Sohu is a Chinese internet company with several business units including a portal, online gaming, online video, and search. The document argues that Sohu is severely undervalued based on a sum-of-the-parts valuation of its business units compared to relevant competitors. It values Sohu's business units between $1-2 billion each for a total above its current market cap. While Sohu faces risks from its different businesses, the document believes opportunities like subsidiaries' IPOs could help unlock value.
The document provides an overview and analysis of the global satellite industry in 2012 based on a study by The Tauri Group. Some key findings include:
- The global satellite industry grew 7% in 2012 to $189.5 billion, outpacing worldwide economic growth.
- The satellite services segment, which includes satellite television, radio, broadband, and more, grew 5% to $113.5 billion and makes up over half of total industry revenues.
- Satellite manufacturing revenues increased 23% to $14.6 billion, driven by a higher number of higher-value satellites despite fewer total launches.
- The United States earned nearly 60% of global satellite manufacturing revenues and built one third of all spacecraft
The document discusses learning experiences from an online class. It mentions learning about crowdsourcing films, solving math problems, and speaking Spanish. It also discusses learning about a degree program from assignments, articles, and reading other students' posts. It emphasizes researching to gain more insights about one's program of study.
The Houston Health Department is redesigning their approach and establishing several core service centers, including DAWN WIC, Personal Development, Client Access, The Wellness Network, Kids' Village, Assistance Center, The Learning Center, and Senior Services. The redesign aims to help these centers reach specific targets through enhancements like website development, inbound and outbound marketing, partnerships, events, and membership programs. The overall goals are to innovate service delivery, better integrate client access to services, provide culturally competent care, and build capacity across centers.
Redhill Biopharma (RDHL) is developing RHB-104 to treat Crohn's disease by targeting its potential cause, the Mycobacterium avium subspecies paratuberculosis (MAP) bacterium. RDHL has an exclusive license for the only FDA-approved test to detect MAP in humans and is conducting a Phase III trial of RHB-104, a combination antibiotic therapy shown previously to be more effective than current treatments. The results of the Phase III trial in 2015 could validate RDHL's thesis that MAP causes Crohn's and demonstrate RHB-104 as a new treatment paradigm. At its current undervalued state with no analyst coverage, RDHL presents a promising investment opportunity.
Sherif Ahmed Ismail is a self-motivated professional with over 10 years of experience in administrative, IT support, and project coordination roles. He holds a Bachelor's degree in Computer Science and professional certificates in IT support and Microsoft Office applications. Currently he works as an Office Manager and Executive Assistant for a media consultancy firm in Dubai, where he performs administrative duties, manages client relationships, and coordinates film productions. Previously he has held roles providing IT support, training instructors, and coordinating projects for various companies in Egypt, Libya, and the UAE.
China's media landscape can be a tricky industry to navigate. This white paper breaks it down and provides essential tips on how to have your marketing and communications strategies work in China.
China's GDP growth slowed to 6.9% in 2015, the lowest rate since 1990. Consumer confidence remains stable in China despite the economic slowdown. Total advertising expenditure in China reached RMB 456 billion in 2015 but growth is slowing, with internet advertising expected to account for 50% of total ad spending by 2016 with a 21% increase. Digital media consumption in China continues to rise across all age groups and cities while traditional media declines. Mobile internet penetration reached over 50% of the population in 2015 with mobile internet users growing 11% year-over-year.
- Sohu is a Chinese internet company with business units in portal, online gaming, online video, and search. It owns majority stakes in Changyou (online gaming) and Sogou (search).
- The presentation argues that Sohu is severely undervalued based on a sum-of-the-parts valuation of its business units compared to relevant competitors. Valuations of individual units suggest a total value over $2.96 billion compared to Sohu's market cap of just $1.79 billion.
- Near-term triggers for reducing the valuation gap include potential IPOs of Changyou, Sogou, and Sohu TV, as well as the possibility of Soh
The document provides an overview and analysis of the global satellite industry in 2012 based on a study by The Tauri Group. Some key findings include:
- The global satellite industry grew 7% in 2012 to $189.5 billion, outpacing worldwide economic growth.
- The satellite services segment, which includes satellite television, radio, broadband, and more, grew 5% to $113.5 billion and makes up over half of total industry revenues.
- Satellite manufacturing revenues increased 23% to $14.6 billion, driven by a higher number of higher-value satellites despite fewer total launches.
- The United States earned nearly 60% of global satellite manufacturing revenues and built one third of all spacecraft
The document discusses learning experiences from an online class. It mentions learning about crowdsourcing films, solving math problems, and speaking Spanish. It also discusses learning about a degree program from assignments, articles, and reading other students' posts. It emphasizes researching to gain more insights about one's program of study.
The Houston Health Department is redesigning their approach and establishing several core service centers, including DAWN WIC, Personal Development, Client Access, The Wellness Network, Kids' Village, Assistance Center, The Learning Center, and Senior Services. The redesign aims to help these centers reach specific targets through enhancements like website development, inbound and outbound marketing, partnerships, events, and membership programs. The overall goals are to innovate service delivery, better integrate client access to services, provide culturally competent care, and build capacity across centers.
