Internet amp Digital Media
March 2010
Industry Perspectives
Gerry Walters
Managing Director
Head of Digital Media
gerrywaltersopcocom
(650) 234-2482
Bill Lisecky
Managing Director
Head of Media amp Entertainment
williamliseckyopcocom
(212) 667-5888
Mathew Salter
Director
Digital Media
msalteropcocom
(650) 234-2469
Andrew Bracy
Director
Media amp Entertainment
andrewbracyopcocom
(212) 856-3756
Oppenheimer Internet amp Digital Media Investment Banking Team
Market Spotlight | Online Video
2
Large addressable video market
$1670 $1718 $1710 $1777 $1818 $1910 $1965
$00
$500
$1000
$1500
$2000
$2500
2007 2008 2009E 2010E 2011E 2012E 2013E
($ b
illio
ns
)
TV advertising Cable subscription Home video DVD PPV amp VoD
Sources Veronis Suhler Stevenson 2009 IDC 2009 Nielsen 2009 comScore 2009
bull The US Television and Home Video Market is a $172
billion market in transition and expected to grow by a 27
CAGR over the next 4 years
bull Consumers watched on average 140 hours 20 minutes of
TV in the home per month in Q3 2009 representing a
slight decrease of 03 from Q3 2008
bull In contrast consumers watched on average 12 hours 11
minutes of online video per month in Q4 2009
representing a 209 increase over Q4 2008
bull So far online video has not cannibalized traditional TV
video consumption but the threat is real
Long-form video is expected to account for the majority of revenue generation in 2012 and
projected to grow from $15 billion in 2009 to $78 billion in 2012 representing a 71 CAGR
US online video revenue by content type
48
33
7
53 3 1
Long-form video
content (TV shows and movies)Sports
Other
News
Music videos
Movie trailers
UGC
56
26
9
61 1 1
2009Total $19 billion
2012Total $140 billion
$19 $34
$55
$88
$140
$00
$20
$40
$60
$80
$100
$120
$140
$160
2008 2009E 2010E 2011E 2012E
($ b
illio
ns)
Advertising Subscription Download Rental
US online video revenue by business model
bull The online video market is a ~$2 billion market expected to grow
by a 65 CAGR over the next 4 years
bull Online video subscription services driven primarily by TV shows
movies and sports content are expected to be the largest
revenue segment and grow by a 58 CAGR from 2008-12
becoming a $62 billion market
- if content channels are truly unbundled online the
subscription services revenue segment may be smaller than
anticipated
bull Video advertising is the next biggest revenue segment and is
forecasted to grow by a 461 CAGR from 2008-12 into a $43
billion market as more premium content is made available online
and consumers become more comfortable viewing video ads
online
- enhanced targeting capabilities inherent in online video and
large investment in emerging online advertising technology
could cause this revenue model to become bigger than
subscription services
Market Spotlight | Online Video
3Sources Wall Street Research Veronis Suhler Stevenson 2009 Stevenson Communications Industry Forecast report dated August
2009 IDC 2009
Home entertainment spending
$293$304
$287$302 $298
$288 $284 $286 $283 $286 $288
$00
$50
$100
$150
$200
$250
$300
$350
2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E
($ in
bill
ions
)
DVD VHS Online download PPV amp VoD
bull Blu-ray DVD shows promise but consumer adoption has
been slow and sales have not been sufficient to offset
traditional DVD declines
bull Video on Demand and Pay-per-View are the fastest
growing home entertainment segments accounting for
63 of total spend in 2009 and highlight the importance
of digital distribution to the industry
bull While still nascent the online download market
represents a large opportunity with many emerging
companies looking to capitalize on the shift towards
digital distribution
54
28
6
84
DVD Theatrical Broadcast TV Cable TV PPV amp VoD
2007 film studio revenue
bull DVD sales to the home video market account for over
50 of all studio revenue but have been declining DVD
sales are projected to decrease from $24 billion in 2008
to $19 billion in 2013
bull The 8020 revenue split on retail DVDs represents a
lucrative channel the studios are reluctant to change
bull Despite the decline in DVD sales studios have been
slow to embrace newer online distribution channels
preferring to protect this large and profitable retail
channel
Total ~$270 billion
Retail
downloadRental VoD Subscription Ad supported
2009 traditional
market size $ 148 billion $82 billion $693 billion $732 billion
Incumbents
2009 online
market size
Emerging
$ 08 billion $46 billion $14 billion $54 billion
Retail
downloadRental VoD Subscription Ad supported
New digital media business models present a challenge to the existing ecosystem
B
ox
Off
ice
Ret
ail D
VD
Dig
ital
Vo
DR
enta
l DV
DC
able
TV
Ad
su
pp
ort
edS
ynd
icat
ion
Cab
le P
PV
Inte
rnet
dow
nloa
dIn
tern
et r
enta
lB
road
cast
TV
Inte
rnet
Rele
as
e
Win
do
w-
0+
21
days
+ 2
8 da
ys+
5 m
onth
s+
10
mon
ths
+ infin
Co
ns
um
er
Pri
ce
$71
8$2
999
$59
9$1
499
$39
9$1
00
$14
99
mon
th-
-
Stu
dio
$5 b
illio
n$1
5 bi
llion
$1 b
illio
n$2
bill
ion
$2 b
illio
n$1
5 b
illio
n$5
0 m
illio
n
Ec
on
om
ics
split
50
5080
20
604
030
70
752
5
Dis
trib
uti
on
Pa
rtn
ers
Ac
ce
ss
Pa
rtn
ers
Em
erg
ing
Tre
nd
s
bull W
orld
wid
e bo
x of
fice
reac
hed
an a
ll-tim
e hi
gh in
2008
at $
281
bill
ion
incr
easi
ng 5
2
ove
r
2007
bull 3D
mov
ie te
chno
logy
(eg
Ava
tar)
is e
nhan
cing
the
cons
umer
exp
erie
nce
bull A
MC
Cin
emar
k an
d
Reg
al h
ave
secu
red
$660
m in
fund
ing
to
conv
ert m
ost o
f the
ir
thea
ters
to d
igita
l scr
eens
by 2
013
bull D
igita
l inf
rast
ruct
ure
offe
rs c
inem
as m
ore
flexi
bilit
y on
pro
gram
min
g
eg
live
spo
rts
and
conc
erts
bull T
he la
rges
t and
mos
t
prof
itabl
e st
udio
cha
nnel
stro
ng a
ttem
pt to
mai
ntai
n
rele
ase
win
dow
des
pite
antic
ipat
ed D
VD
dec
lines
bull R
etai
lers
are
em
brac
ing
digi
tal a
cces
s pa
rtne
rs
(Wal
mar
tVud
u
Bes
tBuy
Cin
emaN
ow)
as
digi
tal b
ecom
es m
ore
prev
elan
t
bull R
elea
se w
indo
w h
as
been
exp
andi
ng
(WB
Net
flix
Red
box)
as
stud
ios
try
to p
rote
ct r
etai
l
DV
D c
hann
el -
Blo
ckbu
ster
pos
ition
ing
is
yet t
o be
det
erm
ined
bull N
etfli
x w
ill g
ains
from
addi
tiona
l str
eam
ing
title
s
and
low
er D
VD
cos
ts b
e
high
eno
ugh
to o
ffset
lost
cons
umer
dem
and
for
new
rel
ease
s
bull In
crea
sed
dist
ribut
ion
and
acce
ss o
ptio
ns in
the
Dig
ital V
oD r
elea
se
win
dow
is p
uttin
g
pres
sure
on
Pre
miu
m
Cab
le p
rovi
ders
to m
ove
onlin
e an
d se
ll th
roug
h
mor
e di
gita
l cha
nnel
s
(HB
O G
O S
tarz
Pla
y)
bull A
s m
ore
stud
io c
onte
nt
is d
istr
ibut
ed d
igita
lly
Pre
miu
m C
able
pro
vide
rs
will
dem
and
low
er p
ricin
g
and
shor
ter
rele
ase
win
dow
s
bull U
nifie
d au
then
ticat
ion
is
key
to d
rivin
g bu
ndle
d
subs
crip
tion
onlin
e an
d
few
sol
utio
ns h
ave
emer
ged
to s
olve
this
prob
lem
bull O
nlin
e sy
ndic
atio
n of
olde
r st
udio
con
tent
pres
ents
an
emer
ging
and
pote
ntia
lly lu
crat
ive
dist
ribut
ion
chan
nel
bull R
elea
se w
indo
w h
as b
een
shrin
king
(e
g S
ony
sim
ulta
neou
s re
leas
e of
DV
D
and
VoD
title
s) a
s st
udio
s tr
y to
figu
re o
ut th
e op
timal
rev
enue
pr
ofita
bilit
y m
ix
bull A
cces
s pl
atfo
rm la
ndsc
ape
is v
ery
uncl
ear
Box
or
no b
ox
Em
ergi
ng p
latfo
rms
cont
inue
to s
trug
gle
with
this
que
stio
n -
Box
ee h
as m
oved
to a
box
sol
utio
n w
hile
Vud
u ha
s ab
ando
ned
its b
ox fo
r a
softw
are
dist
ribut
ion
mod
el
Tra
ditio
nal C
E
man
ufac
ture
rs (
TV
DV
DG
ame
Con
sole
) ar
e pr
ovid
ing
dire
ct a
cces
s to
cons
umer
s by
par
tner
ing
with
em
bedd
ed s
olut
ions
pro
vide
rs (
Yah
oo W
idge
ts
Div
X C
inem
aNow
Net
flix)
who
are
look
ing
to r
each
bro
ader
aud
ienc
es
bull T
he in
dust
ry is
wat
chin
g fo
r a
muc
h st
rong
er p
lay
from
App
le (
App
leT
V i
Pad
)
bull C
ritic
al q
uest
ion
is to
wha
t ext
ent s
tudi
osc
onte
nt p
rovi
ders
will
byp
ass
trad
ition
al d
istr
ibut
ion
chan
nels
to p
ort d
irect
ly o
n de
vice
s (e
g M
LBc
om)
and
how
this
will
dis
rupt
late
r re
leas
e w
indo
ws
and
part
ner
econ
omic
s
bull C
an X
finity
or
sim
ilar
offe
rings
kee
p ca
ble
oper
ator
s in
the
gam
e
bull W
ith 2
011
reve
nues
pro
ject
ed to
sur
pass
You
Tub
e
Hul
u ha
s va
lidat
ed th
e ad
sup
port
ed o
nlin
e m
odel
bull H
ulu
s ex
clus
ive
licen
sing
dea
ls w
ith N
BC
and
Fox
are
set t
o ex
pire
- w
ill s
tudi
os a
band
on H
ulu
in fa
vor
of a
dire
ct to
con
sum
er li
nk o
n th
eir
own
site
s (H
BO
GO
mod
el V
iaco
m p
ullin
g C
omed
y C
entr
al fr
om
Hul
u)
bull A
s lo
ng-f
orm
and
pre
miu
m c
onte
nt b
ecom
e m
ore
perv
asiv
e on
line
will
You
Tub
es
mar
ket p
ositi
on a
s
king
of U
GC
eve
r le
ad to
mea
ning
ful r
even
ue
oppo
rtun
ities
bull Li
ke P
rem
ium
Cab
le p
rovi
ders
Bro
adca
st T
V w
ill
dem
and
low
er p
ricin
g an
d sh
orte
r st
udio
rel
ease
win
dow
s as
mor
e co
nten
t is
cons
umed
in e
arlie
r
chan
nels
Market Spotlight | Online Video
4
28 days later where will the bodies be buried
Sources Adams Media Research MPAA company filings and websites Wall Street research Oppenheimer estimates
Tim
e
Em
erg
ing
Gam
es
TV
D
VD
Market Spotlight | Online Video
Digital video landscape
5
Cre
ati
on
Dis
trib
uti
on
Access
Mo
neti
zati
on
Content Delivery CMS
Aggregators Video Search
Ad NetworksMetadata
Mgmt
Rights
Mgmt
Ad
ServingAd Mgmt
Emerging Platforms
Analytics
Traditional
Content
Established
Creative ToolsEmerging Content
Emerging Creative
Tools
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2009
bull Los Angeles CA
bull 20
bull Benchmark Capital Redpoint Ventures Jafco
and Allen amp Company
bull Clicker provides the most comprehensive
organized and unbiased way to navigate whatrsquos
available to watch online where and when to
watch it and finally whatrsquos worth watching
amongst infinite choices
bull The solution is powered by a massive
structured database with more than 400000
episodes from over 7000 shows from over
1200 networks - in addition to more than
30000 movies and over 50000 music videos
from over 20000 artists
bull Programming is organized by episode show
network media type title popularity duration
