真乄科技業的頂尖投資團隊

行動網路市場獲利驚人，四年後可望達 7,000 億美元

根據投資機構 Digi-Capital 最近所發佈的報告，未來四年內全球行動網路市場成長飛快，營收成長比例將超過 300%，預估在 2017 年的時候可達到 7,000 億美元的規模。

雖然以目前的行動網路市場來看，叱吒風雲的手機遊戲仍為主流，但在未來四年的發展過程中，行動商務將會躍升成為要角，營收可望來到 5,160 億美元。消費者應用營收將達到 740 億美元，而行動廣告和穿戴式裝置分別為 420 億美元和 110 億美元。

Digi-Capital 的分析師，同時也是這份行動市場報告的作者提姆•米洛（Tim Merel）透露：「行動商務是推動行動網路市場成長的主力，營收由逾 1,000 億美元增加到 5,000 億美元，這也說明了行動商務在這個市場所佔有的主導位置。」

米洛表示，未來四年將是行動網路發展的重要關鍵年代，而亞洲更是行動網路的主要戰場，其重要性不言可喻。2017 年時，亞洲的行動商務營收規模將達到 2,300 億美元之譜，遠比北美的 1,440 億美元來得高！

• Mobile Internet Investment Review Q2 2014 Executive Summary Contact: info@digi-capital.com © Digi-Capital 2014www.digi-capital.com Authorised and regulated by the Financial Conduct Authority
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• Executive summary Public company and M&A comparables Operational metrics analysis Mobile internet sector reviews (revenue forecasts, public company comparable valuation multiples, public company indices, M&A transactions, M&A valuation multiples, investment transactions - Q1 2011 to Q2 2014, operational metrics analysis)* • Advertising/marketing • App store/distribution • Books • Business • Education • Enterprise mobility/B2B • Entertainment • Finance • Food & drink • Games • Health & fitness • Lifestyle • mCommerce • Medical About Digi-Capital 3 • Messaging • Music • Navigation • News • Photo & video • Productivity • Social networking • Sports • Mobile Tech • Travel/transport • Utilities • Wearables • Weather 19 41 47 49 94 102 107 114 122 151 171 183 195 239 247 257 292 496 300 319 333 340 345 364 372 392 399 443 460 488 493 * Where available - see detailed table of contents for individual sector contents Note: investments <$250K included in total figures, but not listed separately Contents (of full Review) BUY FULL REVIEW Detailed table of contents at end of this free summary
• 4 Executive summary
• 5 Mobile internet revenue to grow >3x to $700B* by 2017 • Mobile internet revenue to grow >3x to $700B* by 2017F driven by mCommerce, IAPx and App as a Service • mCommerce growth to >$500B sales by 2017F driven by Asia, America and Europe (almost half in Asia) • Consumer apps to >$70B by 2017F with non-games apps to double revenue share from 26% to 51% • Mobile internet investment record >$14B in last 12 months • Mobile internet M&A record >$47B in the last 12 months (>$28B excluding Facebook/WhatsApp) • Varying investment potential across Investment Quadrants with >20 “billion dollar” companies already • Mobile internet public and private company relative valuations vary significantly across sectors • Deep metrics understanding enables data driven approach to mobile internet investment and growth * Note: Approximate mobile value added ecosystem revenue forecast 2017F X IAP = in-app- purchase
• -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% -40% -20% 0% 20% 40% 60% 80% Consumer media consumption marketshare/growth (Size of bubble = marketshare 2013) Sources Digi-Capital, eMarketer, Business Intelligence, US data, other smaller media not shown Dramatic mobile usage growth is disrupting incumbents Mobile 20% Print 4% Long term CAGR (09-13) Short term growth (12-13) Radio 12% TV 38%Online 20% 6 © Digi-Capital 2014 Online Pain Mobile cannibalizing Online faster than TV Mobile Gain Mobile has grown total media usage by 13.6%
• mCommerce sales 516 Consumer apps revenue* 74 Enterprise mobility revenue 53 Mobile web adspend* 42 Wearables sales 11 mCommerce sales 133 Enterprise mobility revenue 26 Consumer apps revenue* 21 Mobile web adspend* 12 Wearables sales 3 Mobile internet revenue to grow >3x to $700Bx by 2017 7 Mobile internet revenue ($B)† Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner, Strategy Analytics, Zenith Optimedia, Business Insider, Goldman Sachs * Note: In-app advertising revenue included in consumer apps revenue † Note: Excludes smartphone/tablet sales and mobile subscription revenue x Note: Approximate revenue for mobile value added ecosystem © Digi-Capital 2014 2013 2017F mCommerce dominates with mCommerce, in-app purchase, App as a Service, advertising models driving revenue growth © Digi-Capital 2014 © Digi-Capital 2014 Individual sector forecasts in full Review
