

are

set t

o ex

pire

- w

ill s

tudi

os a

band

on H

ulu

in fa

vor

of a

dire

ct to

con

sum

er li

nk o

n th

eir

own

site

s (H

BO

GO

mod

el V

iaco

m p

ullin

g C

omed

y C

entr

al fr

om

Hul

u)

bull A

s lo

ng-f

orm

and

pre

miu

m c

onte

nt b

ecom

e m

ore

perv

asiv

e on

line

will

You

Tub

es

mar

ket p

ositi

on a

s

king

of U

GC

eve

r le

ad to

mea

ning

ful r

even

ue

oppo

rtun

ities

bull Li

ke P

rem

ium

Cab

le p

rovi

ders

Bro

adca

st T

V w

ill

dem

and

low

er p

ricin

g an

d sh

orte

r st

udio

rel

ease

win

dow

s as

mor

e co

nten

t is

cons

umed

in e

arlie

r

chan

nels


4



Tim

e

Em

erg

ing

Gam

es

TV

D

VD



5

Cre

ati

on

Dis

trib

uti

on

Access

Mo

neti

zati

on



Ad NetworksMetadata

Mgmt

Rights

Mgmt

Ad

ServingAd Mgmt

Emerging Platforms

Analytics

Traditional

Content

Established


Emerging Creative

Tools


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2009

bull Los Angeles CA

bull 20

















categories










bull 1998


bull 42








based metadata














Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2005

bull Palo Alto CA

bull 25












Brothers and Yahoo



bull 2004

bull San Mateo CA

bull 23



















Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2007

bull San Mateo CA

bull 90









Next New Networks



bull 2006

bull New York NY

bull 36







areas




Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2001

bull Fremont CA

bull 80














Clicker


base




bull 2005

bull New York NY

bull 51







sites


publishers




















Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x















Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x








Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x















Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14



2009 IDC 2009


$293$304

$287$302 $298

$288 $284 $286 $283 $286 $288

$00

$50

$100

$150

$200

$250

$300

$350

2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E

($ in

bill

ions

)













54

28

6

84












channel

Total ~$270 billion

Retail


2009 traditional


Incumbents

2009 online

market size

Emerging


Retail



B

ox

Off

ice

Ret

ail D

VD

Dig

ital

Vo

DR

enta

l DV

DC

able

TV

Ad

su

pp

ort

edS

ynd

icat

ion

Cab

le P

PV

Inte

rnet

dow

nloa

dIn

tern

et r

enta

lB

road

cast

TV

Inte

rnet

Rele

as

e

Win

do

w-

0+

21

days

+ 2

8 da

ys+

5 m

onth

s+

10

mon

ths

+ infin

Co

ns

um

er

Pri

ce

$71

8$2

999

$59

9$1

499

$39

9$1

00

$14

99

mon

th-

-

Stu

dio

$5 b

illio

n$1

5 bi

llion

$1 b

illio

n$2

bill

ion

$2 b

illio

n$1

5 b

illio

n$5

0 m

illio

n

Ec

on

om

ics

split

50

5080

20

604

030

70

752

5

Dis

trib

uti

on

Pa

rtn

ers

Ac

ce

ss

Pa

rtn

ers

Em

erg

ing

Tre

nd

s

bull W

orld

wid

e bo

x of

fice

reac

hed

an a

ll-tim

e hi

gh in

2008

at $

281

bill

ion

incr

easi

ng 5

2

ove

r

2007

bull 3D

mov

ie te

chno

logy

(eg

Ava

tar)

is e

nhan

cing

the

cons

umer

exp

erie

nce

bull A

MC

Cin

emar

k an

d

Reg

al h

ave

secu

red

$660

m in

fund

ing

to

conv

ert m

ost o

f the

ir

thea

ters

to d

igita

l scr

eens

by 2

013

bull D

igita

l inf

rast

ruct

ure

offe

rs c

inem

as m

ore

flexi

bilit

y on

pro

gram

min

g

eg

live

spo

rts

and

conc

erts

bull T

he la

rges

t and

mos

t

prof

itabl

e st

udio

cha

nnel

stro

ng a

ttem

pt to

mai

ntai

n

rele

ase

win

dow

des

pite

antic

ipat

ed D

VD

dec

lines

bull R

etai

lers

are

em

brac

ing

digi

tal a

cces

s pa

rtne

rs

(Wal

mar

tVud

u

Bes

tBuy

Cin

emaN

ow)