and artist and divided into over 1200
categories
bull Clicker complements this database with search
and recommendation technologies a
proprietary playlist system for saving and
tracking shows social features for sharing and
discovering programs and trending lists of the
most popular shows by category or time
bull Online consumers
bull Advertising lead-generation
bull Amount raised $19 million
bull 1998
bull Research Triangle Park NC
bull 42
bull 406 Ventures Aurora Funds Chrysalis
Ventures Cisco Systems
bull Videosense solution powers next generation
search discovery and navigation of video
through rich metadata to deliver on the promise
of any content anywhere on any device
bull Ability to index video with ~78 tracks of time
based metadata
bull Computer vision-based video indexing search
and interpretation algorithms aim to allow
content owners and publishers to monetize their
digital video content and advertisers to target
ads to thematically relevant video content
bull Digital content publishing system enables
simplified multi-platform content syndication
intelligent content recommendations and
reporting and analytics
bull WarnerBros Buena Vista Paramount
FoxTwentieth Century
bull Technology license and fee for search
bull Amount raised $182 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2005
bull Palo Alto CA
bull 25
bull Greylock Partners Redpoint Ventures
bull Video ad platform for publishers to better
monetize and index online video content
bull Ad platform supports ad flighting and serving
creative management yield optimization
detailed forecasting and real-time reporting
bull Indexing system automates the process for
content owners to identify track and monetize
video content across the web
bull Apple Comcast DoubleClick eBay Google
PayPal MTV Networks MySpace Warner
Brothers and Yahoo
bull Advertising lead generation
bull Amount raised $11 million
bull 2004
bull San Mateo CA
bull 23
bull Intel Capital Mayfield Fund Polaris Cisco
Comcast Interactive Capital
bull Provides advanced advertising products and
technology for network programmers and
content distributors
bull Offers a multiplatform advertising system
designed specifically for video content
distributed over any on-demand platform
enabling networks and content distributors to
maximize advertising revenues
bull Adobe Akamai Arris BrightCove Cisco
EdgeCast Highwinds Limelight Networks
Motorola Move Networks Multicast Media
RGB Networks SeaChange thePlatform
bull Software license
bull Amount raised $32 million
6Sources VentureSource CapIQ Press releases
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2007
bull San Mateo CA
bull 90
bull Battery Ventures Foundation Capital
bull Offers a robust system for digital video ad
management and monetization
bull Monetization Rights Management product
allows content owners to effectively manage ad
sales rights analyze video ad performance
and forecast future inventory
bull Sling Media Vevo CBS Warner Brothers and
Next New Networks
bull Revenue share of ad revenue
bull Amount raised $12 million
bull 2006
bull New York NY
bull 36
bull Spark Capital Globespan Capital Partners
bull Online video portal for instructional knowledge
and lifestyle videos
bull Enables consumers to share video on ldquohow tordquo
and instructional guides in the arts business
fashion sports health technology and food
areas
bull Online consumers
bull Online video advertising
bull Amount raised $125 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2001
bull Fremont CA
bull 80
bull Popcorn Hour provides digital media players to
stream video and other digital media from the
internet to consumer TVs
bull Popcorn Hourrsquos set top boxes handle a variety
of file and content types based on open
development platforms which allow media
companies to rapidly develop and deploy a
wide range of interactive high definition
applications and content
bull Popcorn Hourrsquos latest set top box Popbox is
expected to launch Spring 2010
bull Popcorn hour has a large network of premium
content partners including Twitter MLB and
Clicker
bull Online consumers large international installed
base
bull Hardware sales advertising revenue share
bull Amount raised $18 million
bull Revenues ~$20 million profitable
bull 2005
bull New York NY
bull 51
bull Canaan Partners European Founders Fund
SAP Ventures Meritech Capital Partners
bull Developer of rich media and online video
advertising solutions
bull Video ad network that provides in-banner and
in-stream video advertising on leading publisher
sites
bull Major consumer brands and online video
publishers
bull Video advertising revenue share
bull Amount raised $394 million
7Sources VentureSource CapIQ Press releases
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Market Spotlight | Online Video
2
Large addressable video market
$1670 $1718 $1710 $1777 $1818 $1910 $1965
$00
$500
$1000
$1500
$2000
$2500
2007 2008 2009E 2010E 2011E 2012E 2013E
($ b
illio
ns
)
TV advertising Cable subscription Home video DVD PPV amp VoD
Sources Veronis Suhler Stevenson 2009 IDC 2009 Nielsen 2009 comScore 2009
bull The US Television and Home Video Market is a $172
billion market in transition and expected to grow by a 27
CAGR over the next 4 years
bull Consumers watched on average 140 hours 20 minutes of
TV in the home per month in Q3 2009 representing a
slight decrease of 03 from Q3 2008
bull In contrast consumers watched on average 12 hours 11
minutes of online video per month in Q4 2009
representing a 209 increase over Q4 2008
bull So far online video has not cannibalized traditional TV
video consumption but the threat is real
Long-form video is expected to account for the majority of revenue generation in 2012 and
projected to grow from $15 billion in 2009 to $78 billion in 2012 representing a 71 CAGR
US online video revenue by content type
48
33
7
53 3 1
Long-form video
content (TV shows and movies)Sports
Other
News
Music videos
Movie trailers
UGC
56
26
9
61 1 1
2009Total $19 billion
2012Total $140 billion
$19 $34
$55
$88
$140
$00
$20
$40
$60
$80
$100
$120
$140
$160
2008 2009E 2010E 2011E 2012E
($ b
illio
ns)
Advertising Subscription Download Rental
US online video revenue by business model
bull The online video market is a ~$2 billion market expected to grow
by a 65 CAGR over the next 4 years
bull Online video subscription services driven primarily by TV shows
movies and sports content are expected to be the largest
revenue segment and grow by a 58 CAGR from 2008-12
becoming a $62 billion market
- if content channels are truly unbundled online the
subscription services revenue segment may be smaller than
anticipated
bull Video advertising is the next biggest revenue segment and is
forecasted to grow by a 461 CAGR from 2008-12 into a $43
billion market as more premium content is made available online
and consumers become more comfortable viewing video ads
online
- enhanced targeting capabilities inherent in online video and
large investment in emerging online advertising technology
could cause this revenue model to become bigger than
subscription services
Market Spotlight | Online Video
3Sources Wall Street Research Veronis Suhler Stevenson 2009 Stevenson Communications Industry Forecast report dated August
2009 IDC 2009
Home entertainment spending
$293$304
$287$302 $298
$288 $284 $286 $283 $286 $288
$00
$50
$100
$150
$200
$250
$300
$350
2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E
($ in
bill
ions
)
DVD VHS Online download PPV amp VoD
bull Blu-ray DVD shows promise but consumer adoption has
been slow and sales have not been sufficient to offset
traditional DVD declines
bull Video on Demand and Pay-per-View are the fastest
growing home entertainment segments accounting for
63 of total spend in 2009 and highlight the importance
of digital distribution to the industry
bull While still nascent the online download market
represents a large opportunity with many emerging
companies looking to capitalize on the shift towards
digital distribution
54
28
6
84
DVD Theatrical Broadcast TV Cable TV PPV amp VoD
2007 film studio revenue
bull DVD sales to the home video market account for over
50 of all studio revenue but have been declining DVD
sales are projected to decrease from $24 billion in 2008
to $19 billion in 2013
bull The 8020 revenue split on retail DVDs represents a
lucrative channel the studios are reluctant to change
bull Despite the decline in DVD sales studios have been
slow to embrace newer online distribution channels
preferring to protect this large and profitable retail
channel
Total ~$270 billion
Retail
downloadRental VoD Subscription Ad supported
2009 traditional
market size $ 148 billion $82 billion $693 billion $732 billion
Incumbents
2009 online
market size
Emerging
$ 08 billion $46 billion $14 billion $54 billion
Retail
downloadRental VoD Subscription Ad supported
New digital media business models present a challenge to the existing ecosystem
B
ox
Off
ice
Ret
ail D
VD
Dig
ital
Vo
DR
enta
l DV
DC
able
TV
Ad
su
pp
ort
edS
ynd
icat
ion
Cab
le P
PV
Inte
rnet
dow
nloa
dIn
tern
et r
enta
lB
road
cast
TV
Inte
rnet
Rele
as
e
Win
do
w-
0+
21
days
+ 2
8 da
ys+
5 m
onth
s+
10
mon
ths
+ infin
Co
ns
um
er
Pri
ce
$71
8$2
999
$59
9$1
499
$39
9$1
00
$14
99
mon
th-
-
Stu
dio
$5 b
illio
n$1
5 bi
llion
$1 b
illio
n$2
bill
ion
$2 b
illio
n$1
5 b
illio
n$5
0 m
illio
n
Ec
on
om
ics
split
50
5080
20
604
030
70
752
5
Dis
trib
uti
on
Pa
rtn
ers
Ac
ce
ss
Pa
rtn
ers
Em
erg
ing
Tre
nd
s
bull W
orld
wid
e bo
x of
fice
reac
hed
an a
ll-tim
e hi
gh in
2008
at $
281
bill
ion
incr
easi
ng 5
2
ove
r
2007
bull 3D
mov
ie te
chno
logy
(eg
Ava
tar)
is e
nhan
cing
the
cons
umer
exp
erie
nce
bull A
MC
Cin
emar
k an
d
Reg
al h
ave
secu
red
$660
m in
fund
ing
to
conv
ert m
ost o
f the
ir
thea
ters
to d
igita
l scr
eens
by 2
013
bull D
igita
l inf
rast
ruct
ure
offe
rs c
inem
as m
ore
flexi
bilit
y on
pro
gram
min
g
eg
live
spo
rts
and
conc
erts
bull T
he la
rges
t and
mos
t
prof
itabl
e st
udio
cha
nnel
stro
ng a
ttem
pt to
mai
ntai
n
rele
ase
win
dow
des