Redhill Biopharma (RDHL) is developing RHB-104 to treat Crohn's disease by targeting its potential cause, the Mycobacterium avium subspecies paratuberculosis (MAP) bacterium. RDHL has an exclusive license for the only FDA-approved test to detect MAP in humans and is conducting a Phase III trial of RHB-104, a combination antibiotic therapy shown previously to be more effective than current treatments. The results of the Phase III trial in 2015 could validate RDHL's thesis that MAP causes Crohn's and demonstrate RHB-104 as a new treatment paradigm. At its current undervalued state with no analyst coverage, RDHL presents a promising investment opportunity.
Sherif Ahmed Ismail is a self-motivated professional with over 10 years of experience in administrative, IT support, and project coordination roles. He holds a Bachelor's degree in Computer Science and professional certificates in IT support and Microsoft Office applications. Currently he works as an Office Manager and Executive Assistant for a media consultancy firm in Dubai, where he performs administrative duties, manages client relationships, and coordinates film productions. Previously he has held roles providing IT support, training instructors, and coordinating projects for various companies in Egypt, Libya, and the UAE.
China's media landscape can be a tricky industry to navigate. This white paper breaks it down and provides essential tips on how to have your marketing and communications strategies work in China.
China's GDP growth slowed to 6.9% in 2015, the lowest rate since 1990. Consumer confidence remains stable in China despite the economic slowdown. Total advertising expenditure in China reached RMB 456 billion in 2015 but growth is slowing, with internet advertising expected to account for 50% of total ad spending by 2016 with a 21% increase. Digital media consumption in China continues to rise across all age groups and cities while traditional media declines. Mobile internet penetration reached over 50% of the population in 2015 with mobile internet users growing 11% year-over-year.
- Sohu is a Chinese internet company with business units in portal, online gaming, online video, and search. It owns majority stakes in Changyou (online gaming) and Sogou (search).
- The presentation argues that Sohu is severely undervalued based on a sum-of-the-parts valuation of its business units compared to relevant competitors. Valuations of individual units suggest a total value over $2.96 billion compared to Sohu's market cap of just $1.79 billion.
- Near-term triggers for reducing the valuation gap include potential IPOs of Changyou, Sogou, and Sohu TV, as well as the possibility of Soh
Video streaming services have seen rapid growth, with the number of users expected to increase from 53 million in 2019 to 78 million by 2024. The top video streaming services include Amazon Prime Videos, Hotstar, Netflix, ZEE5, JIO CINEMA, and SONY LIV. An analysis of these services found that Netflix has the largest market share and number of users, while Hotstar and Prime Videos also have significant shares. The analysis evaluated the services' performance across websites, social media, and other metrics to provide recommendations on how each could improve their digital marketing strategies.
The Dragon Loves Online Video - Why Online Video Is Big Now..But Will Become ...Richard Matsumoto
The document discusses the growing online video market in China. It notes that the total addressable market for online video in China is projected to reach $1 billion USD by 2020. It also provides statistics on the increasing number of online video users in China as well as the surging quarterly revenue growth rates of 83.2% year-over-year. The document proposes several possible strategies for capitalizing on the growing Chinese online video market, including partnerships with global advertising agencies, content producers, and Chinese technology and media companies.
Talk given in Beijing in April 2009 on new media in China for a group of EU managers. Some interesting data comparing US and China web companies for data lovers.
20100727谷歌中国整合营销传播计划integrated marketing communication plan for google china宇 华
This document provides an overview of Google's operations in China, including:
1) It describes Google's team working on marketing in China and the integrated marketing communication plan they developed.
2) It provides an overview of Google as a company, including its mission, finances, and product line.
3) It discusses Google's history in China and some of the cultural differences it faced when entering the Chinese market.
Netflix is considering expanding into China and has developed a strategy to do so. They would offer both a free "limited" streaming service supported by ads and a paid "premier" ad-free service. In the first 5 years, Netflix aims to achieve 6% share of video-on-demand viewing in China and $2 billion in EBITDA by partnering with local producers and adapting its content and payment options to the Chinese market. However, competition is intense and China's regulations present challenges to Netflix's business model.
- There has been significant disruption in the venture capital industry due to changes like the rise of internet users, faster internet speeds, increased mobility, and social connectivity.
- The venture capital model has changed from relying primarily on board interactions and "VC knows best" to providing more operational support, thought leadership, peer learning platforms, and industry insights for portfolio companies.
- Leading venture capital firms are differentiating themselves by investing in extensive operational support services, transparency through blogging, peer-to-peer learning opportunities, and leveraging their domain expertise and relationships within specific industries.
A Video Market Unbalanced / ComScore PresentationTeads.tv
¡¡LA ERA DEL VIDEO DIGITAL ESTÁ AQUÍ!!
En Latinoamérica nos encontramos aún unos pasos atrás que el resto del mundo en la tendencia de crecimiento del Video Digital! Y es que en mercados potencia como el Europeo y el Norteamericano el crecimiento ha sido mucho mayor que en nuestra región.
Es hora de tomar conciencia de ello y aprovechar los grandes beneficios de los formatos de Video Online!! Acércate a nosotros y te asesoramos con Workshops y Capacitación de Video Online, así como la mejor ejecución y optimización de tus campañas publicitarias.
Isela Abarca
Ad Sales Manager
isela@impaktu.com
Skype: isela.abarca
www.impaktu.com
The document provides three tips for digital success in 2012. It recommends getting more mobile by developing mobile-friendly websites and apps, getting more social by leveraging social media platforms, and getting more relevant by optimizing search engine results through tactics like SEO. The rest of the document discusses current online trends like the growth of mobile and social media usage and how these trends will continue in the new year.