• mCommerce to >$500B sales driven by Asia, America and Europe 8 mCommerce regional sales ($B)† Sources: Digi-Capital, Goldman Sachs, eMarketer, Companies - 100 200 300 400 500 600 2013 2014F 2015F 2016F 2017F Asia North America Western Europe Eastern Europe Latin America ME/Africa The Asian mCommerce century Asia to account for almost half of global mCommerce by 2017F © Digi-Capital 2014 mCommerce sector forecasts by smartphone and tablet in full Review
• 0 10 20 30 40 50 60 70 80 2011 2012 2013 2014F 2015F 2016F 2017F Games Social Networking Books Music Medical Productivity Education Entertainment News Photo & Video Navigation Travel Lifestyle Utilities Business Sports Health & Fitness Finance Weather Other 9 Consumer apps to >$70B revenue driven by explosion of diversity Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner Note: does not include mobile web advertising (see separate mobile advertising revenue forecasts in advertising/marketing chapter), mCommerce direct sales, enterprise/B2B revenue, or mobile tech revenue 51% 74% 49% Global Mobile Apps Sector Revenue($B) 26% © Digi-Capital 2014 Game changer Non-games categories to match games revenue by 2017 Individual sector forecasts in full Review
• Travel/ Transport 3.4 Utilities 1.5 mCommerce 1.4 Games 1.0 Tech 0.9 Social Networking 0.8 Enterprise/ B2B 0.8 Advertising/ marketing 0.7 Messaging 0.7 Photo & Video 0.6 Music 0.4 Food & Drink 0.4 Finance 0.3 Lifestyle 0.2 Entertainment 0.2 App store/ distribution 0.2 Health & Fitness 0.2 Medical 0.2 Other 0.7 10 Mobile internet investment record >$14B in last 12 months Note: See transactions by category in full Review Note: Transaction value includes only disclosed or estimated amounts * LTM = last 12 months Mobile internet investments ($B ex-IPOs) QuarterlyTransactionValue($B) Last12MonthTotalTransactionValue($B) Mobile internet investments LTM* ($B ex-IPOs) © Digi-Capital 2014 0 2 4 6 8 10 12 14 16 - 1 2 3 4 5 6 Total LTM Total VCs love mobile internet 269% investment growth from Q2 2013 to Q2 2014 Individual sector transactions in full Review
• Messaging (including Facebook/ WhatsApp) 23.1 Games 5.0 Music 3.0 Food & Drink 2.8 Finance 2.3 Advertising/ marketing 2.3 mCommerce 1.9 Enterprise/B2B 1.9 Photo& Video 1.3 Utilities 1.2 Navigation 1.0 Tech 0.8 Entertainment 0.4 11 Mobile internet M&A record >$47B in last 12 months Mobile internet M&A ($B) QuarterlyTransactionValue($B) Last12MonthTotalTransactionValue($B) Including Facebook/WhatsApp Note: See transactions by category in full Review Note: Other categories in grey account for $0.5B of M&A in LTM Note: Transaction value includes only disclosed or estimated amounts, including announced earn outs where applicable * LTM = last 12 months © Digi-Capital 2014 Mobile internet M&A LTM* ($B) - 5 10 15 20 25 30 35 40 45 50 - 5 10 15 20 25 30 Total LTM Total WhatsApp with that? Facebook/WhatsApp acquisition sent a clear message Individual sector transactions in full Review
• Games 5.0 Messaging (excluding Facebook/ WhatsApp) 4.1 Music 3.0 Food & Drink 2.8 Finance 2.3 Advertising/ marketing 2.3 mCommerce 1.9 Enterprise/ B2B 1.9 Photo & Video 1.3 Utilities 1.2 Navigation 1.0 Tech 0.8 Entertainment 0.4 12 Continuing the M&A growth trend (even without FB/WhatsApp) Note: See transactions by category in full Review Note: Other categories in grey account for $0.5B of M&A in LTM Note: Transaction value includes only disclosed or estimated amounts, including announced earn outs where applicable * LTM = last 12 months Mobile internet M&A ($B) QuarterlyTransactionValue($B) Last12MonthTotalTransactionValue($B) © Digi-Capital 2014 Mobile internet M&A LTM ($B) Excluding Facebook/WhatsApp - 5 10 15 20 25 30 - 2 4 6 8 10 12 14 Total LTM Total Time to buy Major mobile internet M&A for both growth and defence Individual sector transactions in full Review
