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... and distributed by JPMSAL in Australia to “wholesale clients” only JPMSAL does not issue or distribute this material to “retail clients.” The recipient of this material must not distribute it to ... issue or distribute this material to members of "the public" as determined in accordance with section of the Securities Act 1978 The recipient of this material must not distribute it to any third ... research reports, including The Rise of Ad Networks, Large Cap Courtship and Consolidation, and Nothing But Net (which has been JPM’s most-accessed research report in 2006, 2007 and 2008) Mr Khan...

Ngày tải lên: 15/12/2013, 10:15

... Music Primer .78 The Challenges for Online Video 81 Widgets: Popularity Is Growing, but Can It Be Monetized?83 Online Photo Market Outlook 86 Cloud Computing Outlook 90 ... analyst Andre Baggio RealNetworks is covered by Vasily Karasyov The authors acknowledge the contribution of Jigar Vakharia of J.P Morgan Services India Private Ltd., Mumbai, and Shelby Taffer, of ... estimates In our opinion, newspapers face a significant number of headwinds that will likely contribute to this decline First, we believe consumer news consumption behavior is changing Magazines...

Ngày tải lên: 15/12/2013, 10:15

... believe global paid search revenues will reach $33.2B in 2009, down from the $39.6B expected in Nothing but Net 2008 We think the search market growth rate will decelerate given the following factors: ... uneconomical to replicate are often targets for acquisitions; such companies may also generate traffic but the technology is often a motivator for the buyer • Transactional Companies with a proven track ... monetizing video advertising should persist Mobile usage should continue its strong growth momentum, but mobile advertising will likely be challenging this year Amazon’s low pricing strategy should...

Ngày tải lên: 15/12/2013, 10:15

... as display advertising pricing (CPMs) was pressured not only from a non-premium inventory glut but also from lower ad budgets spent on premium slots Unfortunately, we see these trends continuing ... 2009 International markets will likely suffer not only from lower ad spend due to the macroeconomy but also from lower foreign currency exchange rates We think this will offset increased broadband ... it more difficult for advertisers to reach their target audience through only a few publishers, but it also makes it difficult for publishers to attract advertisers given their limited scale We...

Ngày tải lên: 15/12/2013, 10:15

... environment, Google has been exploring the serving of graphical advertisements for a couple of years But we believe the acquisition of DoubleClick emphasizes the importance that Google places on entering ... inventory Social networking, blogs, photo sharing, and email have all increased inventory levels but are difficult to monetize given their non-targeted user base and lack of focus on ads Ad exchanges ... minutes spent online in August 2008, down from 42% in August 2002 Much of this decline can be attributed to audience fragmentation, a result of increases in non-premium inventory Meanwhile online...

Ngày tải lên: 15/12/2013, 10:15

... unreliable, and a reliable distribution channel is an essential prerequisite for the growth of eCommerce • Improved payment systems This is not a world-wide challenge, but rather a slew of country-specific ... domestic and international growth We are lowering our estimates from those published in the 2008 Nothing But Net We are now expecting F’09 total global travel gross bookings growth of (4.7%) Y/Y We ... those earning less than $100K Even for the >$100K-income shoppers, price is the biggest factor, but notably fewer respondents chose it as their #1 factor: 38% for the higher-income group, vs 50%...

Ngày tải lên: 24/12/2013, 17:15

... Equity Research 05 January 2009 The Mobile Market 84% of the U.S Population Has Mobile Phones, but Mobile Internet Usage Trails The mobile market is a large and quickly growing industry, with ... 2008 Device Census Company Initiatives Google Works on Android Google decided to address distribution difficulties head-on with the creation of the Open Handset Alliance, composed of leading ... system, middleware, user-friendly interface, and applications The first phones based on Android debuted in the fourth quarter of 2008 By bringing the Internet developer model to the mobile market,...

Ngày tải lên: 24/12/2013, 17:15

Ngày tải lên: 24/12/2013, 17:15

... August 2007 but was quickly slated However, according to press reports, Facebook is talking to a number of song-streaming services and music community sites that own licenses to distribute music ... spam solutions have focused on attempting to verify that the person contacting you is a friend, but social networks have a built-in verification system that allows one to ensure that the bulk ... 26-33 34-41 Age 42-49 50-57 58+ Source: J.P Morgan Internet Team 2008 Consumer Survey The age distribution tilts even more heavily to the younger segment due to different usage patterns Even among...