La Próxima Revolución Digital por Randall Rothenberg, Presidente & CEO, IABeMarketingHoy
Randall Rothenberg, actualmente, CEO y Presidente de IAB (Interactive Advertising Bureau), a nivel global, organización comprometida con el desarrollo de la industria del Mercadeo y la Publicidad Digital, con presencia en más de 23 países alrededor del mundo habla sobre el estado de la publicidad digital en Colombia.
En 2007, fue Director Senior de Capital Intelectual de Booz Allen Hamilton, en la cual supervisó las Áreas de Desarrollo de Negocios, Gestión de Conocimientos y Actividades de Liderazgo del Pensamiento. Antes de ingresar a Booz Allen, donde superviso el desarrollo de negocios, gestión del conocimiento y pensó en actividades de liderazgo. Así mismo trabajó en el diario The New York Times, como editor de tecnología y editor de política de la revista dominical, escribió una columna diaria sobre publicidad, y fue reportero de medios y marketing.
Es autor de la obra Where the Suckers Moon: An Advertising Story, una crónica acerca del nacimiento, evolución y muerte de una campaña publicitaria. Obtuvo un título en estudios clásicos de la Universidad de Princeton y en la actualidad reside en la ciudad de Nueva York.
Rothenberg trabajó seis años en el The New York Times, donde fue editor de economía y política. Durante 10 años, fue columnista de marketing y medios para Advertising Age y continuo con esta labor en su blog www.randallrothenberg.com.
The document summarizes the merger between OVGuide and Live Matrix to create a comprehensive source for online video discovery and guidance. Key points:
- OVGuide and Live Matrix merged, combining OVGuide's on-demand video data with Live Matrix's scheduled content data.
- The new company will be the most complete source for finding upcoming, live, and on-demand online video content across all platforms.
- It aims to help users discover online video, and help publishers and advertisers better reach audiences and leverage online video.
Hyku is an interactive video platform that allows users to engage with videos on their mobile devices through features like voting, quizzes, and commerce interactions. It offers near-perfect synchronization between videos and mobile content. Hyku generates revenue from advertising, in-app purchases, and data insights. It aims to launch in China and Indonesia with a team of experienced founders and engineers, and partnerships with media companies.
OTT Video: US Market Perspectives & Next Gen ServicesRyan Petty
OTT is powering a global video deployments like India's Zee TV, DittoTV. DittoTV is available in over 160 countries and on over 130 devices. This session will focus on key learnings from the DittoTV deployment and will chart a path to next-generation OTT services. Hosted by: Evio Group & Siemens Convergence Creators
Tendencias sobre Video Online (by Brightcove) Q2_2010Pablo Morales
The document analyzes online video trends in Q2 2010 based on data from Brightcove and TubeMogul customers. Key findings include:
1) Online video streams from newspaper websites surged 65% due to BP oil spill coverage. Broadcast networks and pure-play websites remained top two.
2) Viewers watched 11.8% more videos per month in Q2 than Q1. Engagement increased across most media verticals.
3) Referral traffic from Facebook and Twitter is growing faster than search engines as a source of online video views. Facebook may surpass Yahoo as the second largest referrer after Google by the end of the year.
The document analyzes online video trends from Q2 2010 based on data from Brightcove and TubeMogul customers. Key findings include:
1) Online video streams from newspaper websites surged 65% due to BP oil spill coverage. Broadcast networks and pure-play websites remained top two.
2) Viewers watched 11.8% more videos per month in Q2 than Q1. Engagement increased across most media verticals.
3) Referral traffic from Facebook and Twitter is growing faster than search engines as a source of online video views. Facebook will likely surpass Yahoo as the second largest referrer after Google by next year.
The document analyzes online video trends from Q2 2010 based on data from Brightcove and TubeMogul customers. Key findings include:
1) Online video streams from newspaper websites surged 65% due to BP oil spill coverage. Broadcast networks and pure-play websites remained top two.
2) Viewers watched 11.8% more videos per month in Q2 than Q1. Average viewing time was 2 minutes but increased for some media.
3) Referral traffic from Facebook and Twitter is growing faster than search engines and Facebook may surpass Yahoo as the second largest referrer after Google by next year.
The Global Mobile Revolution - GGV CapitalGGV Capital
The birth of the smartphone and then the app store have provided companies with a revolutionary platform to reach consumers all over the world. But this also means that any business that has an app is essentially global from day 1. This presentation analyzes how this global mobile revolution has occurred and offers strategies for tackling international mobile markets, specifically China and Europe.
This document provides an overview of comScore, Inc. and its digital analytics capabilities. Some key points:
- comScore is a leading internet technology company that provides data and analytics for the digital world. It has over 2,100 clients worldwide.
- comScore captures over 1.5 trillion digital interactions monthly from its global panel of 2 million internet users. This provides a 360 degree view of online and offline behavior.
- The presentation discusses trends in internet usage globally such as growth in Asia, Latin America, India and Brazil. It also examines usage by age, gender and other demographics.
- Topics covered include leading online properties and market share, social media engagement, search engine usage,
This document provides an outline for an investment proposal presentation. It includes sections for action items, thesis, industry overview, industry comparables, company financial overview, optional company valuation, risks, conclusion, and presentation tips. The proposal calls for identifying a long or short position, providing an overview of the company/ETF/index, stating the investment thesis and why the presenter's opinion differs from the market. It also outlines what should be included in sections on industry context, comparable companies, the target company's financials, potential risks, and timeline.