as

digi

tal b

ecom

es m

ore

prev

elan

t

bull R

elea

se w

indo

w h

as

been

exp

andi

ng

(WB

Net

flix

Red

box)

as

stud

ios

try

to p

rote

ct r

etai

l

DV

D c

hann

el -

Blo

ckbu

ster

pos

ition

ing

is

yet t

o be

det

erm

ined

bull N

etfli

x w

ill g

ains

from

addi

tiona

l str

eam

ing

title

s

and

low

er D

VD

cos

ts b

e

high

eno

ugh

to o

ffset

lost

cons

umer

dem

and

for

new

rel

ease

s

bull In

crea

sed

dist

ribut

ion

and

acce

ss o

ptio

ns in

the

Dig

ital V

oD r

elea

se

win

dow

is p

uttin

g

pres

sure

on

Pre

miu

m

Cab

le p

rovi

ders

to m

ove

onlin

e an

d se

ll th

roug

h

mor

e di

gita

l cha

nnel

s

(HB

O G

O S

tarz

Pla

y)

bull A

s m

ore

stud

io c

onte

nt

is d

istr

ibut

ed d

igita

lly

Pre

miu

m C

able

pro

vide

rs

will

dem

and

low

er p

ricin

g

and

shor

ter

rele

ase

win

dow

s

bull U

nifie

d au

then

ticat

ion

is

key

to d

rivin

g bu

ndle

d

subs

crip

tion

onlin

e an

d

few

sol

utio

ns h

ave

emer

ged

to s

olve

this

prob

lem

bull O

nlin

e sy

ndic

atio

n of

olde

r st

udio

con

tent

pres

ents

an

emer

ging

and

pote

ntia

lly lu

crat

ive

dist

ribut

ion

chan

nel

bull R

elea

se w

indo

w h

as b

een

shrin

king

(e

g S

ony

sim

ulta

neou

s re

leas

e of

DV

D

and

VoD

title

s) a

s st

udio

s tr

y to

figu

re o

ut th

e op

timal

rev

enue

pr

ofita

bilit

y m

ix

bull A

cces

s pl

atfo

rm la

ndsc

ape

is v

ery

uncl

ear

Box

or

no b

ox

Em

ergi

ng p

latfo

rms

cont

inue

to s

trug

gle

with

this

que

stio

n -

Box

ee h

as m

oved

to a

box

sol

utio

n w

hile

Vud

u ha

s ab

ando

ned

its b

ox fo

r a

softw

are

dist

ribut

ion

mod

el

Tra

ditio

nal C

E

man

ufac

ture

rs (

TV

DV

DG

ame

Con

sole

) ar

e pr

ovid

ing

dire

ct a

cces

s to

cons

umer

s by

par

tner

ing

with

em

bedd

ed s

olut

ions

pro

vide

rs (

Yah

oo W

idge

ts

Div

X C

inem

aNow

Net

flix)

who

are

look

ing

to r

each

bro

ader

aud

ienc

es

bull T

he in

dust

ry is

wat

chin

g fo

r a

muc

h st

rong

er p

lay

from

App

le (

App

leT

V i

Pad

)

bull C

ritic

al q

uest

ion

is to

wha

t ext

ent s

tudi

osc

onte

nt p

rovi

ders

will

byp

ass

trad

ition

al d

istr

ibut

ion

chan

nels

to p

ort d

irect

ly o

n de

vice

s (e

g M

LBc

om)

