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Nothing But Net 2009 Internet Investment Guide 9

Nothing But Net 2009 Internet Investment Guide 9. 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. | J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 The Challenges for Online Video Online video like social networking is an Internet medium that has taken off in terms of consumer usage but has left publishers and advertisers struggling with how to monetize it. We think both performance-based marketers and brand advertisers are looking at three variables in determining their investment reach content quality and performance measurability. Current video advertising formats do not appropriately address the three variables in our view. Performance-based Marketer Interest Is Limited Performance-based marketers are solely focused on a measurable return on investment. However most video ads follow the cost-per-thousand CPM model rather than the CTR models including search or cost-per-action based display . As such many performance-based advertisers tend to avoid video advertising and we think investment in the video platform will be very limited throughout this economic recession. Additionally we expect Google to invest in a performance-based model to monetize YouTube. Video Presents Many Challenges for Brand Advertisers Online video viewing is large and still growing at a very rapid pace with 16.5B minutes spent viewing videos on the top 10 video sites in September 2008 and organic growth of minutes viewed at the top 10 sites reaching 38 Y Y this excludes Hulu and Turner Network as we had no historical information . In fact as of September 2008 the Top 10 online video sites accounted for over 5 of total minutes spent online. Table 42 Top Ten Video Properties by Minutes Viewed Sept. 2008 minutes in millions Jul- Aug- Sep- Jul- Aug- Sep- 3Q Y Y 2007 2007 2007 2008 2008 2008 Growth 1 Google Sites 6 698 7 105 7 175 12 758 12 655 12 139 79.0 YOUTUBE.COM 6 253 6 710 6 830 12 493 12 375 11 979 86.2 2 MEGAVIDEO.COM . 73 159 609 804 745 829.1 3 HULU.COM hybrid . . . 489 537 686 NA 4 Fox Interactive Media 846 825 674 516 465 567