This document provides an analysis of Navios Maritime Acquisition Corporation (NNA) by Sagehen Capital Management. It begins with an executive summary that outlines the investment thesis, the shipping industry, information about NNA, a valuation analysis, risks, and questions. The investment thesis is that tankers are in the early stages of a recovery, NNA is well-positioned to capitalize on opportunities, and NNA is undervalued. The document then provides details on the shipping industry environment, NNA's operations and competitive advantages, and financial analyses valuing NNA at $6.79 per share.
Video streaming services have seen rapid growth, with the number of users expected to increase from 53 million in 2019 to 78 million by 2024. The top video streaming services include Amazon Prime Videos, Hotstar, Netflix, ZEE5, JIO CINEMA, and SONY LIV. An analysis of these services found that Netflix has the largest market share and number of users, while Hotstar and Prime Videos also have significant shares. The analysis evaluated the services' performance across websites, social media, and other metrics to provide recommendations on how each could improve their digital marketing strategies.
The Dragon Loves Online Video - Why Online Video Is Big Now..But Will Become ...Richard Matsumoto
The document discusses the growing online video market in China. It notes that the total addressable market for online video in China is projected to reach $1 billion USD by 2020. It also provides statistics on the increasing number of online video users in China as well as the surging quarterly revenue growth rates of 83.2% year-over-year. The document proposes several possible strategies for capitalizing on the growing Chinese online video market, including partnerships with global advertising agencies, content producers, and Chinese technology and media companies.
Talk given in Beijing in April 2009 on new media in China for a group of EU managers. Some interesting data comparing US and China web companies for data lovers.
20100727谷歌中国整合营销传播计划integrated marketing communication plan for google china宇 华
This document provides an overview of Google's operations in China, including:
1) It describes Google's team working on marketing in China and the integrated marketing communication plan they developed.
2) It provides an overview of Google as a company, including its mission, finances, and product line.
3) It discusses Google's history in China and some of the cultural differences it faced when entering the Chinese market.
Netflix is considering expanding into China and has developed a strategy to do so. They would offer both a free "limited" streaming service supported by ads and a paid "premier" ad-free service. In the first 5 years, Netflix aims to achieve 6% share of video-on-demand viewing in China and $2 billion in EBITDA by partnering with local producers and adapting its content and payment options to the Chinese market. However, competition is intense and China's regulations present challenges to Netflix's business model.
- There has been significant disruption in the venture capital industry due to changes like the rise of internet users, faster internet speeds, increased mobility, and social connectivity.
- The venture capital model has changed from relying primarily on board interactions and "VC knows best" to providing more operational support, thought leadership, peer learning platforms, and industry insights for portfolio companies.
- Leading venture capital firms are differentiating themselves by investing in extensive operational support services, transparency through blogging, peer-to-peer learning opportunities, and leveraging their domain expertise and relationships within specific industries.
A Video Market Unbalanced / ComScore PresentationTeads.tv
¡¡LA ERA DEL VIDEO DIGITAL ESTÁ AQUÍ!!
En Latinoamérica nos encontramos aún unos pasos atrás que el resto del mundo en la tendencia de crecimiento del Video Digital! Y es que en mercados potencia como el Europeo y el Norteamericano el crecimiento ha sido mucho mayor que en nuestra región.
Es hora de tomar conciencia de ello y aprovechar los grandes beneficios de los formatos de Video Online!! Acércate a nosotros y te asesoramos con Workshops y Capacitación de Video Online, así como la mejor ejecución y optimización de tus campañas publicitarias.
Isela Abarca
Ad Sales Manager
isela@impaktu.com
Skype: isela.abarca
www.impaktu.com
The document provides three tips for digital success in 2012. It recommends getting more mobile by developing mobile-friendly websites and apps, getting more social by leveraging social media platforms, and getting more relevant by optimizing search engine results through tactics like SEO. The rest of the document discusses current online trends like the growth of mobile and social media usage and how these trends will continue in the new year.
La Próxima Revolución Digital por Randall Rothenberg, Presidente & CEO, IABeMarketingHoy
Randall Rothenberg, actualmente, CEO y Presidente de IAB (Interactive Advertising Bureau), a nivel global, organización comprometida con el desarrollo de la industria del Mercadeo y la Publicidad Digital, con presencia en más de 23 países alrededor del mundo habla sobre el estado de la publicidad digital en Colombia.
En 2007, fue Director Senior de Capital Intelectual de Booz Allen Hamilton, en la cual supervisó las Áreas de Desarrollo de Negocios, Gestión de Conocimientos y Actividades de Liderazgo del Pensamiento. Antes de ingresar a Booz Allen, donde superviso el desarrollo de negocios, gestión del conocimiento y pensó en actividades de liderazgo. Así mismo trabajó en el diario The New York Times, como editor de tecnología y editor de política de la revista dominical, escribió una columna diaria sobre publicidad, y fue reportero de medios y marketing.
Es autor de la obra Where the Suckers Moon: An Advertising Story, una crónica acerca del nacimiento, evolución y muerte de una campaña publicitaria. Obtuvo un título en estudios clásicos de la Universidad de Princeton y en la actualidad reside en la ciudad de Nueva York.
Rothenberg trabajó seis años en el The New York Times, donde fue editor de economía y política. Durante 10 años, fue columnista de marketing y medios para Advertising Age y continuo con esta labor en su blog www.randallrothenberg.com.
