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Nothing But Net 2009 Internet Investment Guide 4

Nothing But Net 2009 Internet Investment Guide 4. Leading J.P. Morgan Internet industry analyst Imran Khan provides a comprehensive look at key Internet industry characteristics, drivers, and trends in his seminal industry outlook, Nothing But Net. Geared toward Internet investing novices and experienced professionals, this book provides a detailed look at data points and trends that should be considered when investing in the Internet space. With almost 8 years of technology banking and investing experience, Khan provides a detailed analysis of multiple Internet sectors including online advertising, e-commerce, online travel, and social networking. This book is a must have for. | Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research T PlVioT O iin 05 January 2009 We believe the development of a non-intrusive video ad delivery system with contextual advertising capabilities will be valued by the ad network space. Video Capabilities Google s 1.65B acquisition of video sharing site YouTube gives insight into the value placed on video property. Traditional media companies have also moved onto the Internet by offering TV episodes online and with Internet designed webisodes. However monetization of Internet videos has trailed its growth. Various companies have experimented with pre-roll post-roll and in-video ads. Google has experimented with in-video ads on select YouTube videos in which the ad is overlaid on the bottom 20 of the video soon after it is launched. If the user does not click on it it simply disappears. Additionally Google has experimented with an ecommerce platform with the launch of a new service that allows viewers to buy music and games from selected partners featured on YouTube videos. With this service YouTube viewers who want to buy for example a song featured in a music video can click on an icon that takes them to selected e-commerce partners including Amazon.com and Apple s iTunes store. YouTube gets a share of the revenues from every transaction. We think this performance-based model is a good move for Google to help monetize YouTube. Success in mobile ads will be dependent on targeting nonintrusiveness and ability to load on slow-loading platforms. Mobile Ads An even younger industry is mobile phone advertising. The development of the iPhone and the advent of Google s Project Android have placed a growing interest in the field. We see payment structures shifting with objectives to include CPA models in addition to CPMs. Performance-based Advertising While many graphical ads were originally used for branding purposes with less of a focus on conversion the developments in behavioral and contextual .