• Lower relative investment potential Relativelyhigher investor competition, and fewer remaining exit opportunities 1x 10x 100x 1x 10x 100x 1000x With varying investment potential across Investment Quadrantsx 13 Digi-Capital Mobile Internet Investment Quadrants Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner, Strategy Analytics, Zenith Optimedia, Business Insider, Goldman Sachs * LTM = Last Twelve Months x On a relative basis compared to revenue forecasts for illustrative purposes only Note: chart excludes internal corporate investments, and Books, Medical, News, Sports and Weather sectors because of no M&A in last 12 months Navigation Utilities Photo & video Entertainment Health & fitness Games Messaging Enterprise/ B2B Wearables Business Education Lifestyle Advertising/ marketing App store/ distribution mCommerce © Digi-Capital 2014 Revenue 2017F/M&A (LTM*) (logarithmic scale) Revenue2017F/Investment(LTM*) (logarithmicscale) I IIIIV II Higher relative investment potential Relativelylower investor competition, and more remaining exit opportunities 500x Travel/ Transport Medium relative investment potential Relativelylower investor competition, but fewer remaining exit opportunities Relatively high consolidation activityx Relatively low consolidation activityx Relativelylow investmentactivityx Relativelyhigh investmentactivityx Social networking Finance Medium relative investment potential Relativelyhigher investor competition, but more remaining exit opportunities
• 0 50 100 150 200 250 300 350 31-Dec-10 30-Apr-11 31-Aug-11 31-Dec-11 30-Apr-12 31-Aug-12 31-Dec-12 30-Apr-13 31-Aug-13 31-Dec-13 30-Apr-14 Advertising/Marketing App Store/Distribution Enterprise/B2B Entertainment Food and Drink Games Lifestyle MCommerce Messaging Music Navigation Social Networking Tech Utilities All Mobile Internet 14 Mobile internet stocks up with different performance across sectors Digi-Capital mobile internet public market indices (base = 100) Sources: Digi-Capital, Lazard, Factset, Bloomberg at 30 June 2014 © Digi-Capital 2014 Mixed message Mobile internet market broadly up, but some sectors more than others Individual sector public company comparables and indices in full Review
• 10% 100% 1000% 15 Relative public company valuations vary widely across sectors Mobile internet sector relative public market valuation ranges (percentage relative to mean) Sources: Digi-Capital, Lazard, Factset, Bloomberg at 30 June 2014 X Where available * Note: valuation multiples based on 2013 actual sales on logarithmicscale Tech Social networking Navigation Enterprise/B2B Utilities Music App store/distribution Messaging Lifestyle Games Entertainment Enterprise/B2B Advertising/marketing Relative valuation range (low to high %) compared to mean valuation of relevant public companies* on logarithmic scale (mean)50% © Digi-Capital 2014 Not all apps are created equal Up to 500% market cap variance relative to revenue 500% Food & drink 5% Individual sector public company comparables in full Reviewx
• 16 Relative M&A valuations vary even more widely Mobile internet sector relative M&A valuation ranges (percentage relative to mean) Sources: Digi-Capital, Lazard, Factset, Bloomberg at 30 June 2014 X Where available *Note: valuation multiples based on recent M&A revenue multiples. Facebook/WhatsApp multiple excluded as an outlier Relative valuation range (low to high %) compared to mean valuation of recent mobile internet M&As* on logarithmic scale 1% 10% 100% 1000% Tech Social networking Utilities Photo & Video Finance Messaging mCommerce Games Entertainment Enterprise/B2B Advertising/marketing (mean) 500%50%5% © Digi-Capital 2014 No really – app inequality rules Up to 1,000% M&A valuation variance relative to revenue Individual sector M&A comparables in full Reviewx
• 17 iOS generates the most revenue, Android the most downloads Sources: Digi-Capital, Distimo (US data), Apple, Google, Flurry, IDC, Business Intelligence, One Platform Foundation, Companies Apple App Store vs Google Play relative monetization Selected Android App Stores Available apps (K) and app downloads (B) - 10 20 30 40 50 60 - 100 200 300 400 500 600 700 800 900 1,000 01/08 04/08 07/08 10/08 01/09 04/09 07/09 10/09 01/10 04/10 07/10 10/10 01/11 04/11 07/11 10/11 01/12 04/12 07/12 10/12 01/13 04/13 07/13 10/13 iOS Apps (K) Google Play Apps (K) iOS Downloads (B) Google Play Downloads (B) Apps(K) Downloads(B) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Total revenue Advertising Paid apps & in- app purchase In-app purchase Revenue per download Apple App Store Google Play Google Play apps and downloads passed iOS