The document summarizes the merger between OVGuide and Live Matrix to create a comprehensive source for online video discovery and guidance. Key points:
- OVGuide and Live Matrix merged, combining OVGuide's on-demand video data with Live Matrix's scheduled content data.
- The new company will be the most complete source for finding upcoming, live, and on-demand online video content across all platforms.
- It aims to help users discover online video, and help publishers and advertisers better reach audiences and leverage online video.
Hyku is an interactive video platform that allows users to engage with videos on their mobile devices through features like voting, quizzes, and commerce interactions. It offers near-perfect synchronization between videos and mobile content. Hyku generates revenue from advertising, in-app purchases, and data insights. It aims to launch in China and Indonesia with a team of experienced founders and engineers, and partnerships with media companies.
OTT Video: US Market Perspectives & Next Gen ServicesRyan Petty
OTT is powering a global video deployments like India's Zee TV, DittoTV. DittoTV is available in over 160 countries and on over 130 devices. This session will focus on key learnings from the DittoTV deployment and will chart a path to next-generation OTT services. Hosted by: Evio Group & Siemens Convergence Creators
Tendencias sobre Video Online (by Brightcove) Q2_2010Pablo Morales
The document analyzes online video trends in Q2 2010 based on data from Brightcove and TubeMogul customers. Key findings include:
1) Online video streams from newspaper websites surged 65% due to BP oil spill coverage. Broadcast networks and pure-play websites remained top two.
2) Viewers watched 11.8% more videos per month in Q2 than Q1. Engagement increased across most media verticals.
3) Referral traffic from Facebook and Twitter is growing faster than search engines as a source of online video views. Facebook may surpass Yahoo as the second largest referrer after Google by the end of the year.
The document analyzes online video trends from Q2 2010 based on data from Brightcove and TubeMogul customers. Key findings include:
1) Online video streams from newspaper websites surged 65% due to BP oil spill coverage. Broadcast networks and pure-play websites remained top two.
2) Viewers watched 11.8% more videos per month in Q2 than Q1. Engagement increased across most media verticals.
3) Referral traffic from Facebook and Twitter is growing faster than search engines as a source of online video views. Facebook will likely surpass Yahoo as the second largest referrer after Google by next year.
The document analyzes online video trends from Q2 2010 based on data from Brightcove and TubeMogul customers. Key findings include:
1) Online video streams from newspaper websites surged 65% due to BP oil spill coverage. Broadcast networks and pure-play websites remained top two.
2) Viewers watched 11.8% more videos per month in Q2 than Q1. Average viewing time was 2 minutes but increased for some media.
3) Referral traffic from Facebook and Twitter is growing faster than search engines and Facebook may surpass Yahoo as the second largest referrer after Google by next year.
The Global Mobile Revolution - GGV CapitalGGV Capital
The birth of the smartphone and then the app store have provided companies with a revolutionary platform to reach consumers all over the world. But this also means that any business that has an app is essentially global from day 1. This presentation analyzes how this global mobile revolution has occurred and offers strategies for tackling international mobile markets, specifically China and Europe.
This document provides an overview of comScore, Inc. and its digital analytics capabilities. Some key points:
- comScore is a leading internet technology company that provides data and analytics for the digital world. It has over 2,100 clients worldwide.
- comScore captures over 1.5 trillion digital interactions monthly from its global panel of 2 million internet users. This provides a 360 degree view of online and offline behavior.
- The presentation discusses trends in internet usage globally such as growth in Asia, Latin America, India and Brazil. It also examines usage by age, gender and other demographics.
- Topics covered include leading online properties and market share, social media engagement, search engine usage,
This document provides an outline for an investment proposal presentation. It includes sections for action items, thesis, industry overview, industry comparables, company financial overview, optional company valuation, risks, conclusion, and presentation tips. The proposal calls for identifying a long or short position, providing an overview of the company/ETF/index, stating the investment thesis and why the presenter's opinion differs from the market. It also outlines what should be included in sections on industry context, comparable companies, the target company's financials, potential risks, and timeline.
This document provides an analysis of Navios Maritime Acquisition Corporation (NNA) by Sagehen Capital Management. It begins with an executive summary that outlines the investment thesis, the shipping industry, information about NNA, a valuation analysis, risks, and questions. The investment thesis is that tankers are in the early stages of a recovery, NNA is well-positioned to capitalize on opportunities, and NNA is undervalued. The document then provides details on the shipping industry environment, NNA's operations and competitive advantages, and financial analyses valuing NNA at $6.79 per share.
The document analyzes the declining prospects for GameStop as the video game industry shifts to digital distribution. It notes that major publishers are increasingly prioritizing digital sales over physical discs, and that the upcoming PlayStation 4 and Xbox One consoles will emphasize digital games. To hedge against GameStop's risks, the author proposes a paired trade - shorting GameStop stock while taking long positions in major publishers Electronic Arts, Activision Blizzard, and Take-Two Interactive, who stand to benefit from the digital transition.
This document describes a potential bitcoin arbitrage opportunity between the Bitstamp and BTC-e exchanges. It outlines a process to take advantage of temporary price differences between the exchanges. The proposed process involves selling bitcoin on Bitstamp, transferring funds to BTC-e via SEPA transfer, buying bitcoin at a lower price on BTC-e, then transferring the bitcoin back to Bitstamp to sell. With this process, the document estimates a time per round of 4-6 days and potential profits of 1-2% per round despite transaction fees. Several risks associated with the exchanges and transfer methods are also discussed.