and

how

this

will

dis

rupt

late

r re

leas

e w

indo

ws

and

part

ner

econ

omic

s

bull C

an X

finity

or

sim

ilar

offe

rings

kee

p ca

ble

oper

ator

s in

the

gam

e

bull W

ith 2

011

reve

nues

pro

ject

ed to

sur

pass

You

Tub

e

Hul

u ha

s va

lidat

ed th

e ad

sup

port

ed o

nlin

e m

odel

bull H

ulu

s ex

clus

ive

licen

sing

dea

ls w

ith N

BC

and

Fox

are

set t

o ex

pire

- w

ill s

tudi

os a

band

on H

ulu

in fa

vor

of a

dire

ct to

con

sum

er li

nk o

n th

eir

own

site

s (H

BO

GO

mod

el V

iaco

m p

ullin

g C

omed

y C

entr

al fr

om

Hul

u)

bull A

s lo

ng-f

orm

and

pre

miu

m c

onte

nt b

ecom

e m

ore

perv

asiv

e on

line

will

You

Tub

es

mar

ket p

ositi

on a

s

king

of U

GC

eve

r le

ad to

mea

ning

ful r

even

ue

oppo

rtun

ities

bull Li

ke P

rem

ium

Cab

le p

rovi

ders

Bro

adca

st T

V w

ill

dem

and

low

er p

ricin

g an

d sh

orte

r st

udio

rel

ease

win

dow

s as

mor

e co

nten

t is

cons

umed

in e

arlie

r

chan

nels


4



Tim

e

Em

erg

ing

Gam

es

TV

D

VD



5

Cre

ati

on

Dis

trib

uti

on

Access

Mo

neti

zati

on



Ad NetworksMetadata

Mgmt

Rights

Mgmt

Ad

ServingAd Mgmt

Emerging Platforms

Analytics

Traditional

Content

Established


Emerging Creative

Tools


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2009

bull Los Angeles CA

bull 20

















categories










bull 1998


bull 42








based metadata














Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2005

bull Palo Alto CA

bull 25












Brothers and Yahoo



bull 2004

bull San Mateo CA

bull 23



















Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2007

bull San Mateo CA

bull 90









Next New Networks



bull 2006

bull New York NY

bull 36







areas




Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2001

bull Fremont CA

bull 80














Clicker


base




bull 2005

bull New York NY

bull 51







sites


publishers




















Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x















Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x








Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x















Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14

B

ox

Off

ice

Ret

ail D

VD

Dig

ital

Vo

DR

enta

l DV

DC

able

TV

Ad

su

pp

ort

edS

ynd

icat

ion

Cab

le P

PV

Inte

rnet

dow

nloa

dIn

tern

et r

enta

lB

road

cast

TV

Inte

rnet

Rele

as

e

Win

do

w-

0+

21

days

+ 2

8 da

ys+

5 m

onth

s+

10

mon

ths

+ infin

Co

ns

um

er

Pri

ce

$71

8$2

999

$59

9$1

499

$39

9$1

00

$14

99

mon

th-

-

Stu

dio

$5 b

illio

n$1

5 bi

llion

$1 b

illio

n$2

bill

ion

$2 b

illio

n$1

5 b

illio

n$5

0 m

illio

n

Ec

on

om

ics

split

50

5080

20

604

030

70

752

5

Dis

trib

uti

on

Pa

rtn

ers

Ac

ce

ss

Pa

rtn

ers

Em

erg

ing

Tre

nd

s

bull W

orld

wid

e bo

x of

fice

reac

hed

an a

ll-tim

e hi

gh in

2008

at $

281

bill

ion

incr

easi

ng 5

2

ove

r

2007

bull 3D

mov

ie te

chno

logy

(eg

Ava

tar)

is e

nhan

cing

the

cons

umer

exp

erie

nce

bull A

MC

Cin

emar

k an

d

Reg

al h

ave

secu

red

$660

m in

fund

ing

to

conv

ert m

ost o

f the

ir

thea

ters

to d

igita

l scr

eens

by 2

013

bull D

igita

l inf

rast

ruct

ure

offe

rs c

inem

as m

ore

flexi

bilit

y on

pro

gram

min

g

eg

live

spo

rts

and

conc

erts

bull T

he la

rges

t and

mos

t

prof

itabl

e st

udio

cha

nnel

stro

ng a

ttem

pt to

mai

ntai

n

rele

ase

win

dow

des

pite

antic

ipat

ed D

VD

dec

lines

bull R

etai

lers

are

em

brac

ing

digi

tal a

cces

s pa

rtne

rs

(Wal

mar

tVud

u

Bes

tBuy

Cin

emaN

ow)