pite
antic
ipat
ed D
VD
dec
lines
bull R
etai
lers
are
em
brac
ing
digi
tal a
cces
s pa
rtne
rs
(Wal
mar
tVud
u
Bes
tBuy
Cin
emaN
ow)
as
digi
tal b
ecom
es m
ore
prev
elan
t
bull R
elea
se w
indo
w h
as
been
exp
andi
ng
(WB
Net
flix
Red
box)
as
stud
ios
try
to p
rote
ct r
etai
l
DV
D c
hann
el -
Blo
ckbu
ster
pos
ition
ing
is
yet t
o be
det
erm
ined
bull N
etfli
x w
ill g
ains
from
addi
tiona
l str
eam
ing
title
s
and
low
er D
VD
cos
ts b
e
high
eno
ugh
to o
ffset
lost
cons
umer
dem
and
for
new
rel
ease
s
bull In
crea
sed
dist
ribut
ion
and
acce
ss o
ptio
ns in
the
Dig
ital V
oD r
elea
se
win
dow
is p
uttin
g
pres
sure
on
Pre
miu
m
Cab
le p
rovi
ders
to m
ove
onlin
e an
d se
ll th
roug
h
mor
e di
gita
l cha
nnel
s
(HB
O G
O S
tarz
Pla
y)
bull A
s m
ore
stud
io c
onte
nt
is d
istr
ibut
ed d
igita
lly
Pre
miu
m C
able
pro
vide
rs
will
dem
and
low
er p
ricin
g
and
shor
ter
rele
ase
win
dow
s
bull U
nifie
d au
then
ticat
ion
is
key
to d
rivin
g bu
ndle
d
subs
crip
tion
onlin
e an
d
few
sol
utio
ns h
ave
emer
ged
to s
olve
this
prob
lem
bull O
nlin
e sy
ndic
atio
n of
olde
r st
udio
con
tent
pres
ents
an
emer
ging
and
pote
ntia
lly lu
crat
ive
dist
ribut
ion
chan
nel
bull R
elea
se w
indo
w h
as b
een
shrin
king
(e
g S
ony
sim
ulta
neou
s re
leas
e of
DV
D
and
VoD
title
s) a
s st
udio
s tr
y to
figu
re o
ut th
e op
timal
rev
enue
pr
ofita
bilit
y m
ix
bull A
cces
s pl
atfo
rm la
ndsc
ape
is v
ery
uncl
ear
Box
or
no b
ox
Em
ergi
ng p
latfo
rms
cont
inue
to s
trug
gle
with
this
que
stio
n -
Box
ee h
as m
oved
to a
box
sol
utio
n w
hile
Vud
u ha
s ab
ando
ned
its b
ox fo
r a
softw
are
dist
ribut
ion
mod
el
Tra
ditio
nal C
E
man
ufac
ture
rs (
TV
DV
DG
ame
Con
sole
) ar
e pr
ovid
ing
dire
ct a
cces
s to
cons
umer
s by
par
tner
ing
with
em
bedd
ed s
olut
ions
pro
vide
rs (
Yah
oo W
idge
ts
Div
X C
inem
aNow
Net
flix)
who
are
look
ing
to r
each
bro
ader
aud
ienc
es
bull T
he in
dust
ry is
wat
chin
g fo
r a
muc
h st
rong
er p
lay
from
App
le (
App
leT
V i
Pad
)
bull C
ritic
al q
uest
ion
is to
wha
t ext
ent s
tudi
osc
onte
nt p
rovi
ders
will
byp
ass
trad
ition
al d
istr
ibut
ion
chan
nels
to p
ort d
irect
ly o
n de
vice
s (e
g M
LBc
om)
and
how
this
will
dis
rupt
late
r re
leas
e w
indo
ws
and
part
ner
econ
omic
s
bull C
an X
finity
or
sim
ilar
offe
rings
kee
p ca
ble
oper
ator
s in
the
gam
e
bull W
ith 2
011
reve
nues
pro
ject
ed to
sur
pass
You
Tub
e
Hul
u ha
s va
lidat
ed th
e ad
sup
port
ed o
nlin
e m
odel
bull H
ulu
s ex
clus
ive
licen
sing
dea
ls w
ith N
BC
and
Fox
are
set t
o ex
pire
- w
ill s
tudi
os a
band
on H
ulu
in fa
vor
of a
dire
ct to
con
sum
er li
nk o
n th
eir
own
site
s (H
BO
GO
mod
el V
iaco
m p
ullin
g C
omed
y C
entr
al fr
om
Hul
u)
bull A
s lo
ng-f
orm
and
pre
miu
m c
onte
nt b
ecom
e m
ore
perv
asiv
e on
line
will
You
Tub
es
mar
ket p
ositi
on a
s
king
of U
GC
eve
r le
ad to
mea
ning
ful r
even
ue
oppo
rtun
ities
bull Li
ke P
rem
ium
Cab
le p
rovi
ders
Bro
adca
st T
V w
ill
dem
and
low
er p
ricin
g an
d sh
orte
r st
udio
rel
ease
win
dow
s as
mor
e co
nten
t is
cons
umed
in e
arlie
r
chan
nels
Market Spotlight | Online Video
4
28 days later where will the bodies be buried
Sources Adams Media Research MPAA company filings and websites Wall Street research Oppenheimer estimates
Tim
e
Em
erg
ing
Gam
es
TV
D
VD
Market Spotlight | Online Video
Digital video landscape
5
Cre
ati
on
Dis
trib
uti
on
Access
Mo
neti
zati
on
Content Delivery CMS
Aggregators Video Search
Ad NetworksMetadata
Mgmt
Rights
Mgmt
Ad
ServingAd Mgmt
Emerging Platforms
Analytics
Traditional
Content
Established
Creative ToolsEmerging Content
Emerging Creative
Tools
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2009
bull Los Angeles CA
bull 20
bull Benchmark Capital Redpoint Ventures Jafco
and Allen amp Company
bull Clicker provides the most comprehensive
organized and unbiased way to navigate whatrsquos
available to watch online where and when to
watch it and finally whatrsquos worth watching
amongst infinite choices
bull The solution is powered by a massive
structured database with more than 400000
episodes from over 7000 shows from over
1200 networks - in addition to more than
30000 movies and over 50000 music videos
from over 20000 artists
bull Programming is organized by episode show
network media type title popularity duration
and artist and divided into over 1200
categories
bull Clicker complements this database with search
and recommendation technologies a
proprietary playlist system for saving and
tracking shows social features for sharing and
discovering programs and trending lists of the
most popular shows by category or time
bull Online consumers
bull Advertising lead-generation
bull Amount raised $19 million
bull 1998
bull Research Triangle Park NC
bull 42
bull 406 Ventures Aurora Funds Chrysalis
Ventures Cisco Systems
bull Videosense solution powers next generation
search discovery and navigation of video
through rich metadata to deliver on the promise
of any content anywhere on any device
bull Ability to index video with ~78 tracks of time
based metadata
bull Computer vision-based video indexing search
and interpretation algorithms aim to allow
content owners and publishers to monetize their
digital video content and advertisers to target
ads to thematically relevant video content
bull Digital content publishing system enables
simplified multi-platform content syndication
intelligent content recommendations and
reporting and analytics
bull WarnerBros Buena Vista Paramount
FoxTwentieth Century
bull Technology license and fee for search
bull Amount raised $182 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2005
bull Palo Alto CA
bull 25
bull Greylock Partners Redpoint Ventures
bull Video ad platform for publishers to better
monetize and index online video content
bull Ad platform supports ad flighting and serving
creative management yield optimization
detailed forecasting and real-time reporting
bull Indexing system automates the process for
content owners to identify track and monetize
video content across the web
bull Apple Comcast DoubleClick eBay Google
PayPal MTV Networks MySpace Warner
Brothers and Yahoo
bull Advertising lead generation
bull Amount raised $11 million
bull 2004
bull San Mateo CA
bull 23
bull Intel Capital Mayfield Fund Polaris Cisco
Comcast Interactive Capital
bull Provides advanced advertising products and
technology for network programmers and
content distributors
bull Offers a multiplatform advertising system
designed specifically for video content
distributed over any on-demand platform
enabling networks and content distributors to
maximize advertising revenues
bull Adobe Akamai Arris BrightCove Cisco
EdgeCast Highwinds Limelight Networks
Motorola Move Networks Multicast Media
RGB Networks SeaChange thePlatform
bull Software license
bull Amount raised $32 million
6Sources VentureSource CapIQ Press releases
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2007
bull San Mateo CA
bull 90
bull Battery Ventures Foundation Capital
bull Offers a robust system for digital video ad
management and monetization
bull Monetization Rights Management product
allows content owners to effectively manage ad
sales rights analyze video ad performance
and forecast future inventory
bull Sling Media Vevo CBS Warner Brothers and
Next New Networks
bull Revenue share of ad revenue
bull Amount raised $12 million
bull 2006
bull New York NY
bull 36
bull Spark Capital Globespan Capital Partners
bull Online video portal for instructional knowledge
and lifestyle videos
bull Enables consumers to share video on ldquohow tordquo
and instructional guides in the arts business
fashion sports health technology and food
areas
bull Online consumers
bull Online video advertising
bull Amount raised $125 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2001
bull Fremont CA
bull 80
bull Popcorn Hour provides digital media players to
stream video and other digital media from the
internet to consumer TVs
bull Popcorn Hourrsquos set top boxes handle a variety
of file and content types based on open
development platforms which allow media
companies to rapidly develop and deploy a
wide range of interactive high definition
applications and content
bull Popcorn Hourrsquos latest set top box Popbox is
expected to launch Spring 2010
bull Popcorn hour has a large network of premium
content partners including Twitter MLB and
Clicker
bull Online consumers large international installed
base
bull Hardware sales advertising revenue share
bull Amount raised $18 million
bull Revenues ~$20 million profitable
bull 2005
bull New York NY
bull 51
bull Canaan Partners European Founders Fund
SAP Ventures Meritech Capital Partners
bull Developer of rich media and online video
advertising solutions
bull Video ad network that provides in-banner and
in-stream video advertising on leading publisher
sites
bull Major consumer brands and online video
publishers
bull Video advertising revenue share
bull Amount raised $394 million
7Sources VentureSource CapIQ Press releases
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Market Spotlight | Online Video
3Sources Wall Street Research Veronis Suhler Stevenson 2009 Stevenson Communications Industry Forecast report dated August
2009 IDC 2009
Home entertainment spending
$293$304
$287$302 $298
$288 $284 $286 $283 $286 $288
$00
$50
$100
$150
$200
$250
$300
$350
2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E
($ in
bill
ions
)
DVD VHS Online download PPV amp VoD
bull Blu-ray DVD shows promise but consumer adoption has
been slow and sales have not been sufficient to offset
traditional DVD declines
bull Video on Demand and Pay-per-View are the fastest
growing home entertainment segments accounting for
63 of total spend in 2009 and highlight the importance
of digital distribution to the industry
bull While still nascent the online download market
represents a large opportunity with many emerging
companies looking to capitalize on the shift towards
digital distribution
54
28
6
84
DVD Theatrical Broadcast TV Cable TV PPV amp VoD