in 2013 App Store Downloads Apps Average downloads per app Country Amazon 25M per month 76K 329 per month Worldwide Anzhi 180M per month 80K 2,250 per month China AppChina 30M per month 120K 250 per month China D.cn 30M per month n/a n/a China gFan 2.5B total n/a n/a China Google Play 60B total 1M 3,125 per month Worldwide HiAPK 290M per month 511K 568 per month China Lenovo 300M total 400K 750 total China Mobango 1B total 100K 10,000 total Worldwide Opera Mobile 30M per month 70K 429 per month Worldwide SlideME 15M per month 40K 375 per month Worldwide SK T-Store 28M per month 72K 389 per month Korea Tencent 300M per month 100K 3,000 per month China
• 18 In-app purchases dominate consumer apps, not all categories Global app revenue share (iOS/Android) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% News Games Social Books Entertainment Music Education Productivity Navigation Free with in-app purchase Paid Paid with in-app purchase Selected app category revenue share (iOS) 92% 98% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% iOS Android (Google Play) Free with in-app purchase Paid Paid with in-app purchase Sources: Distimo, AppAnnie, Digi-Capital App category downloads vs revenue share (iOS) 40% 74% 60% 26% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Downloads Revenue Games All other apps © Digi-Capital 2014 Play the game In-app purchases 4x more effective for games than all other app types
• 19 App as a Service emerging as a different model for mobile Standalone App App as a Service Value to user Main value from app operating standalone on device (e.g. Angry Birds) Primary or partial value from app cloud functionality (e.g. Dropbox) Access Fat client download Thin client download and/or responsive website Price Paid or free Free Data/media access On device or mixed cloud/device Mixed cloud/device or pure cloud Offline usage Yes Yes, partial, or none Business model Paid, in-app purchase, advertising Subscription, in-app purchase, advertising Distribution App store only App store and/or mobile web App store revenue share Always (paid, in-app purchase) Not always Content updates Infrequent client updates Frequent server side updates Live Ops Team Rarely Almost always • In-app purchases have monetized games effectively, where user value mainly standalone on mobile devices (i.e. limited cloud functionality) • In-app purchases for all other app categories monetize 4x less effectively than games, including where user value mainly from cloud functionality • Software as a Service models being adapted to App as a Service to monetize other consumer app categories more effectively Source: Digi-Capital © Digi-Capital 2014
• 20 So where standalone games dominated 2013 consumer revenue Practical Leisure App as a Service Standalone App Finance Sports Lifestyle News Books Business Medical Productivity Utilities Education Health & Fitness Navigation Entertainment Social Networking Photo & Video Travel Music Mobile consumer app sector revenue 2013 (Size of bubble = revenue 2013) Weather Games 74% Source: Digi-Capital © Digi-Capital 2014 Playtime! Standalone games dominated app store revenues in 2013 Individual sector forecasts in full Review
• 21 App as a Service could give a very different picture by 2017 Practical Leisure App as a Service Standalone App Mobile consumer app sector revenue 2017F (Size of bubble = revenue 2017F) Finance Sports Lifestyle News Books Business Medical Productivity Education Health & Fitness Navigation Entertainment Social Networking Photo & Video Travel Music Weather Games 49% Utilities Source: Digi-Capital © Digi-Capital 2014 Now it’s my turn Non-games app sectors to take >50% of app revenues by 2017F Individual sector forecasts in full Review
• 1x 10x 100x ARPD - PU (Paid User) % of paid conversion in first 30 days Average session length (minutes) Sessions per week Sessions per day Lifetime value % of paid conversion in first 7 Days 7 day retention rate 3 day retention rate Sessions first 7 days/following 7 days Second session conversion rate ARPD - AU (average user, entire data set) Top 1% grossing vs Top 5% grossing Top 1% grossing vs Top 25% grossing Key operational metrics: top 1% grossing apps outperformance multiple versus other apps (selected app category example on logarithmic scale) X Where available * Source: Matt Tubergen, Digi-Capital, multiple data sources Top 1% grossing apps outperform against key operating metrics Relativeoutperformancemultipleoftop1%grossingapps (onlogarithmicscale) 5x 50x 22 © Digi-Capital 2014 It’s all about the data Deep metrics/analysis enable data driven investment & growth Individual sector operational metrics in full Reviewx