as

digi

tal b

ecom

es m

ore

prev

elan

t

bull R

elea

se w

indo

w h

as

been

exp

andi

ng

(WB

Net

flix

Red

box)

as

stud

ios

try

to p

rote

ct r

etai

l

DV

D c

hann

el -

Blo

ckbu

ster

pos

ition

ing

is

yet t

o be

det

erm

ined

bull N

etfli

x w

ill g

ains

from

addi

tiona

l str

eam

ing

title

s

and

low

er D

VD

cos

ts b

e

high

eno

ugh

to o

ffset

lost

cons

umer

dem

and

for

new

rel

ease

s

bull In

crea

sed

dist

ribut

ion

and

acce

ss o

ptio

ns in

the

Dig

ital V

oD r

elea

se

win

dow

is p

uttin

g

pres

sure

on

Pre

miu

m

Cab

le p

rovi

ders

to m

ove

onlin

e an

d se

ll th

roug

h

mor

e di

gita

l cha

nnel

s

(HB

O G

O S

tarz

Pla

y)

bull A

s m

ore

stud

io c

onte

nt

is d

istr

ibut

ed d

igita

lly

Pre

miu

m C

able

pro

vide

rs

will

dem

and

low

er p

ricin

g

and

shor

ter

rele

ase

win

dow

s

bull U

nifie

d au

then

ticat

ion

is

key

to d

rivin

g bu

ndle

d

subs

crip

tion

onlin

e an

d

few

sol

utio

ns h

ave

emer

ged

to s

olve

this

prob

lem

bull O

nlin

e sy

ndic

atio

n of

olde

r st

udio

con

tent

pres

ents

an

emer

ging

and

pote

ntia

lly lu

crat

ive

dist

ribut

ion

chan

nel

bull R

elea

se w

indo

w h

as b

een

shrin

king

(e

g S

ony

sim

ulta

neou

s re

leas

e of

DV

D

and

VoD

title

s) a

s st

udio

s tr

y to

figu

re o

ut th

e op

timal

rev

enue

pr

ofita

bilit

y m

ix

bull A

cces

s pl

atfo

rm la

ndsc

ape

is v

ery

uncl

ear

Box

or

no b

ox

Em

ergi

ng p

latfo

rms

cont

inue

to s

trug

gle

with

this

que

stio

n -

Box

ee h

as m

oved

to a

box

sol

utio

n w

hile

Vud

u ha

s ab

ando

ned

its b

ox fo

r a

softw

are

dist

ribut

ion

mod

el

Tra

ditio

nal C

E

man

ufac

ture

rs (

TV

DV

DG

ame

Con

sole

) ar

e pr

ovid

ing

dire

ct a

cces

s to

cons

umer

s by

par

tner

ing

with

em

bedd

ed s

olut

ions

pro

vide

rs (

Yah

oo W

idge

ts

Div

X C

inem

aNow

Net

flix)

who

are

look

ing

to r

each

bro

ader

aud

ienc

es

bull T

he in

dust

ry is

wat

chin

g fo

r a

muc

h st

rong

er p

lay

from

App

le (

App

leT

V i

Pad

)

bull C

ritic

al q

uest

ion

is to

wha

t ext

ent s

tudi

osc

onte

nt p

rovi

ders

will

byp

ass

trad

ition

al d

istr

ibut

ion

chan

nels

to p

ort d

irect

ly o

n de

vice

s (e

g M

LBc

om)