2007 film studio revenue
bull DVD sales to the home video market account for over
50 of all studio revenue but have been declining DVD
sales are projected to decrease from $24 billion in 2008
to $19 billion in 2013
bull The 8020 revenue split on retail DVDs represents a
lucrative channel the studios are reluctant to change
bull Despite the decline in DVD sales studios have been
slow to embrace newer online distribution channels
preferring to protect this large and profitable retail
channel
Total ~$270 billion
Retail
downloadRental VoD Subscription Ad supported
2009 traditional
market size $ 148 billion $82 billion $693 billion $732 billion
Incumbents
2009 online
market size
Emerging
$ 08 billion $46 billion $14 billion $54 billion
Retail
downloadRental VoD Subscription Ad supported
New digital media business models present a challenge to the existing ecosystem
B
ox
Off
ice
Ret
ail D
VD
Dig
ital
Vo
DR
enta
l DV
DC
able
TV
Ad
su
pp
ort
edS
ynd
icat
ion
Cab
le P
PV
Inte
rnet
dow
nloa
dIn
tern
et r
enta
lB
road
cast
TV
Inte
rnet
Rele
as
e
Win
do
w-
0+
21
days
+ 2
8 da
ys+
5 m
onth
s+
10
mon
ths
+ infin
Co
ns
um
er
Pri
ce
$71
8$2
999
$59
9$1
499
$39
9$1
00
$14
99
mon
th-
-
Stu
dio
$5 b
illio
n$1
5 bi
llion
$1 b
illio
n$2
bill
ion
$2 b
illio
n$1
5 b
illio
n$5
0 m
illio
n
Ec
on
om
ics
split
50
5080
20
604
030
70
752
5
Dis
trib
uti
on
Pa
rtn
ers
Ac
ce
ss
Pa
rtn
ers
Em
erg
ing
Tre
nd
s
bull W
orld
wid
e bo
x of
fice
reac
hed
an a
ll-tim
e hi
gh in
2008
at $
281
bill
ion
incr
easi
ng 5
2
ove
r
2007
bull 3D
mov
ie te
chno
logy
(eg
Ava
tar)
is e
nhan
cing
the
cons
umer
exp
erie
nce
bull A
MC
Cin
emar
k an
d
Reg
al h
ave
secu
red
$660
m in
fund
ing
to
conv
ert m
ost o
f the
ir
thea
ters
to d
igita
l scr
eens
by 2
013
bull D
igita
l inf
rast
ruct
ure
offe
rs c
inem
as m
ore
flexi
bilit
y on
pro
gram
min
g
eg
live
spo
rts
and
conc
erts
bull T
he la
rges
t and
mos
t
prof
itabl
e st
udio
cha
nnel
stro
ng a
ttem
pt to
mai
ntai
n
rele
ase
win
dow
des
pite
antic
ipat
ed D
VD
dec
lines
bull R
etai
lers
are
em
brac
ing
digi
tal a
cces
s pa
rtne
rs
(Wal
mar
tVud
u
Bes
tBuy
Cin
emaN
ow)
as
digi
tal b
ecom
es m
ore
prev
elan
t
bull R
elea
se w
indo
w h
as
been
exp
andi
ng
(WB
Net
flix
Red
box)
as
stud
ios
try
to p
rote
ct r
etai
l
DV
D c
hann
el -
Blo
ckbu
ster
pos
ition
ing
is
yet t
o be
det
erm
ined
bull N
etfli
x w
ill g
ains
from
addi
tiona
l str
eam
ing
title
s
and
low
er D
VD
cos
ts b
e
high
eno
ugh
to o
ffset
lost
cons
umer
dem
and
for
new
rel
ease
s
bull In
crea
sed
dist
ribut
ion
and
acce
ss o
ptio
ns in
the
Dig
ital V
oD r
elea
se
win
dow
is p
uttin
g
pres
sure
on
Pre
miu
m
Cab
le p
rovi
ders
to m
ove
onlin
e an
d se
ll th
roug
h
mor
e di
gita
l cha
nnel
s
(HB
O G
O S
tarz
Pla
y)
bull A
s m
ore
stud
io c
onte
nt
is d
istr
ibut
ed d
igita
lly
Pre
miu
m C
able
pro
vide
rs
will
dem
and
low
er p
ricin
g
and
shor
ter
rele
ase
win
dow
s
bull U
nifie
d au
then
ticat
ion
is
key
to d
rivin
g bu
ndle
d
subs
crip
tion
onlin
e an
d
few
sol
utio
ns h
ave
emer
ged
to s
olve
this
prob
lem
bull O
nlin
e sy
ndic
atio
n of
olde
r st
udio
con
tent
pres
ents
an
emer
ging
and
pote
ntia
lly lu
crat
ive
dist
ribut
ion
chan
nel
bull R
elea
se w
indo
w h
as b
een
shrin
king
(e
g S
ony
sim
ulta
neou
s re
leas
e of
DV
D
and
VoD
title
s) a
s st
udio
s tr
y to
figu
re o
ut th
e op
timal
rev
enue
pr
ofita
bilit
y m
ix
bull A
cces
s pl
atfo
rm la
ndsc
ape
is v
ery
uncl
ear
Box
or
no b
ox
Em
ergi
ng p
latfo
rms
cont
inue
to s
trug
gle
with
this
que
stio
n -
Box
ee h
as m
oved
to a
box
sol
utio
n w
hile
Vud
u ha
s ab
ando
ned
its b
ox fo
r a
softw
are
dist
ribut
ion
mod
el
Tra
ditio
nal C
E
man
ufac
ture
rs (
TV
DV
DG
ame
Con
sole
) ar
e pr
ovid
ing
dire
ct a
cces
s to
cons
umer
s by
par
tner
ing
with
em
bedd
ed s
olut
ions
pro
vide
rs (
Yah
oo W
idge
ts
Div
X C
inem
aNow
Net
flix)
who
are
look
ing
to r
each
bro
ader
aud
ienc
es
bull T
he in
dust
ry is
wat
chin
g fo
r a
muc
h st
rong
er p
lay
from
App
le (
App
leT
V i
Pad
)
bull C
ritic
al q
uest
ion
is to
wha
t ext
ent s
tudi
osc
onte
nt p
rovi
ders
will
byp
ass
trad
ition
al d
istr
ibut
ion
chan
nels
to p
ort d
irect
ly o
n de
vice
s (e
g M
LBc
om)
and
how
this
will
dis
rupt
late
r re
leas
e w
indo
ws
and
part
ner
econ
omic
s
bull C
an X
finity
or
sim
ilar
offe
rings
kee
p ca
ble
oper
ator
s in
the
gam
e
bull W
ith 2
011
reve
nues
pro
ject
ed to
sur
pass
You
Tub
e
Hul
u ha
s va
lidat
ed th
e ad
sup
port
ed o
nlin
e m
odel
bull H
ulu
s ex
clus
ive
licen
sing
dea
ls w
ith N
BC
and
Fox
are
set t
o ex
pire
- w
ill s
tudi
os a
band
on H
ulu
in fa
vor
of a
dire
ct to
con
sum
er li
nk o
n th
eir
own
site
s (H
BO
GO
mod
el V
iaco
m p
ullin
g C
omed
y C
entr
al fr
om
Hul
u)
bull A
s lo
ng-f
orm
and
pre
miu
m c
onte
nt b
ecom
e m
ore
perv
asiv
e on
line
will
You
Tub
es
mar
ket p
ositi
on a
s
king
of U
GC
eve
r le
ad to
mea
ning
ful r
even
ue
oppo
rtun
ities
bull Li
ke P
rem
ium
Cab
le p
rovi
ders
Bro
adca
st T
V w
ill
dem
and
low
er p
ricin
g an
d sh
orte
r st
udio
rel
ease
win
dow
s as
mor
e co
nten
t is
cons
umed
in e
arlie
r
chan
nels
Market Spotlight | Online Video
4
28 days later where will the bodies be buried
Sources Adams Media Research MPAA company filings and websites Wall Street research Oppenheimer estimates
Tim
e
Em
erg
ing
Gam
es
TV
D
VD
Market Spotlight | Online Video
Digital video landscape
5
Cre
ati
on
Dis
trib
uti
on
Access
Mo
neti
zati
on
Content Delivery CMS
Aggregators Video Search
Ad NetworksMetadata
Mgmt
Rights
Mgmt
Ad
ServingAd Mgmt
Emerging Platforms
Analytics
Traditional
Content
Established
Creative ToolsEmerging Content
Emerging Creative
Tools
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2009
bull Los Angeles CA
bull 20
bull Benchmark Capital Redpoint Ventures Jafco
and Allen amp Company
bull Clicker provides the most comprehensive
organized and unbiased way to navigate whatrsquos
available to watch online where and when to
watch it and finally whatrsquos worth watching
amongst infinite choices
bull The solution is powered by a massive
structured database with more than 400000
episodes from over 7000 shows from over
1200 networks - in addition to more than
30000 movies and over 50000 music videos
from over 20000 artists
bull Programming is organized by episode show
network media type title popularity duration
and artist and divided into over 1200
categories
bull Clicker complements this database with search
and recommendation technologies a
proprietary playlist system for saving and
tracking shows social features for sharing and
discovering programs and trending lists of the
most popular shows by category or time
bull Online consumers
bull Advertising lead-generation
bull Amount raised $19 million
bull 1998
bull Research Triangle Park NC
bull 42
bull 406 Ventures Aurora Funds Chrysalis
Ventures Cisco Systems
bull Videosense solution powers next generation
search discovery and navigation of video
through rich metadata to deliver on the promise
of any content anywhere on any device
bull Ability to index video with ~78 tracks of time
based metadata
bull Computer vision-based video indexing search
and interpretation algorithms aim to allow
content owners and publishers to monetize their
digital video content and advertisers to target
ads to thematically relevant video content
bull Digital content publishing system enables
simplified multi-platform content syndication
intelligent content recommendations and
reporting and analytics
bull WarnerBros Buena Vista Paramount
FoxTwentieth Century
bull Technology license and fee for search
bull Amount raised $182 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2005
bull Palo Alto CA
bull 25
bull Greylock Partners Redpoint Ventures
bull Video ad platform for publishers to better
monetize and index online video content
bull Ad platform supports ad flighting and serving
creative management yield optimization
detailed forecasting and real-time reporting
bull Indexing system automates the process for
content owners to identify track and monetize
video content across the web
bull Apple Comcast DoubleClick eBay Google
PayPal MTV Networks MySpace Warner
Brothers and Yahoo
bull Advertising lead generation
bull Amount raised $11 million
bull 2004
bull San Mateo CA
bull 23
bull Intel Capital Mayfield Fund Polaris Cisco
Comcast Interactive Capital
bull Provides advanced advertising products and
technology for network programmers and
content distributors
bull Offers a multiplatform advertising system
designed specifically for video content
distributed over any on-demand platform
enabling networks and content distributors to
maximize advertising revenues
bull Adobe Akamai Arris BrightCove Cisco
EdgeCast Highwinds Limelight Networks
Motorola Move Networks Multicast Media
RGB Networks SeaChange thePlatform
bull Software license
bull Amount raised $32 million
6Sources VentureSource CapIQ Press releases
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2007
bull San Mateo CA
bull 90
bull Battery Ventures Foundation Capital
bull Offers a robust system for digital video ad
management and monetization
bull Monetization Rights Management product
allows content owners to effectively manage ad
sales rights analyze video ad performance
and forecast future inventory
bull Sling Media Vevo CBS Warner Brothers and
Next New Networks
bull Revenue share of ad revenue
bull Amount raised $12 million
bull 2006
bull New York NY
bull 36
bull Spark Capital Globespan Capital Partners
bull Online video portal for instructional knowledge
and lifestyle videos
bull Enables consumers to share video on ldquohow tordquo
and instructional guides in the arts business
fashion sports health technology and food
areas
bull Online consumers
bull Online video advertising
bull Amount raised $125 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2001
bull Fremont CA
bull 80
bull Popcorn Hour provides digital media players to
stream video and other digital media from the
internet to consumer TVs
bull Popcorn Hourrsquos set top boxes handle a variety
of file and content types based on open
