Consumer Software & Services: Company presentation by Efe Cakarel, Founder & CEO of MUBI at the NOAH Conference London 2019, 30-31 October, Old Billingsgate.

1. NOAH London Conference 2019
30 OCTOBER 2019

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3. © MUBI 2019
VALUE PROPOSITION
MUBI is a highly differentiated SVOD service and
the largest community of film lovers in the world
● MUBI is a subscription video on demand
(SVOD) service dedicated to film.
● MUBI GO offers subscribers one ticket to a
film in cinemas every single week (UK &
Ireland).
● Social network with 9 million members.
● Available worldwide for $10.99/£9.99/€9.99 a
month.
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4. © MUBI 2019
PROBLEM
The average consumer spends too much time
searching for quality films and is frustrated with
the experience
● The SVOD landscape is becoming
increasingly crowded.
● Not enough attention is paid to the overall
quality of content and the experience.
● Users face a ‘Paradox of Choice’ — too many
viewing options creates unnecessary stress.
● Recommendation algorithms can’t replace
human interaction.
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5. © MUBI 2019
SOLUTION
MUBI’s curated approach cuts down on time spent
searching, and our expert programmers make sure
you never watch a bad film
● Instead of offering thousands of films, we
present one new film each day.
● Each film is available to watch or download
for 30 days.
● Editorial and programming specials help
subscribers choose what to watch.
● It might be a classic or something new, but
every film we pick is worth watching.
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6. © MUBI 2019
WHY NOW?
More consumers are embracing multiple
subscriptions to satisfy their content needs
● 74% of all US households have at least one
SVOD service.
● 51% have more than one SVOD service.
● 41% of adults stream more than one SVOD
service at least monthly.
● Complementary experience — users want to
add MUBI on top of their Netflix subscription.
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Source: Leichtman Research Group, Inc.

7. © MUBI 2019
MARKET POTENTIAL
Total worldwide SVOD subscribers are forecast to
double in the next 6 years
● This growth will be fueled by ‘Other’ services
like MUBI.
● Amazon and Netflix’s combined market share
is expected to decrease from 47% today to
36% by 2024.
● Total worldwide SVOD revenues are projected
to grow from $36 billion in 2018 to $87 billion
by 2024.
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Source: Digital TV Research

8. © MUBI 2019
COMPETITION
Consolidation has created gaps in the
marketplace which new services with a clear
differentiation can exploit
● Mass market services are unable to satisfy
all of their subscribers’ content needs.
● Clear differentiation means:
○ Targeted audience
○ Specialized content
○ Innovative business model
● Netflix and Amazon have pivoted away from
film towards original TV content, while both
FilmStruck and Fandor went out of business
in 2018.
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Source: Flixable

9. © MUBI 2019
BUSINESS MODEL
MUBI’s unique business model means we can
satisfy the needs of our core audience more
efficiently than any other service
● With only 30 films per territory at a time, we
have greater control over our content and
streaming costs.
● We spent under $20 on content per subscriber
in 2018 — compared to $90 by Netflix and $118
by Amazon.
● We spent $4 per subscriber on technology in
2018 — compared to $9 by Netflix.
● As a result, our gross profit margin is double
that of all-you-can-eat library players.
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Source: Citi Research (top), YCharts (bottom)

10. © MUBI 2019
CONTENT
The success of our content strategy is built on
exclusive content and prestigious library titles
● Multi-territory, multi-year license fee deals with
major studios: NBCUniversal, Sony Pictures,
Lionsgate, and StudioCanal.
● Global exclusives and premieres picked
directly from film festivals around the world.
● Over 6,000 films signed with over 900 rights
holders.
● Our ‘Guest Curator’ series has featured
Nicolas Winding Refn, Lynne Ramsay, Paul
Schrader, and Luca Guadagnino.
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11. © MUBI 2019
PRODUCTION AND DISTRIBUTION
We have an efficient model for releasing films
theatrically and digitally and are investing in
original productions and all rights acquisitions
● Original productions and exclusive all rights
acquisitions enable us to break the traditional
licensing windows.
● Strategic relationships keep marketing costs
to a minimum.
● Recent theatrical releases: Border by Ali
Abbasi and Under the Silver Lake by David
Robert Mitchell.
● First original production: Port Authority by
Danielle Lessovitz, premiered at Cannes 2019.
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12. © MUBI 2019
TECHNOLOGY
MUBI has developed its own in-house
streaming technology
● Global service: 19 languages, 17
currencies, and content delivery
network with servers on 5
continents.
● Stop and resume on any device,
multiple audio tracks and
subtitles, adaptive video quality,
and downloads for offline mode.
● Film database with over 200,000
film pages, 47,000 trailers,
600,000 cast and crew profiles.
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13. © MUBI 2019
COMMUNITY/EDITORIAL
Editorial and social features are at the core of the
user experience
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● World’s largest online community of film
lovers with 9 million users.
● Over 500,000 followers on social media
(Facebook, Twitter, and Instagram).
● Users contribute reviews, ratings, lists, and
comments, and trending discussion shows
up on MUBI Feed.
● Higher engagement leads to better SEO,
increased awareness and subscriber
acquisitions.
○ 9 million registered
users
○ 3 million films watched
○ 14 million user ratings
○ 500,000 written reviews
○ 130,000 comments
○ 90,000 film lists

14. © MUBI 2019
FINANCIALS
We have been able to reach breakeven at the early
stage of growth, while consistently growing
revenues and subscribers year after year
● Subscriber growth +50% year on year.
● We grew revenue at 72% CAGR between
2016 and 2018.
● The average subscriber stays 14 months and
generates a Lifetime Value (LTV) of $98.
● Our 5-year P&L forecast targets 4 million
subscribers (0.4% of worldwide total) and
$480 million revenue by 2023.
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15. © MUBI 2019
VISION
Our goal is for MUBI to become synonymous with
quality cinema, and for our service to become the
biggest destination for film lovers in the world
● With our theatrical releases and MUBI GO,
MUBI stands for high quality film in
cinemas as well as online.
● Our editorial programme is designed to
grow and sustain the MUBI brand for new
generations of film lovers.
● Device and platform partnerships with
Apple, Amazon, Google and others ensure
MUBI is available whenever and wherever
the consumer chooses.
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16. © MUBI 2019
GEOGRAPHIC EXPANSION
While MUBI is already available worldwide, we are launching new localized
versions of the platform in Asia, and expanding MUBI GO into the US and
continental Europe
15
In Malaysia, we partnered
with Digi, Maxis, and U
Mobile to offer film content
to over 27 million mobile
users, with three new
localised channels (MUBI
Sinema, MUBI Dekho!, and
MUBI World)
In India, we formed a
strategic alliance with Times
Global to provide counsel on
MUBI’s entry into the Indian
market

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