• 1 10 100 1,000 23 Billion dollar mobile companies emerging at an accelerating pace Selected mobile internet companies with valuation ≥$1B (recent estimates on logarithmic scales) Value created per year since founding ($M/year) on logarithmic scale Valuation($B)onlogarithmicscale 20 4,000 Sources: Bloomberg, WSJ, TechCrunch, Time, NYT, Companies, Digi-Capital 5 500 2,000 © Digi-Capital 2014 Bigger and faster More value being created at a faster rate than ever before
• With a changing pyramid of potential consolidators 24 Note: Companies are for illustrative purposes only © Digi-Capital 2014 Block and tackle Major acquisitions aimed at strategic growth and defence Snakes and ladders Today’s growth companies could become tomorrow’s consolidators
• 25 Now is the time to invest for growth or be bought * Note: outlier deals may occur Mobile internet sector consolidation curve Sector Launch Sector Growth for Scale Sector Consolidation Sector Equilibrium Sector Consolidation Low High Medium Messaging Tech Expected Deal Activity* - VC Investment - Some small M&A - Limited M&A/ investment - Cost focus - Alliances or spinoffs - Growth equity investment - High volume, mid-market strategic M&A - Leveraged buyouts - Low volume, large scale strategic M&A Wearables Utilities Advertising/Marketing Navigation Photo & Video mCommerce Lifestyle Food & Drink Entertainment Music Social Networking Enterprise/B2B Smartphones/Tablets Infrastructure App Store/Distribution Games Travel/Transport Books © Digi-Capital 2014 Status quo is not an option Massive growth and disruption require investment or exit
• 26 1. Executive summary (page 19) a) Mobile internet market economic overview i. Major mobile internet market economic trends ii. Mobile internet usage vs other media (2009 - 2013) iii. Mobile internet revenue share (2013 vs 2017F) - mCommerce sales, consumer apps revenue, enterprise mobility revenue, mobile web adspend, wearables revenue iv. mCommerce regional sales forecast (2013 – 2017F) – Asia, North America, Europe (West & East), LatAm, ME/Africa v. Mobile consumer apps revenue forecast by app sector (2011 - 2017F) b) Global mobile internet investment and M&A overview i. Global mobile internet investment transaction value by sector (Q1 2011 – Q2 2014) ii. Global mobile apps M&A transaction value by sector (Q1 2011 – Q2 2014) iii. Digi-Capital mobile internet Investment Quadrants iv. Mobile internet public market indices by sector (Q1 2011 – Q2 2014) v. Mobile internet public market valuation ranges by sector (as at Q2 2014) vi. Mobile internet M&A valuation ranges by sector c) Mobile internet industry trends, highlights and detailed operational metrics i. iOS vs Android apps and downloads ii. iOS vs Android relative monetization iii. Global Android app store downloads, apps and average downloads per app iv. Global app revenue share (iOS/Android) v. App category downloads vs revenue by app category vi. App as a Service overview vii. App business model segmentation by app category viii. Operational metrics analysis overview (top 1% grossing vs top 5% grossing, top1% grossing vs top 25% grossing) ix. Billion dollar mobile internet company valuations vs value created per year since founding x. Mobile internet consolidators overview xi. Mobile internet sector consolidation curve Table of contents (of full Review) BUY FULL REVIEW