development platforms which allow media
companies to rapidly develop and deploy a
wide range of interactive high definition
applications and content
bull Popcorn Hourrsquos latest set top box Popbox is
expected to launch Spring 2010
bull Popcorn hour has a large network of premium
content partners including Twitter MLB and
Clicker
bull Online consumers large international installed
base
bull Hardware sales advertising revenue share
bull Amount raised $18 million
bull Revenues ~$20 million profitable
bull 2005
bull New York NY
bull 51
bull Canaan Partners European Founders Fund
SAP Ventures Meritech Capital Partners
bull Developer of rich media and online video
advertising solutions
bull Video ad network that provides in-banner and
in-stream video advertising on leading publisher
sites
bull Major consumer brands and online video
publishers
bull Video advertising revenue share
bull Amount raised $394 million
7Sources VentureSource CapIQ Press releases
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
B
ox
Off
ice
Ret
ail D
VD
Dig
ital
Vo
DR
enta
l DV
DC
able
TV
Ad
su
pp
ort
edS
ynd
icat
ion
Cab
le P
PV
Inte
rnet
dow
nloa
dIn
tern
et r
enta
lB
road
cast
TV
Inte
rnet
Rele
as
e
Win
do
w-
0+
21
days
+ 2
8 da
ys+
5 m
onth
s+
10
mon
ths
+ infin
Co
ns
um
er
Pri
ce
$71
8$2
999
$59
9$1
499
$39
9$1
00
$14
99
mon
th-
-
Stu
dio
$5 b
illio
n$1
5 bi
llion
$1 b
illio
n$2
bill
ion
$2 b
illio
n$1
5 b
illio
n$5
0 m
illio
n
Ec
on
om
ics
split
50
5080
20
604
030
70
752
5
Dis
trib
uti
on
Pa
rtn
ers
Ac
ce
ss
Pa
rtn
ers
Em
erg
ing
Tre
nd
s
bull W
orld
wid
e bo
x of
fice
reac
hed
an a
ll-tim
e hi
gh in
2008
at $
281
bill
ion
incr
easi
ng 5
2
ove
r
2007
bull 3D
mov
ie te
chno
logy
(eg
Ava
tar)
is e
nhan
cing
the
cons
umer
exp
erie
nce
bull A
MC
Cin
emar
k an
d
Reg
al h
ave
secu
red
$660
m in
fund
ing
to
conv
ert m
ost o
f the
ir
thea
ters
to d
igita
l scr
eens
by 2
013
bull D
igita
l inf
rast
ruct
ure
offe
rs c
inem
as m
ore
flexi
bilit
y on
pro
gram
min
g
eg
live
spo
rts
and
conc
erts
bull T
he la
rges
t and
mos
t
prof
itabl
e st
udio
cha
nnel
stro
ng a
ttem
pt to
mai
ntai
n
rele
ase
win
dow
des
pite
antic
ipat
ed D
VD
dec
lines
bull R
etai
lers
are
em
brac
ing
digi
tal a
cces
s pa
rtne
rs
(Wal
mar
tVud
u
Bes
tBuy
Cin
emaN
ow)
as
digi
tal b
ecom
es m
ore
prev
elan
t
bull R
elea
se w
indo
w h
as
been
exp
andi
ng
(WB
Net
flix
Red
box)
as
stud
ios
try
to p
rote
ct r
etai
l
DV
D c
hann
el -
Blo
ckbu
ster
pos
ition
ing
is
yet t
o be
det
erm
ined
bull N
etfli
x w
ill g
ains
from
addi
tiona
l str
eam
ing
title
s
and
low
er D
VD
cos
ts b
e
high
eno
ugh
to o
ffset
lost
cons
umer
dem
and
for
new
rel
ease
s
bull In
crea
sed
dist
ribut
ion
and
acce
ss o
ptio
ns in
the
Dig
ital V
oD r
elea
se
win
dow
is p
uttin
g
pres
sure
on
Pre
miu
m
Cab
le p
rovi
ders
to m
ove
onlin
e an
d se
ll th
roug
h
mor
e di
gita
l cha
nnel
s
(HB
O G
O S
tarz
Pla
y)
bull A
s m
ore
stud
io c
onte
nt
is d
istr
ibut
ed d
igita
lly
Pre
miu
m C
able
pro
vide
rs
will
dem
and
low
er p
ricin
g
and
shor
ter
rele
ase
win
dow
s
bull U
nifie
d au
then
ticat
ion
is
key
to d
rivin
g bu
ndle
d
subs
crip
tion
onlin
e an
d
few
sol
utio
ns h
ave
emer
ged
to s
olve
this
prob
lem
bull O
nlin
e sy
ndic
atio
n of
olde
r st
udio
con
tent
pres
ents
an
emer
ging
and
pote
ntia
lly lu
crat
ive
dist
ribut
ion
chan
nel
bull R
elea
se w
indo
w h
as b
een
shrin
king
(e
g S
ony
sim
ulta
neou
s re
leas
e of
DV
D
and
VoD
title
s) a
s st
udio
s tr
y to
figu
re o
ut th
e op
timal
rev
enue
pr
ofita
bilit
y m
ix
bull A
cces
s pl
atfo
rm la
ndsc
ape
is v
ery
uncl
ear
Box
or
no b
ox
Em
ergi
ng p
latfo
rms
cont
inue
to s
trug
gle
with
this
que
stio
n -
Box
ee h
as m
oved
to a
box
sol
utio
n w
hile
Vud
u ha
s ab
ando
ned
its b
ox fo
r a
softw
are
dist
ribut
ion
mod
el
Tra
ditio
nal C
E
man
ufac
ture
rs (
TV
DV
DG
ame
Con
sole
) ar
e pr
ovid
ing
dire
ct a
cces
s to
cons
umer
s by
par
tner
ing
with
em
bedd
ed s
olut
ions
pro
vide
rs (
Yah
oo W
idge
ts
Div
X C
inem
aNow
Net
flix)
who
are
look
ing
to r
each
bro
ader
aud
ienc
es
bull T
he in
dust
ry is
wat
chin
g fo
r a
muc
h st
rong
er p
lay
from
App
le (
App
leT
V i
Pad
)
bull C
ritic
al q
uest
ion
is to
wha
t ext
ent s
tudi
osc
onte
nt p
rovi
ders
will
byp
ass
trad
ition
al d
istr
ibut
ion
chan
nels
to p
ort d
irect
ly o
n de
vice
s (e
g M
LBc
om)
and
how
this
will
dis
rupt
late
r re
leas
e w
indo
ws
and
part
ner
econ
omic
s
bull C
an X
finity
or
sim
ilar
offe
rings
kee
p ca
ble
oper
ator
s in
the
gam
e
bull W
ith 2
011
reve
nues
pro
ject
ed to
sur
pass
You
Tub
e
Hul
u ha
s va
lidat
ed th
e ad
sup
port
ed o
nlin
e m
odel
bull H
ulu
s ex
clus
ive
licen
sing
dea
ls w
ith N
BC
and
Fox
are
set t
o ex
pire
- w
ill s
tudi
os a
band
on H
ulu
in fa
vor
of a
dire
ct to
con
sum
er li
nk o
n th
eir
own
site
s (H
BO
GO
mod
el V
iaco
m p
ullin
g C
omed
y C
entr
al fr
om
Hul
u)
bull A
s lo
ng-f
orm
and
pre
miu
m c
onte
nt b
ecom
e m
ore
perv
asiv
e on
line
will
You
Tub
es
mar
ket p
ositi
on a
s
king
of U
GC
eve
r le
ad to
mea
ning
ful r
even
ue
oppo
rtun
ities
bull Li
ke P
rem
ium
Cab
le p
rovi
ders
Bro
adca
st T
V w
ill
dem
and
low
er p
ricin
g an
d sh
orte
r st
udio
rel
ease
win
dow
s as
mor
e co
nten
t is
cons
umed
in e
arlie
r
chan
nels
Market Spotlight | Online Video
4
28 days later where will the bodies be buried
Sources Adams Media Research MPAA company filings and websites Wall Street research Oppenheimer estimates
Tim
e
Em
erg
ing
Gam
es
TV
D
VD
Market Spotlight | Online Video
Digital video landscape
5
Cre
ati
on
Dis
trib
uti
on
Access
Mo
neti
zati
on
Content Delivery CMS
Aggregators Video Search
Ad NetworksMetadata
Mgmt
Rights
Mgmt
Ad
ServingAd Mgmt
Emerging Platforms
Analytics
Traditional
Content
Established
Creative ToolsEmerging Content
Emerging Creative
Tools
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2009
bull Los Angeles CA
bull 20
bull Benchmark Capital Redpoint Ventures Jafco
and Allen amp Company
bull Clicker provides the most comprehensive
organized and unbiased way to navigate whatrsquos
available to watch online where and when to
watch it and finally whatrsquos worth watching
amongst infinite choices
bull The solution is powered by a massive
structured database with more than 400000
episodes from over 7000 shows from over
1200 networks - in addition to more than
30000 movies and over 50000 music videos
from over 20000 artists
bull Programming is organized by episode show
network media type title popularity duration
and artist and divided into over 1200
categories
bull Clicker complements this database with search
and recommendation technologies a
proprietary playlist system for saving and
tracking shows social features for sharing and
discovering programs and trending lists of the
most popular shows by category or time
bull Online consumers
bull Advertising lead-generation
bull Amount raised $19 million
bull 1998
bull Research Triangle Park NC
bull 42
bull 406 Ventures Aurora Funds Chrysalis
Ventures Cisco Systems
bull Videosense solution powers next generation
search discovery and navigation of video
through rich metadata to deliver on the promise
of any content anywhere on any device
bull Ability to index video with ~78 tracks of time
based metadata
bull Computer vision-based video indexing search
and interpretation algorithms aim to allow
content owners and publishers to monetize their
digital video content and advertisers to target
ads to thematically relevant video content
bull Digital content publishing system enables
simplified multi-platform content syndication
intelligent content recommendations and
reporting and analytics
bull WarnerBros Buena Vista Paramount
FoxTwentieth Century
bull Technology license and fee for search
bull Amount raised $182 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2005
bull Palo Alto CA
bull 25
bull Greylock Partners Redpoint Ventures
bull Video ad platform for publishers to better
monetize and index online video content
bull Ad platform supports ad flighting and serving
creative management yield optimization
detailed forecasting and real-time reporting
bull Indexing system automates the process for
content owners to identify track and monetize
video content across the web
bull Apple Comcast DoubleClick eBay Google
PayPal MTV Networks MySpace Warner
Brothers and Yahoo
bull Advertising lead generation
bull Amount raised $11 million
bull 2004
bull San Mateo CA
bull 23
bull Intel Capital Mayfield Fund Polaris Cisco
Comcast Interactive Capital
bull Provides advanced advertising products and
technology for network programmers and
content distributors
bull Offers a multiplatform advertising system
designed specifically for video content
distributed over any on-demand platform
enabling networks and content distributors to
maximize advertising revenues
bull Adobe Akamai Arris BrightCove Cisco
EdgeCast Highwinds Limelight Networks
Motorola Move Networks Multicast Media
RGB Networks SeaChange thePlatform
bull Software license
bull Amount raised $32 million
6Sources VentureSource CapIQ Press releases
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2007
bull San Mateo CA
bull 90
bull Battery Ventures Foundation Capital
bull Offers a robust system for digital video ad
management and monetization
bull Monetization Rights Management product
allows content owners to effectively manage ad
sales rights analyze video ad performance
and forecast future inventory
bull Sling Media Vevo CBS Warner Brothers and
Next New Networks
bull Revenue share of ad revenue
bull Amount raised $12 million
bull 2006
bull New York NY
bull 36
bull Spark Capital Globespan Capital Partners
bull Online video portal for instructional knowledge
and lifestyle videos
bull Enables consumers to share video on ldquohow tordquo
and instructional guides in the arts business
fashion sports health technology and food
areas
bull Online consumers
bull Online video advertising
bull Amount raised $125 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2001
bull Fremont CA
bull 80
bull Popcorn Hour provides digital media players to
stream video and other digital media from the