The document summarizes the analyst's short position in KNDI stock and arguments for why the company is overvalued. The analyst believes KNDI is overvalued because investors view it like Tesla, but EVs have failed in China previously and KNDI faces many competitors. The document provides background on KNDI, its electric vehicles, a car sharing service, and a joint venture. It discusses China's focus on green technology but past failures of EV subsidies to boost private demand. Overall the analyst argues KNDI is overvalued given competitive pressures, an SEC investigation, and reduced earnings potential.
This document analyzes an agricultural company with diversified water, cropping, and pastoral operations. Key points include: 1) The company has a strong financial position with revenue, earnings, and profitability growth. 2) Valuation analysis shows the company is undervalued by 31% with upside potential. 3) The company offers a good dividend yield of 2.04% and is well-positioned to benefit from trends in water and cotton markets.
Nevada Copper is developing an underground and open pit mine at its Pumpkin Hollow deposit. The underground mine is expected to produce 710 million pounds of copper over 10 years at costs of $1.21-$1.63 per pound, while the open pit mine will produce over 2 billion pounds at $1.69 per pound after being funded by underground mine profits. In late 2019, a large shareholder began divesting shares, pushing the price down 50% despite the company being oversold; additional funding is still needed to fully finance the underground mine's construction.
BLOX is a network management software company founded in 1999 that has grown through acquisitions. It provides network automation and security products including Trinzic DDI and NetMRI. While revenue has grown 33% annually, the company has a history of net losses and operates in a competitive market. BLOX has over 600 employees and 1/3 of Fortune 500 companies use its products.
SHOS is a spinoff from Sears Holdings that operates 1,200 hardware and appliance stores across the US through a franchise model. It represents an undervalued investment opportunity due to no analyst coverage and insider purchases at higher prices. The document recommends buying 1000 shares due to SHOS's capital-light business model and potential tailwinds from US housing recovery, Sears store closings directing more traffic to SHOS, and share buybacks. However, risks include a real estate market reversal or slower franchise expansion.
- The document discusses the emerging market for pharmaceuticals that treat pets, known as Pet Pharma. It proposes investing in an "ETF" of pure Pet Pharma companies, including Zoetis, Aratana Therapeutics, and Kindred Biosciences.
- Developing drugs for pets has advantages over human drugs as the approval process is more streamlined, there are fewer competitors, and the market is growing as pets live longer. However, individual drug revenues may be lower than human drugs. The proposal analyzes the potential market size and opportunities in Pet Pharma.
Spirit Airlines is an ultra low-cost airline based in Florida that began operations in 1990. It has experienced significant growth in recent years through expanding its fleet from 121 to over 200 daily flights. The presentation discusses Spirit's consistent revenue growth driven by increasing non-ticket sales and passenger volumes. The analyst takes a long position on Spirit, arguing its simple business model and planned fleet tripling by 2021 provide opportunities for continued growth. Financial highlights show rising earnings, revenues, and margins in recent years compared to competitors. Risks include oil price increases and maintaining lower fares long-term.
Tesla was founded in 2003 by Elon Musk, Martin Eberhard, and Marc Tarpenning. It began production of its first vehicle, the Roadster, in 2008 and sold over 2,000 units. In 2010, Tesla bought a former GM factory in Fremont, CA. Electric vehicle sales increased 228% from 2011 to 2012. Tesla led the nascent electric vehicle market in the US. Its Model S was released in 2012 to critical acclaim, with specs of a sports car but fully electric. Tesla plans to release an affordable mini-SUV, the Model X, where it expects to start making profits.
Mannkind is a pharmaceutical company developing inhaled insulin (Afrezza) to treat diabetes. The author proposes a long position in Mannkind due to its undervaluation from a previous FDA denial and competitors' failures. The author believes the stock price will rise in anticipation of a potential FDA approval of Afrezza in Q1 2014. Mannkind also presents acquisition opportunities for large pharmaceutical companies seeking new diabetes treatments. However, the stock could decline significantly if the FDA denies approval again.
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5. Business Units
• Portal: Sohu.com
• #1 portal site in China: news, multi-media
• Changyou (Nasdaq: CYOU) : Online Gaming
• Top 3 leading online gaming service provider in China
• 67% owned by Sohu
• Sohu TV
• Top 3 leading online video site
• Sogou: Typing, Browser, Search
• Largest Chinese typing software – 80%
• Third largest browser – 8.9%
• Third largest search engine – 7.6%
5
7. Business Unit Valuation
Sohu.com
Yahoo
• Founded 1996
• Founded 1994
• 178 MM monthly unique
visitors, ranked #16 globally by
ComScore
• 470 MM monthly unique
visitors, ranked #4 globally by
ComScore
• 2012Q4 25% YoY traffic
growth
• Revenue $5 B
• Profit $4 B
• Revenue ?
• Valuation:
• Profit ?
• Valuation ?