• 27 2. Public company and M&A comparables (page 41) a) Public company comparables by sector (59 public companies included - see companies by sector below) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Sectors are mobile advertising/marketing, app store/distribution, enterprise/B2B, entertainment, food & drink, games, lifestyle, mCommerce, messaging, music, navigation, social networking, tech, utilities and all sectors combined b) M&A comparables by sector i. EV / revenue (low, high, mean, median) and EV / EBITDA (low, high, mean, median)* ii. Sectors are mobile advertising/marketing (no EBITDA multiples), enterprise/B2B, entertainment, finance, games, mCommerce, messaging (no EBITDA multiples), photo & video (no EBITDA multiples), social networking, tech, utilities and all sectors combined 3. Operational metrics analysis (page 47) a) Selected key performance metrics for games, entertainment, finance, messaging and music sectors b) Operational metrics in each sector for top 1% grossing apps, top 5% grossing apps, top 25% grossing apps, top 50% grossing apps, relative performance of top 1% grossing vs top 5% grossing multiples, top 1% grossing vs top 25% grossing multiples, top 1% grossing vs top 50% grossing multiples c) Selected metrics include sessions per day, lifetime value, % paid conversion in first 7 days, ARPDAU, sessions first 7 days/following 7 days, sessions per week, second session conversion rate, % of paid conversion in first 90 days, 3 day retention, average session length, 7 day retention rate, % of paid conversion in first 30 days, ARPDPU, % of organic to paid users, 90 day retention rate, 7 day registration rate, 30 day retention rate, 2 day completed registration rate, and 14 day registration rate. Selected metrics differ by app category * Where available BUY FULL REVIEWTable of contents (of full Review)
• 28 4. Mobile advertising/marketing review (page 49) a) Mobile advertising spend forecast (2013 – 2017F)x i. In-app advertising spend ii. Mobile web advertising spend b) Public company comparables (Adways, Hipcricket, Kitara Media, Mobile Embrace, Rocket Fuel) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 5. App store/distribution review (page 94) a) App store revenue share forecast (2013 – 2017F)** b) Public company comparables (Sungy Mobile) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q4 2013 – Q2 2014) c) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* d) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* Sources: Digi-Capital, Zenith Optimedia, PWC, AppAnnie, Companies, Gartner x In-app advertising and mobile web advertising spend, excluding mobile advertising/marketing services revenue ** App store revenue share component only BUY FULL REVIEWTable of contents (of full Review)
• 29 6. Books apps sector review (page 102) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 7. Business apps sector review (page 107) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 8. Education apps sector review (page 114) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 30 9. Enterprise mobility/B2B sector review (page 122) a) Revenue forecast (enterprise apps) (2012 and 2017F) b) Public company comparables (Citrix Systems, Clicksoftware Technologies, Fleetmatics, Globo International, Mobile Iron, Vocera Communications) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 10. Entertainment apps sector review (page 151) a) Revenue forecast (2013 – 2017F) b) Public company comparables (Dwango, Mandalay Digital, Moko Social Media, MTI, Ubiquity Broadcasting, Youku Tudou) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) d) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps e) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* f) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 31 11. Finance apps sector review (page 171) a) Revenue forecast (2013 – 2017F) b) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) c) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 12. Food & Drink apps sector review (page 183) a) Public company comparables (Grub Hub, Just Eat) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q2 2014) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 32 13. Games apps sector review (page 195) a) Revenue forecast (2013 – 2017F) b) Public company comparables (Ateam, Colopl, Com2us, Crooz, Cyberagent, DeNA, Drecom, Forgame, G5 Entertainment, Gameloft, Gamevil, Glu Mobile, Gree, Gung Ho, IGG, King, Klab, NHN, Taomee, Voltage) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) d) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps e) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple, net