internet to consumer TVs
bull Popcorn Hourrsquos set top boxes handle a variety
of file and content types based on open
development platforms which allow media
companies to rapidly develop and deploy a
wide range of interactive high definition
applications and content
bull Popcorn Hourrsquos latest set top box Popbox is
expected to launch Spring 2010
bull Popcorn hour has a large network of premium
content partners including Twitter MLB and
Clicker
bull Online consumers large international installed
base
bull Hardware sales advertising revenue share
bull Amount raised $18 million
bull Revenues ~$20 million profitable
bull 2005
bull New York NY
bull 51
bull Canaan Partners European Founders Fund
SAP Ventures Meritech Capital Partners
bull Developer of rich media and online video
advertising solutions
bull Video ad network that provides in-banner and
in-stream video advertising on leading publisher
sites
bull Major consumer brands and online video
publishers
bull Video advertising revenue share
bull Amount raised $394 million
7Sources VentureSource CapIQ Press releases
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Market Spotlight | Online Video
Digital video landscape
5
Cre
ati
on
Dis
trib
uti
on
Access
Mo
neti
zati
on
Content Delivery CMS
Aggregators Video Search
Ad NetworksMetadata
Mgmt
Rights
Mgmt
Ad
ServingAd Mgmt
Emerging Platforms
Analytics
Traditional
Content
Established
Creative ToolsEmerging Content
Emerging Creative
Tools
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2009
bull Los Angeles CA
bull 20
bull Benchmark Capital Redpoint Ventures Jafco
and Allen amp Company
bull Clicker provides the most comprehensive
organized and unbiased way to navigate whatrsquos
available to watch online where and when to
watch it and finally whatrsquos worth watching
amongst infinite choices
bull The solution is powered by a massive
structured database with more than 400000
episodes from over 7000 shows from over
1200 networks - in addition to more than
30000 movies and over 50000 music videos
from over 20000 artists
bull Programming is organized by episode show
network media type title popularity duration
and artist and divided into over 1200
categories
bull Clicker complements this database with search
and recommendation technologies a
proprietary playlist system for saving and
tracking shows social features for sharing and
discovering programs and trending lists of the
most popular shows by category or time
bull Online consumers
bull Advertising lead-generation
bull Amount raised $19 million
bull 1998
bull Research Triangle Park NC
bull 42
bull 406 Ventures Aurora Funds Chrysalis
Ventures Cisco Systems
bull Videosense solution powers next generation
search discovery and navigation of video
through rich metadata to deliver on the promise
of any content anywhere on any device
bull Ability to index video with ~78 tracks of time
based metadata
bull Computer vision-based video indexing search
and interpretation algorithms aim to allow
content owners and publishers to monetize their
digital video content and advertisers to target
ads to thematically relevant video content
bull Digital content publishing system enables
simplified multi-platform content syndication
intelligent content recommendations and
reporting and analytics
bull WarnerBros Buena Vista Paramount
FoxTwentieth Century
bull Technology license and fee for search
bull Amount raised $182 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2005
bull Palo Alto CA
bull 25
bull Greylock Partners Redpoint Ventures
bull Video ad platform for publishers to better
monetize and index online video content
bull Ad platform supports ad flighting and serving
creative management yield optimization
detailed forecasting and real-time reporting
bull Indexing system automates the process for
content owners to identify track and monetize
video content across the web
bull Apple Comcast DoubleClick eBay Google
PayPal MTV Networks MySpace Warner
Brothers and Yahoo
bull Advertising lead generation
bull Amount raised $11 million
bull 2004
bull San Mateo CA
bull 23
bull Intel Capital Mayfield Fund Polaris Cisco
Comcast Interactive Capital
bull Provides advanced advertising products and
technology for network programmers and
content distributors
bull Offers a multiplatform advertising system
designed specifically for video content
distributed over any on-demand platform
enabling networks and content distributors to
maximize advertising revenues
bull Adobe Akamai Arris BrightCove Cisco
EdgeCast Highwinds Limelight Networks
Motorola Move Networks Multicast Media
RGB Networks SeaChange thePlatform
bull Software license
bull Amount raised $32 million
6Sources VentureSource CapIQ Press releases
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2007
bull San Mateo CA
bull 90
bull Battery Ventures Foundation Capital
bull Offers a robust system for digital video ad
management and monetization
bull Monetization Rights Management product
allows content owners to effectively manage ad
sales rights analyze video ad performance
and forecast future inventory
bull Sling Media Vevo CBS Warner Brothers and
Next New Networks
bull Revenue share of ad revenue
bull Amount raised $12 million
bull 2006
bull New York NY
bull 36
bull Spark Capital Globespan Capital Partners
bull Online video portal for instructional knowledge
and lifestyle videos
bull Enables consumers to share video on ldquohow tordquo
and instructional guides in the arts business
fashion sports health technology and food
areas
bull Online consumers
bull Online video advertising
bull Amount raised $125 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2001
bull Fremont CA
bull 80
bull Popcorn Hour provides digital media players to
stream video and other digital media from the
internet to consumer TVs
bull Popcorn Hourrsquos set top boxes handle a variety
of file and content types based on open
development platforms which allow media
companies to rapidly develop and deploy a
wide range of interactive high definition
applications and content
bull Popcorn Hourrsquos latest set top box Popbox is
expected to launch Spring 2010
bull Popcorn hour has a large network of premium
content partners including Twitter MLB and
Clicker
bull Online consumers large international installed
base
bull Hardware sales advertising revenue share
bull Amount raised $18 million
bull Revenues ~$20 million profitable
bull 2005
bull New York NY
bull 51
bull Canaan Partners European Founders Fund
SAP Ventures Meritech Capital Partners
bull Developer of rich media and online video
advertising solutions
bull Video ad network that provides in-banner and
in-stream video advertising on leading publisher
sites
bull Major consumer brands and online video
publishers
bull Video advertising revenue share
bull Amount raised $394 million
7Sources VentureSource CapIQ Press releases
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2009
bull Los Angeles CA
bull 20
bull Benchmark Capital Redpoint Ventures Jafco
and Allen amp Company
bull Clicker provides the most comprehensive
organized and unbiased way to navigate whatrsquos
available to watch online where and when to
watch it and finally whatrsquos worth watching
amongst infinite choices
bull The solution is powered by a massive
structured database with more than 400000
episodes from over 7000 shows from over
1200 networks - in addition to more than
30000 movies and over 50000 music videos
from over 20000 artists
bull Programming is organized by episode show
network media type title popularity duration
and artist and divided into over 1200
categories
bull Clicker complements this database with search
and recommendation technologies a
proprietary playlist system for saving and
tracking shows social features for sharing and
discovering programs and trending lists of the
most popular shows by category or time
bull Online consumers
bull Advertising lead-generation
bull Amount raised $19 million
bull 1998
bull Research Triangle Park NC
bull 42
bull 406 Ventures Aurora Funds Chrysalis
Ventures Cisco Systems
bull Videosense solution powers next generation
search discovery and navigation of video
through rich metadata to deliver on the promise
of any content anywhere on any device
bull Ability to index video with ~78 tracks of time
based metadata
bull Computer vision-based video indexing search
and interpretation algorithms aim to allow
content owners and publishers to monetize their
digital video content and advertisers to target
ads to thematically relevant video content
bull Digital content publishing system enables
simplified multi-platform content syndication
intelligent content recommendations and
reporting and analytics
bull WarnerBros Buena Vista Paramount
FoxTwentieth Century
bull Technology license and fee for search
bull Amount raised $182 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2005
bull Palo Alto CA
bull 25
bull Greylock Partners Redpoint Ventures
bull Video ad platform for publishers to better
monetize and index online video content
bull Ad platform supports ad flighting and serving
creative management yield optimization
detailed forecasting and real-time reporting
bull Indexing system automates the process for
content owners to identify track and monetize
video content across the web
bull Apple Comcast DoubleClick eBay Google
PayPal MTV Networks MySpace Warner
Brothers and Yahoo
bull Advertising lead generation
bull Amount raised $11 million
bull 2004
bull San Mateo CA
bull 23
bull Intel Capital Mayfield Fund Polaris Cisco
Comcast Interactive Capital
bull Provides advanced advertising products and
technology for network programmers and
content distributors
bull Offers a multiplatform advertising system
designed specifically for video content
distributed over any on-demand platform
enabling networks and content distributors to
maximize advertising revenues
bull Adobe Akamai Arris BrightCove Cisco
EdgeCast Highwinds Limelight Networks
Motorola Move Networks Multicast Media