• P/E: 7.11
• Mkt cap $25.66 B
8. Business Unit Valuation
Sohu TV
Youku Tudou (think
Hulu)
• 2012Q4 Revenue 70% YoY
growth
• 2012Q4 Revenue 30% YoY
growth
• 2012Q4 Market Share:
• 2012Q4 Market Share:
• Revenue : 12%, #3
• Revenue: 34%, #1
• DAU: 11% #4
• DAU: 31%, #1
• Average Time Spent: 10%, #4
• Content differentiation:
Focus on documentary and TV
shows
• Valuation for Sohu: $2.66 B *
0.3 = $0.80 B
• Average Time Spent: 37%, #1
•Valuation:
• Mkt cap: $2.66 B
9. Business Unit Valuation
Sogou
Baidu (think Google)
• 2013Q1 Customer 10% YoY
growth
• 2013Q1 Search volume -10%
YoY decrease
• 2013Q1 Search volume 1%
YoY growth
• 2012Q4 Revenue 41% growth
YoY to $1 B
• 2012Q4 Revenue 78% growth
YoY to $41 MM
• 2012Q4 70.81% mkt share
• 2012Q4 7.6% mkt share
• Valuation:
• Goal: Spin-off & IPO
• Valuation for Sohu: $29.2 B*
4% = $1.16 B
• P/E: 17.3
• Mkt cap: $29.2 B
10. Business Unit Valuation
Changyou (Nasdaq:
CYOU)
Sohu affiliation
• 2012Q4 Revenue 26% YoY
Growth to $623 MM
• Changyou spun-off from
Sohu in 2009 and went IPO
• 2012Q4 Profit 15% YoY Growth
to $282 MM
• 66.7% equity owned by Sohu
• 2012Q4 Registered accounts
41% YoY Growth to 248 MM
• 80% voting power owned by
Sohu
• 2012Q4 Average revenue per
active paying account 60% YoY
growth to $58.8
• Valuation for Sohu: $1.5 B *
66.7% = $1 B
• Valuation:
• P/E 5.35
• Mkt Cap: $1.5 B
11. Sum of the Parts Valuation
? + $1.16 B + $1 B + $0.8 B ≥
$2.96 B > $1.79 B
Sohu is severely undervalued.
11
12. 5 Year Stock Chart
Market cap: $1.79 B
Average Volume: 423 K
Current price: $47.04
P/E ratio: 20.3
12
13. Financials
As of Dec. 2012
Income Statement
Balance Sheet
Key Ratios
• Revenue: $1,079 MM
• 22.4% YoY Growth
• Gross Profit: $705 MM
• 65% Margin
• EBITDA: $359MM
• 33% Margin
• Net Profit: $88 MM
• 8.2%
• $2,076 MM Total Asset
• $1,232 MM Total
Current Asset
• $541 MM cash
• $991 MM Total
Liabilities
• $552 MM Total
Current Liabilities
•
•
•
•
•
EV/EBITDA: 3.4x
EV/Sales: 1.1x
P/E: 20.3
Current ratio: 2.23
5 Year Revenue CAGR:
41%
13
14. Trading below breakup value
• Theories:
• Operational: Disynergies among different business units
• Transactional: Fees going to I-Banks
• Financial: Uncle Sam
• Industry specific:
• Adversely impacted by other Chinese frauds
• Sohu Specific:
• Misperceptions from US investors
• A combination of vastly different businesses
14
15. Investment Rationales
The Positives
The Negatives
IPO of Changyou subdiary 7
Road (on track)
Sohu TV dragging the whole
group
IPO of Sogou (on track)
IPO of Sohu TV
Privitization of Sohu
15
16. China Internet Users
Online Video Users to Reach 450 Million by 2012
Millions
600
100%
90%
500
80%
Internet Users
70%
400
60%
300
50%
Online Video
Users
Penetration
40%
200
30%
20%
100
10%
0
0%
2006
2007
2008
2009
2010
2011
2012
16
17. Market size
• 4.1 billion hours watched in August--comScore
• Youtube monthly average 4 billion hours (70% intl).
• Hulu 2011 revenue -- $420 million
Online Video Market Size (in million $)
416
$450
358
$400
$350
303
$300
278
231
$250
$200
155
$150
$100
289
159
156
106
70
$50
$0
2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3
17
18. Exit
When any one or more of the subsidiaries go public, or
after holding for 2 years, or the company goes private.
18
28. Mobile
• China Mobile Internet Users (2012 1H) 388 million
• In 2012 1H mobile internet users surpassed PC internet
users (380 million)
• 27.7% (107 million) of mobile internet users watch videos
online
28
29. 3G User Growth
China 3G user to reach 300 million by the end of 2012
China 3G user to reach 300 million by 2012
1,200
30%
1,112
986
1,000
859
800
747
20%
Mobile phone user
600
3G user
3G penetration rate
400
301
200
10%
128
47
12
0
0%
1
2
3
4
29
34. Key Players
Youku
Tudou
Youku (NYSE:YOKU, Mkt cap:
$2 B) is the largest online
video streaming company in
China. “Youtube” of China.
Tudou, along with Youku, is
one of the oldest players in
China online streaming
industry.
Business model:
UGC+Hulu+Selfproduce+Netflix
Business model:
UGC+Hulu+Selfproduce+Netflix
Focus: Comprehensive
Focus: UGC
34
35. Key Players
iQiyi (Baidu)
Baidu (Nasdaq: BIDU, Mkt cap
$33.7 B) second largest public
internet company in China.
“Google of China”
Sohu Video (Sohu)
Sohu (Nasdaq: Sohu, Mkt cap
$1.5 B). Once a giant as a news
portal site like Yahoo.
Business Model: Hulu
Joint Venture between Baidu
and Provident Equity Partners.