Ngày tải lên: 24/12/2013, 17:15

... and distribution Widgets typically involve multiple branches, including a widget builder, page owner (think social networking page or blog), site owner (the social network itself), distribution/syndication ... registrations and offers a selection of 4,500 widgets Opera and Yahoo! also offer mobile widgets But Ad Monetization Is Difficult Although we expect the use of widgets to be a long-lasting fixture ... imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Widgets: Popularity Is Growing, but Can It Be Monetized? Ever since the opening of the Facebook platform, there seems to have been...

Ngày tải lên: 24/12/2013, 17:15

... more than 75,000 active contributors Most of the articles can be edited by anyone with Internet access, and visitors not require special qualifications to contribute, since their primary role ... deal with such spikes, rather than purchase equipment ahead of time that can handle peak loads, but would also sit idle for the majority of the time For storage, the pricing generally includes ... Neopets A virtual world creates an immersive environment for users to interact with each other, but the emphasis is not chiefly on gameplay, as in a MMORPG Rather, the focus is on interaction...

Ngày tải lên: 24/12/2013, 17:15

... Internet users accessing the Internet from home Access from an Internet café lost share to the home, but still grew almost 61% in 2007 Figure 61: Main Access Locations 80% 74% 70% 60% 50% 39% 40% 30%...

Ngày tải lên: 24/12/2013, 17:15

... are in Rmb terms Online Advertising: Top-Down Perspective Internet Usage Growth – Same Old Story, But Is That What Is Driving the Online Ad Spending Growth Expected in 2009? We expect China's Internet ... are now likely willing to pay a higher fee for video ads User Segmentation – Already Happening, But Leading Portals Should Continue to See High Growth Over the past year, there has been an increase...

Ngày tải lên: 24/12/2013, 17:15

... 0.47 9,039 1318 45% 9,438 1,376 43% 5.3% Source: CNNIC, J.P Morgan estimates Note: Excluding distributor discount Impact of Macro Concerns Should Be Relatively Less Since the beginning of 2008, we ... marketing are required to drive market growth Large Available SME Market for Search Advertising, but Low Internet Usage According to the National Development and Reform Commission, Department of ... even worse, may simply give up on paid search campaigns We believe education by agents and distributors can eventually help advertisers overcome these barriers, and advertisers will thus increase...

Ngày tải lên: 24/12/2013, 17:15

... Investors are concerned that this would reduce spending on MMORPG games We believe this may be true, but the effects on MMORPG should be minimal, in our opinion First, it is not uncommon for users ... accumulated weapons As such, fair play becomes very important Hacking not only demoralizes players but also seems to cause “community unrest” and to threaten the “social order” in the game space ... Equity Research 05 January 2009 trying to copy or alter the server software Client software is distributed free of charge and can be downloaded from a game operator's sites at any time Since client...

Ngày tải lên: 24/12/2013, 17:15

... 3Q08, but postponed the move due to a change in shareholder structure: Tiger Global Management sold 14.55% of Mail.ru (out of its total holding of 27.95%) to DST Tiger was the IPO’s initiator, but ... the recent surge in TV advertising prices – which resulted in TV advertising money being redistributed between channels, rather than moving online – supports our view that Internet advertising ... Internet ($31.0 and $2.8 respectively in Russia in 2007), Russia lags behind all developed countries, but leads among developing economies ($67-196 per capita TV and $7-87 per capita Internet spending...

Ngày tải lên: 21/01/2014, 23:20

... Valuations for Korean Internet companies remained at a 20-30% discount to their global peers until 1H07, but the gap almost disappeared in late 2007 and early 2008 when Korean Internet share prices rallied ... Diversification of Revenue Mix We expect portals’ revenue mix to continue to diversify as contributions from ecommerce and gaming businesses increase For NHN, gaming accounted for 30% of sales...

Ngày tải lên: 21/01/2014, 23:20

Ngày tải lên: 21/01/2014, 23:20

... think the unit’s operations outside the US and UK have reached the scale to make a meaningful contribution to growth • …and the tech picture is not much brighter Numerous technology firms have announced...

Ngày tải lên: 21/01/2014, 23:20

Ngày tải lên: 21/01/2014, 23:20