RGB Networks SeaChange thePlatform
bull Software license
bull Amount raised $32 million
6Sources VentureSource CapIQ Press releases
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2007
bull San Mateo CA
bull 90
bull Battery Ventures Foundation Capital
bull Offers a robust system for digital video ad
management and monetization
bull Monetization Rights Management product
allows content owners to effectively manage ad
sales rights analyze video ad performance
and forecast future inventory
bull Sling Media Vevo CBS Warner Brothers and
Next New Networks
bull Revenue share of ad revenue
bull Amount raised $12 million
bull 2006
bull New York NY
bull 36
bull Spark Capital Globespan Capital Partners
bull Online video portal for instructional knowledge
and lifestyle videos
bull Enables consumers to share video on ldquohow tordquo
and instructional guides in the arts business
fashion sports health technology and food
areas
bull Online consumers
bull Online video advertising
bull Amount raised $125 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2001
bull Fremont CA
bull 80
bull Popcorn Hour provides digital media players to
stream video and other digital media from the
internet to consumer TVs
bull Popcorn Hourrsquos set top boxes handle a variety
of file and content types based on open
development platforms which allow media
companies to rapidly develop and deploy a
wide range of interactive high definition
applications and content
bull Popcorn Hourrsquos latest set top box Popbox is
expected to launch Spring 2010
bull Popcorn hour has a large network of premium
content partners including Twitter MLB and
Clicker
bull Online consumers large international installed
base
bull Hardware sales advertising revenue share
bull Amount raised $18 million
bull Revenues ~$20 million profitable
bull 2005
bull New York NY
bull 51
bull Canaan Partners European Founders Fund
SAP Ventures Meritech Capital Partners
bull Developer of rich media and online video
advertising solutions
bull Video ad network that provides in-banner and
in-stream video advertising on leading publisher
sites
bull Major consumer brands and online video
publishers
bull Video advertising revenue share
bull Amount raised $394 million
7Sources VentureSource CapIQ Press releases
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Company Spotlight | Online Video
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2007
bull San Mateo CA
bull 90
bull Battery Ventures Foundation Capital
bull Offers a robust system for digital video ad
management and monetization
bull Monetization Rights Management product
allows content owners to effectively manage ad
sales rights analyze video ad performance
and forecast future inventory
bull Sling Media Vevo CBS Warner Brothers and
Next New Networks
bull Revenue share of ad revenue
bull Amount raised $12 million
bull 2006
bull New York NY
bull 36
bull Spark Capital Globespan Capital Partners
bull Online video portal for instructional knowledge
and lifestyle videos
bull Enables consumers to share video on ldquohow tordquo
and instructional guides in the arts business
fashion sports health technology and food
areas
bull Online consumers
bull Online video advertising
bull Amount raised $125 million
Founded
Headquarters
Employees
Investors
Profile
Customers
Business Model
Financial
bull 2001
bull Fremont CA
bull 80
bull Popcorn Hour provides digital media players to
stream video and other digital media from the
internet to consumer TVs
bull Popcorn Hourrsquos set top boxes handle a variety
of file and content types based on open
development platforms which allow media
companies to rapidly develop and deploy a
wide range of interactive high definition
applications and content
bull Popcorn Hourrsquos latest set top box Popbox is
expected to launch Spring 2010
bull Popcorn hour has a large network of premium
content partners including Twitter MLB and
Clicker
bull Online consumers large international installed
base
bull Hardware sales advertising revenue share
bull Amount raised $18 million
bull Revenues ~$20 million profitable
bull 2005
bull New York NY
bull 51
bull Canaan Partners European Founders Fund
SAP Ventures Meritech Capital Partners
bull Developer of rich media and online video
advertising solutions
bull Video ad network that provides in-banner and
in-stream video advertising on leading publisher
sites
bull Major consumer brands and online video
publishers
bull Video advertising revenue share
bull Amount raised $394 million
7Sources VentureSource CapIQ Press releases
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Advertising | Search Marketing Services
Google Inc GOOG $56248 89 $178857 $154372 66x 55x 142x 120x 246x 205x 46 46 23 11x
Yahoo Inc YHOO 1652 92 23131 19909 43x 40x 120x 114x 387x 341x 36 35 19 21x
AOL Inc AOL 2559 95 2726 2655 08x 10x 24x 35x 56x 100x 35 29 NA NA
ValueClick Inc VCLK 1015 73 848 689 13x 17x 50x 60x 136x 167x 26 28 13 10x
Arbitron Inc ARB 2304 79 613 672 18x 17x 81x 70x 162x 140x 22 24 16 10x
comScore Inc SCOR 1618 83 490 403 32x 26x 143x 118x NA 700x 22 22 23 NA
InfoSpace Inc INSP 1158 95 412 186 09x 07x 73x 64x NA 378x 12 11 43 NA
Marchex Inc MCHX 559 93 197 164 18x 18x 133x 119x 504x 411x 13 15 13 40x
Localcom Corp LOCM 594 89 86 79 14x 11x 387x 89x NA NA 4 12 NA NA
Answers Corporation ANSW 880 79 70 58 28x 24x 79x 77x NA 205x 36 31 NA NA
Median 18x 17x 101x 83x 204x 205x 24 26 19 11x
Mean 25x 22x 123x 87x 249x 294x 25 25 21 18x
Advertising | Vertical Content Lead Gen
WebMD Health Corp WBMD $4378 98 $2335 $2358 54x 46x 225x 152x NA 520x 24 30 23 NA
QuinStreet Inc QNST 1539 99 691 806 NA NA NA NA NA NA NA NA NA NA
eHealth Inc EHTH 1777 91 415 261 19x 17x 82x 79x 310x 292x 23 22 16 19x
Internet Brands Inc INET 855 96 386 326 32x 29x 80x 73x 329x 261x 40 39 25 13x
The Knot Inc KNOT 794 66 268 136 13x 13x 83x 105x NA NA 15 12 21 NA
Move Inc MOVE 196 62 305 375 18x 20x 160x 200x 261x NA 11 10 18 15x
TechTarget Inc TTGT 544 68 229 160 19x 18x 102x 82x 285x 232x 18 21 17 17x
Travelzoo Inc TZOO 1503 98 247 227 25x 22x NA NA NA 429x NA NA NA NA
Health Grades Inc HGRD 571 100 170 151 29x 24x 119x 96x 254x 208x 25 25 25 10x
Rewards Network Inc DINE 1450 93 126 99 05x 05x NA NA 259x 181x NA NA 15 17x
TheStreetcom Inc TSCM 375 100 118 55 10x 10x 481x 174x NA NA 2 5 18 NA
zipRealty Inc ZIPR 490 96 100 56 05x 04x NA NA NA NA NA 0 20 NA
TreeCom Inc TREE 880 67 97 90 04x 04x 77x 83x NA NA 5 5 NA NA
Median 18x 17x 102x 96x 273x 261x 18 17 19 16x
Mean 19x 17x 156x 116x 283x 303x 18 17 20 15x
Cloud Services | Consumer
Netflix Inc NFLX $6868 98 $3677 $3594 21x 17x 159x 119x 364x 275x 13 14 19 20x
TiVo Inc TIVO $1708 95 $1877 $1632 86x 86x NA NA NA NA 4 4 40 NA
RealNetworks Inc RNWK $508 97 $685 $307 05x 06x 136x 119x NA NA 4 5 13 NA
Ancestrycom Inc ACOM 1778 93 755 755 34x 30x 94x 85x 227x 230x 36 35 12 19x
LoopNet Inc LOOP 1067 93 369 288 38x 39x 94x 115x 414x 520x 40 34 24 17x
Intersections Inc INTX 440 65 77 104 NA NA NA NA NA NA NA NA NA NA
Median 34x 30x 115x 117x 364x 275x 13 14 19 19x
Mean 37x 35x 121x 110x 335x 342x 19 18 21 19x
Cloud Services | Business
Intuit Inc INTU $3398 100 $10667 $10719 33x 31x 113x 86x 206x 164x 29 36 13 16x
Salesforcecom CRM 7295 97 9111 8346 65x 54x 336x 298x NA NA 19 18 31 NA
Vistaprint NV VPRT 6172 100 2680 2527 45x 33x 207x 154x 365x 273x 22 21 24 15x
Monster Worldwide Inc MWW 1570 81 1972 1737 19x 19x 153x 189x NA NA 13 10 17 NA
j2 Global Communications Inc JCOM 2282 91 1031 802 33x 31x 63x 61x 123x 126x 52 51 11 11x
OpenTable Inc OPEN 3701 99 828 758 112x 91x 508x 330x NA 709x 22 27 50 NA
Constant Contact Inc CTCT 1990 86 564 451 35x 26x 380x 208x NA 570x 9 13 36 NA
Dice Holdings Inc DHX 752 98 470 472 43x 42x 99x 113x 396x 350x 44 38 13 29x
LogMeIn Inc LOGM 1950 83 440 310 42x 34x 196x 143x 346x 303x 21 24 23 15x
InnerWorkings Inc INWK 539 72 246 219 05x 05x 109x 79x 352x 209x 5 6 18 20x
Stampscom Inc STMP 999 96 155 83 10x 10x 85x 86x 312x 167x 12 11 18 17x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
supportcom Inc SPRT 320 99 149 68 42x 17x NA NA NA NA NA NA 15 NA
Median 35x 31x 133x 128x 329x 241x 20 20 18 15x
Mean 38x 31x 192x 150x 273x 297x 22 23 23 16x
8Source CapitalIQ
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
9
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
eCommerce | E-tail
Amazoncom Inc AMZN $13011 89 $57840 $51867 22x 16x 290x 206x 674x 453x 7 8 27 25x
eBay Inc EBAY 2484 96 32267 27324 32x 30x 90x 82x 163x 150x 35 37 16 10x
pricelinecom Incorporated PCLN 24018 98 10948 10343 44x 36x 198x 141x 291x 219x 22 25 20 15x
Expedia Inc EXPE 2313 72 6708 6981 24x 21x 83x 74x 169x 146x 29 28 13 13x
IACInterActiveCorp IACI 2398 100 2795 1185 09x 08x 74x 56x 541x 316x 12 14 22 25x
Mercadolibre Inc MELI 4544 82 2005 1944 107x 84x 307x 229x 597x 430x 35 37 33 18x
Blue Nile Inc NILE 5609 84 812 720 24x 21x 241x 216x 648x 536x 10 10 21 31x
Systemax Inc SYX 1768 97 644 562 02x 02x 69x NA 145x 121x 3 NA NA NA
Orbitz Worldwide Inc OWW 675 83 682 1212 17x 15x 82x 82x NA 404x 20 19 13 NA
Shutterfly Inc SFLY 2141 99 555 374 16x 14x 90x 69x NA 588x 18 20 22 NA
Drugstorecom Inc DSCM 341 95 342 308 08x 06x 184x 148x NA NA 4 4 NA NA
Overstockcom Inc OSTK 1419 79 324 306 04x 03x 124x 116x 468x 194x 3 3 25 19x
Vitacostcom Inc VITC 1176 92 323 288 15x 12x 117x 83x 327x 208x 13 14 15 22x
US Auto Parts Network Inc PRTS 733 100 219 181 10x 09x 152x 113x NA 509x 7 8 11 NA
1-800-Flowerscom Inc FLWS 236 48 150 186 03x 03x 76x 45x 194x 136x 4 6 NA NA
Geeknet Inc LNUX 147 84 89 50 08x 06x NA NA NA NA -10 -5 NA NA
BIDZcom Inc BIDZ 208 43 46 47 04x 04x 84x 59x 184x 93x 5 6 25 07x
Tix Corporation TIXC 122 29 40 30 NA NA NA NA NA NA NA NA NA NA
Median 15x 12x 104x 83x 309x 219x 10 12 21 18x
Mean 20x 17x 141x 115x 367x 300x 13 15 20 19x
eCommerce | Services
GSI Commerce Inc GSIC $2707 100 $1635 $1612 16x 12x 161x 117x 694x NA 10 10 23 31x
CyberSource Corporation CYBS 1902 90 1342 1214 46x 39x 214x 179x 247x 216x 22 22 18 13x
Digital River Inc DRIV 2929 71 1132 733 19x 20x 70x 111x 170x 346x 27 18 14 13x