profit multiple* f) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 14. Health & Fitness apps sector review (page 239) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 33 15. Lifestyle apps sector review (page 247) a) Revenue forecast (2013 – 2017F) b) Public company comparables (Move, Yelp, Zillow, Zoopla) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* d) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 16. mCommerce apps sector review (page 257) a) mCommerce sales forecast (2013 – 2017F) i. By smartphone ii. By tablet b) Public company comparables (Bango, Mint Wireless, Net Element) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 34 17. Medical apps sector review (page 292) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 18. Messaging apps sector review (page 300) a) Revenue forecast (2013 and 2017F) b) Public company comparables (Naver, Tencent) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) d) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps e) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple* f) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 35 19. Music apps sector review (page 319) a) Revenue forecast (2013 – 2017F) b) Public company comparables (Pandora) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 20. Navigation apps sector review (page 333) a) Revenue forecast (2013 – 2017F) b) Public company comparables (AutoNavi, Telenav, Tom Tom) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* d) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 36 21. News apps sector review (page 340) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 22. Photo & Video apps sector review (page 345) a) Revenue forecast (2013 – 2017F) b) M&A comparables i. EV / revenue (low, high, mean, median) c) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple* d) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 23. Productivity apps sector review (page 364) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 37 24. Social networking apps sector review (page 372) a) Revenue forecast (2013 – 2017F) b) Public company comparables (Facebook, MeetMe, Twitter, Weibo) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 25. Sports apps sector review (page 392) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 38 26. Mobile Tech sector review (page 399) a) Global mobile subscriber forecast by device type i. Smartphone ii. Tablet b) Public company comparables (Apple, Arm Holdings, Audience, Blackberry, Broadsoft, Gemalto, Google, Mavenir Systems, Microsoft, Nvidia, Samsung Electronics, Synaptics) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 27. Travel/Transport apps sector review (page 443) a) Revenue forecast (2013 – 2017F) (Travel) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 39 28. Utilities apps sector review (page 460) a) Revenue forecast (2013 – 2017F) b) Public company comparables (Cheetah Mobile, NQ Mobile) i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)* ii. Public company index chart (Q1 2011 – Q2 2014) c) M&A comparables i. EV / revenue (low, high, mean, median) ii. EV / EBITDA (low, high, mean, median) d) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple* e) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* 29. Wearables sector review (page 488) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 40 30. Weather apps sector review (page 493) a) Revenue forecast (2013 – 2017F) b) M&A transactions (Q1 2011 – Q2 2014) i. Date, target, acquirer, deal value ($M)* c) Investment transactions (Q1 2011 – Q2 2014) i. Date, target, investors, deal value ($M)* * Where available BUY FULL REVIEWTable of contents (of full Review)
• 41 About Digi-Capital
• 42 About Digi-Capital Digi-Capital advises mobile internet, games & digital clients across America, China, Japan, South Korea and Europe Sell-side M&A Buy-side M&A Fundraising Investment Board Advisory Strategic Consulting Industry Analysis Selected Clients
• Mobile Internet Investment Review Q2 2014 Executive Summary Contact: info@digi-capital.com © Digi-Capital 2014www.digi-capital.com Authorised and regulated by the Financial Conduct Authorit.
  
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