Focus: Movies, US shows,
Documentary
Business Model: Hulu
Focus: Hot movies and shows
35
36. Key Players
Tencent Video
(Tencent)
LeTV
Tencent (HKG:0700, Mkt cap
$60 B) the largest public
internet company in China.
LeTV(SZ:300104, $1 B) focuses
on copyright distribution. The
only profitable site among all.
1/3 profit from ads, 2/3 from
copyright distribution
36
38. Vertical Integration: Baidu purchase iQiyi
Nov. 2, 2012 -- Provident equity fund exited iQiyi
What this means:
•
Baidu fully owns and controls iQiyi
•
iQiyi has huge capital backup
38
39. Vertical Integration: Tencent invests in video
production
$70 million investment in Huayi Brothers, largest media
production in China
Established a $80 million investment fund that specializes in
video content investment
39
40. LeTV – Box strategy
Challenge:
Privilege position as an online distribution agency
reduced.
Solution:
Expanding into TV.
40
Historically Sohu has been the largest internet portal website in China. Think Yahoo.
Charles Zhang was born in 1965 in China. In 1986 he graduated from the best university in China—Tsinghua university with a degree in physics, and later on went to pursue PhD in MIT. His life in US made him both technically capable to build a great technology and financially seasoned about the US financial market, compared to the rest of the business world in China. In 1994 Charles returned to China, and two years later founded Sohu with venture capital from 2 MIT professors. It was the first Chinese internet company backed by venture capital investment. In 2000 Charles led Sohu go public in Nasdaq. Soon it became profitable. Started off as a media portal website, Sohu has been branching out into other areas and earned great reputation as well as significant market share.
Yahoo net income margin: 79.1%Baidu: 47.5%Youku: (23.6%)Changyou: 45.3%
Blue bar represents number of internet users, gray bar people who watch videos online, yellow line penetration rate. As you can see both internet users and penetration rate have been growing at a healthy rate, and it is safe to assume, given the gap between current internet penetration of China and the western world, potential is immense.
In a recent analysis conducted by comScore, 4.1 billion hours of video was watched. In comparison, Youtube on average has 4 billion hours watched worldwide, 70% of which coming from international market. Market size in dollar terms. In third quarter 2012 the market size reached $412 million. To put in terms you are more familiar with, the annual revenue for Hulu last year was $420 million.
In terms of revenue, CR4 increased by 5 percent, but the market leaderYouku’s position significantly increased to 22%. Network effect.
Daily active user, CR4 is a lot higher 64%. CR8 94%.
Time spent on site, CR4 is 77%. The industry maybe a lot more concentrated than it initially looked like. Some companies pulled the strategy to attract more users at first, e.g. iQiyi as an entrant, has been hugely successful in terms of attracting users to spend time. They went live in 2010 and is already the 3rd largest both in terms of DAU and time spent. They achieved this by presenting less advertising when displaying shows, thus creating a better user experience but at the same time monetizing the content less effectively.
With mobile users growing exponentially it has been made clear that who ever succeeds in attracting users to start watching videos on mobile devices, who is better positioned to monetize content in the coming years.
iResearch and comScore are both independent third party internet observers. iResearch from China and comScore from US.
OriginalYoutube model – user are free to upload their own video to the websiteHulu – purchase movies and shows from content producer, play for free onlineSPC: Similar idea but content is produced on its ownAll three above make revenue from advertising.Netflix: model where users can pay to have movies /shows they’d like to watch streamed to their desired platform (computer, TV)Copyright distribution: after purchasing content, also resell it to other companies, according to the contract it has with content producer.
Youku: largest and oldest online video site in China by all measure. They strive to become the number one place for all form of video streaming in China.Tudou: comprehensive platform similar to Youku, except it has a stronger focus on UGC.
iQiyi was funded by Baidu and PEF, one of major investor for Hulu. Not surprisingly iQiyi adopted the same business model as Hulu. Baidu is the search the most popular search engine company “Google of China”. Second largest public internet company, largest online advertising company.Sohu video is again a subsidiary of an existing internet giant, focuses primarily on popular movies, US shows (how I met your mother, big bang), and documentary.
Tencent is the largest public internet company in China. They have recently broken in the industry as well. LeTV: is somewhat unique. The only profitable company right now. Majority of profit comes from copyright distribution. Whereas for all other companies it is online advertising.
Background: March 11, 2012, Youku and Tudou entered into an Agreement and Plan of Merger, or the Merger Agreement, for Tudou to combine with us in a 100% stock-for-stock transaction.Each of Tudou’s ADSs will be cancelled in exchange for the right to receive 1.595 of Youku ADSs.All share acquisition. Synergy: share resources with each other. Buyer power increased. Use resource more efficiently.
Buyer power increased. Baidu is a huge company on its own and similar to Google, is the largest online advertising company in China. iQiyi instantly has access to much larger advertisement cross-sell opportunities from the Baidu sales team. Packaged ad services.
Supplier power reduced. Access to unique content. As demonstrated in class, a integration between upstream and downstream firm will eliminates middle man – more efficient, provide better welfare to the society.
Regarding everything we talked about before, as a content redistributor, the barganing power of LeTV substantially decreased and it impacted their earnings. Instead of sticking only to its original role, LeTV developed another route—expanding into TV industry. They started creating devices like AppleTV with content streamed from internet. They’ve got regulatory license and at the same time trying to lobby the government to issue such license as few as possible.