Art Technology Group Inc ARTG 437 90 666 587 33x 29x 155x 138x 217x 204x 21 21 22 10x
Liquidity Services Inc LQDT 1260 97 342 281 12x 11x 101x 86x 307x 240x 12 12 17 18x
Webcom Group Inc WWWW 540 68 144 105 10x 10x 53x 55x 81x 94x 18 18 30 03x
BroadVision Inc BVSN 1321 73 59 (3) NA NA NA NA NA NA NA NA NA NA
PFSweb Inc PFSW 268 57 27 33 01x 01x 95x 81x NA NA 1 1 NA NA
Median 16x 12x 101x 111x 232x 216x 18 18 20 13x
Mean 20x 17x 121x 110x 286x 220x 16 15 21 14x
Gaming
Activision Blizzard Inc ATVI $1111 85 $13886 $10641 24x 24x 69x 67x 174x 154x 34 35 15 12x
Electronic Arts Inc ERTS 1728 73 5644 3860 10x 10x 209x 89x NA 311x 5 11 13 NA
Ubisoft Entertainment SA UBI 1258 52 1184 1203 10x 09x 31x 26x NA 686x 31 36 4 NA
Take-Two Interactive Software Inc TTWO 1018 81 861 853 11x 09x NA NA NA NA -8 0 7 NA
THQ Inc THQI 655 73 443 325 04x 04x NA 73x NA 201x -4 5 19 NA
Glu Mobile Inc GLUU 093 51 28 34 04x 06x 84x NA NA NA 5 -7 NA NA
Median 10x 09x 76x 70x 174x 256x 5 8 13 12x
Mean 10x 10x 98x 64x 174x 338x 11 13 12 12x
Source CapitalIQ
Trading Statisticsdagger
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Stock Price Market Value Valuation Multiples Margins PEG
Price 52 Market Ent Revenue Ebitda PE Ebitda Growth CY 09
Ticker 3810 High Value Value CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 CY 09 CY 10 Rate PEG
(US$ millions except per share data)
Digital Media Technology
Apple Inc AAPL $21908 100 $198661 $173865 42x 31x 169x 107x 377x 181x 25 29 19 20x
Adobe Systems Inc ADBE 3506 92 18427 17522 60x 49x 144x 117x 230x 194x 41 41 14 16x
Dolby Laboratories Inc DLB 5672 99 6468 5719 86x 71x 185x 137x 358x 270x 46 52 14 26x
Rovi Corporation ROVI 3547 100 3696 3853 80x 73x 179x 150x 239x 188x 45 48 19 13x
Logitech International SA LOGI 1619 82 2846 2565 14x 11x 304x 97x NA 199x 4 12 13 NA
EchoStar Corp SATS 2057 94 1745 1118 06x 06x 47x 42x 189x NA 13 13 5 38x
IMAX Corporation IMAX 1484 98 925 950 59x 50x 191x 127x NA 263x 31 39 30 NA
DG FastChannel Inc DGIT 3295 94 781 850 45x 39x 113x 90x 428x 255x 40 44 22 20x
Harmonic Inc HLIT 681 87 657 386 12x 11x 125x 110x 391x 238x 10 10 15 26x
Avid Technology Inc AVID 1464 95 549 440 07x 07x NA 65x NA NA 0 10 5 NA
DTS Inc DTSI 3495 98 612 536 70x 66x 243x 185x 603x 454x 29 36 23 26x
Monotype Imaging Holdings Inc TYPE 997 96 346 403 44x 39x 112x 99x 174x 254x 39 40 4 40x
Sonic Solutions SNIC 1130 88 345 288 27x 27x NA NA NA NA -4 1 20 NA
DivX Inc DIVX 700 97 229 89 13x 12x 215x NA NA NA 6 -2 20 NA
Immersion Corporation IMMR 456 88 128 58 21x 22x NA NA NA NA -86 -25 NA NA
Digimarc Corporation DMRC 2033 100 148 106 NA NA NA NA NA NA NA NA 10 NA
SRS Labs Inc SRSL 828 100 121 80 32x 26x 190x 98x 613x 249x 17 26 15 41x
Median 37x 29x 179x 107x 368x 249x 21 27 15 26x
Mean 39x 34x 170x 110x 360x 249x 16 23 15 27x
Diversified Media amp Entertainment
Walt Disney Co DIS $3319 99 $64373 $76778 21x 20x 100x 86x 178x 164x 21 24 9 20x
News Corp NWSA 1428 99 39386 48189 16x 15x 97x 85x 181x 143x 16 18 10 17x
Time Warner Inc TWX 3064 93 35243 46202 18x 17x 81x 76x 172x 144x 22 23 13 13x
Viacom Inc VIAB 3039 96 18557 25005 NA 18x 79x 77x 139x 122x NA 23 9 16x
CBS Corporation CBS 1471 99 9958 16238 13x 12x 90x 74x 285x 158x 14 16 4 67x
Discovery Communications Inc DISCA 3168 96 12967 15899 45x 43x 115x 101x 246x 192x 40 42 23 11x
Scripps Networks Interactive Inc SNI 4094 87 6791 7686 50x 40x 120x 93x 231x 196x 42 43 14 16x
Liberty Media Interactive LINTA 1323 97 7901 13535 17x 16x 86x 80x 388x 194x 19 20 5 78x
DreamWorks Animation SKG Inc DWA 4175 96 3634 3403 48x 36x 177x 97x 262x 156x 27 37 17 16x
The New York Times Company NYT 1177 79 1734 2470 10x 11x 79x 70x 604x 185x 13 15 4 172x
Warner Music Group Corp WMG 620 79 959 2622 08x 08x 64x 67x NA NA 13 12 4 NA
CKX Inc CKXE 506 61 471 535 18x 16x 84x 54x 220x 133x 22 30 NA NA
Martha Stewart Living Omnimedia Inc MSO 559 63 307 282 12x 12x 417x NA NA NA 3 0 15 NA
Median 17x 16x 90x 78x 231x 158x 20 23 10 17x
Mean 23x 20x 122x 80x 264x 163x 21 23 11 43x
10Source CapitalIQ
Trading Statisticsdagger
dagger Oppenheimer amp Co Inc makes a market in the following companies AAPL ADBE AMZN ANSW ARTG ATVI AVID CKXE CTCT CYBS DGIT DIVX
DRIV DSCM DTSI DWA EBAY EHTH ERTS EXPE FLWS GOOG GSIC HGRD HLIT IACI IMAX INSP INTU INWK JCOM KNOT LNUX LOGI
LOGM LOOP LQDT MCHX MOVE NFLX NILE NWSA OPEN OSTK PCLN PRTS RNWK ROVI SCOR SFLY SNIC SPRT STMP THQI TIVO TSCM
TTGT TTWO TZOO VCLK VITC VPRT WBMD YHOO AOL ARB CBS CRM DHX DIS DLB MSO NYT OWW SNI SYX TWX VIAB WMG
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
30 Day Stock Performance(1) February Traffic Metrics(2)
Advertising | Search Marketing Services
Advertising | Vertical Content Lead Gen
Cloud Services | Consumer
Cloud Services | Business
-6
3
6
13
25
-30 -20 -10 0 10 20 30
ARB
ANSW
Index
INSP
SCOR
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GOOG 1719 15 419907 30
YHOO 1531 6 364853 -9
AOL 1104 5 127626 -30
ANSW 492 97 2154 93
LOCM 138 21 528 6
Index 5214 14 916406 1
Index median 315 73 1635 80
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
WBMD 226 17 3032 34
INET 131 95 1992 179
HGRD 98 92 536 79
MOVE 84 8 2563 -19
TSCM 37 9 453 76
Index 694 31 10546 18
Index median 19 -27 453 51
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
NFLX 169 17 6502 58
ACOM 57 -3 2994 17
LOOP 14 4 263 16
TIVO 01 -42 20 -21
RNWK 00 -43 01 -58
Index 242 10 9780 41
Index median 14 4 263 16
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
MWW 171 -13 2537 -18
CTCT 46 14 692 30
VPRT 45 5 1256 8
OPEN 16 2 225 28
LOGM 13 30 1633 97
Index 565 5 19529 7
Index median 13 11 473 170
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 201011
-16
-3
9
28
30
-30 -20 -10 0 10 20 30
KNOT
EHTH
Index
HGRD
TZOO
3
13
36
29
94
0 20 40 60 80 100
INTX
NFLX
Index
ACOM
TIVO
-2
-2
16
25
43
-10 0 10 20 30 40 50
INWK
WWWW
Index
SPRT
OPEN
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
30 Day Stock Performance(1) February Traffic Metrics(2)
eCommerce | E-tail
eCommerce | Services
Gaming
Digital Media Technology
-2
2
12
30
31
-10 0 10 20 30 40
TIXC
SYX
Index
VITC
PRTS
Market Movement amp Traffic Data
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
EBAY 673 0 72991 7
AMZN 606 21 15955 35
EXPE 258 13 5346 -9
OWW 115 -17 2097 -20
PCLN 107 11 1887 5
Index 2079 7 103799 9
Index median 32 15 462 14
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
GSIC 45 5 1256 8
ARTG 09 49 18 -18
BVSN 03 -50 34 -40
Index 57 4 1308 5
Index median 09 43 34 -40
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
ERTS 23 81 172 30
ATVI 12 -64 130 -87
UBI 09 -5 36 -37
THQI 03 -28 23 -51
GLUU 00 37 20 NM
Index 47 -21 382 -70
Index median 06 -12 30 -43
12
-2
3
14
16
20
-30 -20 -10 0 10 20 30
WWWW
PFSW
Index
GSIC
DRIV
-28
-6
6
10
19
-50 -25 0 25 50
GLUU
UBI
Index
TTWO
THQI
-3
2
12
32
42
-10 0 10 20 30 40 50
IMMR
LOGI
Index
DMRC
SNIC
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
AAPL 611 20 9748 7
ADBE 374 12 3173 16
LOGI 18 130 169 142
SNIC 14 -9 229 144
DIVX 13 54 40 42
Index 1041 18 13586 12
Index median 09 68 106 222
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
30 Day Stock Performance(1) February Traffic Metrics(2)
Diversified Media amp Entertainment
Market Movement amp Traffic Data
13
Unique Page
Visitors growth Views growth
(mm) (YoY) (mm) (YoY)
CBS 628 28 11508 31
VIAB 593 34 15779 -25
NYT 524 13 5614 11
DIS 281 NM 6883 NM
TWX 251 -3 3102 -73
Index 2934 25 56305 -13
Index median 190 31 3332 0-3
-1
11
25
28
-30 -20 -10 0 10 20 30
SNI
NYT
Index
MSO
CKXE
(1) 30 day stock price measured from 2110 through 3110 according to CapitalIQ Index composites calculated based on aggregate
values for the comparable groups listed on pages 8-10 (2) Traffic metrics reflect comScore data for the month of February 2010
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14
Legal Disclaimer
This publication is authored by the Investment Banking Department of Oppenheimer amp Co Inc
(ldquoOppenheimerrdquo) and is not the product of the Equity Research Department of Oppenheimer amp
Co Inc This publication is provided for informational purposes only and is not intended as a
recommendation or an offer or solicitation for the purchase or sale of any security or financial
instrument Nothing contained herein shall constitute an offer or solicitation to buy or sell any
securities discussed herein in any jurisdiction where such offer or solicitation would be
prohibited
This report may contain statistical data cited from third-party sources believed to be reliable but
Oppenheimer amp Co Inc does not represent that any such third-party statistical information is
accurate or complete and it should not be relied upon as such All market prices data and
other information are not warranted as to completeness or accuracy and are subject to change
without notice Oppenheimer may be a market maker and trade on a principal basis or may
have undertaken or may undertake and own account transaction in the financial instruments or
related instruments of any security discussed herein and may act or has acted as an
underwriter placement agent advisor or lender to such security Oppenheimer andor its
employees may hold a position in any securities or financial instruments mentioned herein
Past performance is not a guarantee of future results and no representation or warranty
express or implied is made regarding future performance of any security mentioned in this
report The price of the securities mentioned in this report and the income they produce may
fluctuate andor be adversely affected by exchange rates and investors may realize losses on
investments in such securities including the loss of investment principal Oppenheimer amp Co
Inc accepts no liability for any loss arising from the use of information contained in this report
except to the extent that liability may arise under specific statutes or regulations applicable to
Oppenheimer amp Co Inc
copy 2010 Oppenheimer amp Co Inc is a Member of All Principal Exchanges and Member SIPC All
rights reserved
14