and

how

this

will

dis

rupt

late

r re

leas

e w

indo

ws

and

part

ner

econ

omic

s

bull C

an X

finity

or

sim

ilar

offe

rings

kee

p ca

ble

oper

ator

s in

the

gam

e

bull W

ith 2

011

reve

nues

pro

ject

ed to

sur

pass

You

Tub

e

Hul

u ha

s va

lidat

ed th

e ad

sup

port

ed o

nlin

e m

odel

bull H

ulu

s ex

clus

ive

licen

sing

dea

ls w

ith N

BC

and

Fox

are

set t

o ex

pire

- w

ill s

tudi

os a

band

on H

ulu

in fa

vor

of a

dire

ct to

con

sum

er li

nk o

n th

eir

own

site

s (H

BO

GO

mod

el V

iaco

m p

ullin

g C

omed

y C

entr

al fr

om

Hul

u)

bull A

s lo

ng-f

orm

and

pre

miu

m c

onte

nt b

ecom

e m

ore

perv

asiv

e on

line

will

You

Tub

es

mar

ket p

ositi

on a

s

king

of U

GC

eve

r le

ad to

mea

ning

ful r

even

ue

oppo

rtun

ities

bull Li

ke P

rem

ium

Cab

le p

rovi

ders

Bro

adca

st T

V w

ill

dem

and

low

er p

ricin

g an

d sh

orte

r st

udio

rel

ease

win

dow

s as

mor

e co

nten

t is

cons

umed

in e

arlie

r

chan

nels


4



Tim

e

Em

erg

ing

Gam

es

TV

D

VD



5

Cre

ati

on

Dis

trib

uti

on

Access

Mo

neti

zati

on



Ad NetworksMetadata

Mgmt

Rights

Mgmt

Ad

ServingAd Mgmt

Emerging Platforms

Analytics

Traditional

Content

Established


Emerging Creative

Tools


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2009

bull Los Angeles CA

bull 20

















categories










bull 1998


bull 42








based metadata














Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2005

bull Palo Alto CA

bull 25












Brothers and Yahoo



bull 2004

bull San Mateo CA

bull 23



















Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2007

bull San Mateo CA

bull 90









Next New Networks



bull 2006

bull New York NY

bull 36







areas




Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2001

bull Fremont CA

bull 80














Clicker


base




bull 2005

bull New York NY

bull 51







sites


publishers




















Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x















Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x








Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x















Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14



5

Cre

ati

on

Dis

trib

uti

on

Access

Mo

neti

zati

on



Ad NetworksMetadata

Mgmt

Rights

Mgmt

Ad

ServingAd Mgmt

Emerging Platforms

Analytics

Traditional

Content

Established


Emerging Creative

Tools


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2009

bull Los Angeles CA

bull 20

















categories










bull 1998


bull 42








based metadata














Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2005

bull Palo Alto CA

bull 25












Brothers and Yahoo



bull 2004

bull San Mateo CA

bull 23



















Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2007

bull San Mateo CA

bull 90









Next New Networks



bull 2006

bull New York NY

bull 36







areas




Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2001

bull Fremont CA

bull 80














Clicker


base




bull 2005

bull New York NY

bull 51







sites


publishers




















Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x















Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x








Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x















Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2009

bull Los Angeles CA

bull 20

















categories










bull 1998


bull 42








based metadata














Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2005

bull Palo Alto CA

bull 25












Brothers and Yahoo



bull 2004

bull San Mateo CA

bull 23



















Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2007

bull San Mateo CA

bull 90









Next New Networks



bull 2006

bull New York NY

bull 36







areas




Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2001

bull Fremont CA

bull 80














Clicker


base




bull 2005

bull New York NY

bull 51







sites


publishers




















Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x















Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x








Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x















Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14


Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2007

bull San Mateo CA

bull 90









Next New Networks



bull 2006

bull New York NY

bull 36







areas




Founded

Headquarters

Employees

Investors

Profile

Customers

Business Model

Financial

bull 2001

bull Fremont CA

bull 80














Clicker


base




bull 2005

bull New York NY

bull 51







sites


publishers




















Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x















Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x








Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x















Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14

















Median 18x 17x 101x 83x 204x 205x 24 26 19 11x

Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x















Median 18x 17x 102x 96x 273x 261x 18 17 19 16x

Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x








Median 34x 30x 115x 117x 364x 275x 13 14 19 19x

Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x















Median 35x 31x 133x 128x 329x 241x 20 20 18 15x

Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x

8Source CapitalIQ

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14

9





eCommerce | E-tail



















Median 15x 12x 104x 83x 309x 219x 10 12 21 18x

Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x










Median 16x 12x 101x 111x 232x 216x 18 18 20 13x

Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x

Gaming







Median 10x 09x 76x 70x 174x 256x 5 8 13 12x

Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x

Source CapitalIQ
























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14























Median 37x 29x 179x 107x 368x 249x 21 27 15 26x

Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x















Median 17x 16x 90x 78x 231x 158x 20 23 10 17x

Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x

10Source CapitalIQ











-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14






-6

3

6

13

25

-30 -20 -10 0 10 20 30

ARB

ANSW

Index

INSP

SCOR


Unique Page



GOOG 1719 15 419907 30

YHOO 1531 6 364853 -9

AOL 1104 5 127626 -30

ANSW 492 97 2154 93

LOCM 138 21 528 6

Index 5214 14 916406 1


Unique Page



WBMD 226 17 3032 34

INET 131 95 1992 179

HGRD 98 92 536 79

MOVE 84 8 2563 -19

TSCM 37 9 453 76

Index 694 31 10546 18


Unique Page



NFLX 169 17 6502 58

ACOM 57 -3 2994 17

LOOP 14 4 263 16

TIVO 01 -42 20 -21

RNWK 00 -43 01 -58

Index 242 10 9780 41


Unique Page



MWW 171 -13 2537 -18

CTCT 46 14 692 30

VPRT 45 5 1256 8

OPEN 16 2 225 28

LOGM 13 30 1633 97

Index 565 5 19529 7




-16

-3

9

28

30

-30 -20 -10 0 10 20 30

KNOT

EHTH

Index

HGRD

TZOO

3

13

36

29

94

0 20 40 60 80 100

INTX

NFLX

Index

ACOM

TIVO

-2

-2

16

25

43

-10 0 10 20 30 40 50

INWK

WWWW

Index

SPRT

OPEN


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14


eCommerce | E-tail


Gaming


-2

2

12

30

31

-10 0 10 20 30 40

TIXC

SYX

Index

VITC

PRTS


Unique Page



EBAY 673 0 72991 7

AMZN 606 21 15955 35

EXPE 258 13 5346 -9

OWW 115 -17 2097 -20

PCLN 107 11 1887 5

Index 2079 7 103799 9


Unique Page



GSIC 45 5 1256 8

ARTG 09 49 18 -18

BVSN 03 -50 34 -40

Index 57 4 1308 5


Unique Page



ERTS 23 81 172 30

ATVI 12 -64 130 -87

UBI 09 -5 36 -37

THQI 03 -28 23 -51

GLUU 00 37 20 NM

Index 47 -21 382 -70


12

-2

3

14

16

20

-30 -20 -10 0 10 20 30

WWWW

PFSW

Index

GSIC

DRIV

-28

-6

6

10

19

-50 -25 0 25 50

GLUU

UBI

Index

TTWO

THQI

-3

2

12

32

42

-10 0 10 20 30 40 50

IMMR

LOGI

Index

DMRC

SNIC

Unique Page



AAPL 611 20 9748 7

ADBE 374 12 3173 16

LOGI 18 130 169 142

SNIC 14 -9 229 144

DIVX 13 54 40 42

Index 1041 18 13586 12







13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14




13

Unique Page



CBS 628 28 11508 31

VIAB 593 34 15779 -25

NYT 524 13 5614 11

DIS 281 NM 6883 NM

TWX 251 -3 3102 -73

Index 2934 25 56305 -13

Index median 190 31 3332 0-3

-1

11

25

28

-30 -20 -10 0 10 20 30

SNI

NYT

Index

MSO

CKXE



Legal Disclaimer







prohibited



















rights reserved

14

Legal Disclaimer







prohibited



















rights reserved

14

Documents

March 2010 Newsletter - Spotlight: Online Video