The Growth of Mobile Internet Revenue - Tim Merel, Managing Director Digi-Capital

Mobile Internet Investment Review Q2 2014
Executive Summary
Contact: info@digi-capital.com
© Digi-Capital 2014
www.digi-capital.com
Authorised and regulated by the Financial Conduct Authority

2
Disclaimer
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Executive summary Public company and M&A comparables Operational metrics analysis Mobile internet sector reviews (revenue forecasts, public company comparable valuation multiples, public company indices, M&A transactions, M&A valuation multiples, investment transactions - Q1 2011 to Q2 2014, operational metrics analysis)*
•Advertising/marketing
•App store/distribution
•Books
•Business
•Education
•Enterprise mobility/B2B
•Entertainment
•Finance
•Food & drink
•Games
•Health & fitness
•Lifestyle
•mCommerce
•Medical About Digi-Capital
3
•Messaging
•Music
•Navigation
•News
•Photo & video
•Productivity
•Social networking
•Sports
•Mobile Tech
•Travel/transport
•Utilities
•Wearables
•Weather
19
41
47
49
94
102
107
114
122
151
171
183
195
239
247
257
292
496
300
319
333
340
345
364
372
392
399
443
460
488
493
* Where available - see detailed table of contents for individual sector contents
Note: investments <$250K included in total figures, but not listed separately
Contents (of full Review)
BUY FULL REVIEW
Detailed table of contents
at end of this free summary

5
Mobile internet revenue to grow >3x to $700B* by 2017
•Mobile internet revenue to grow >3x to $700B* by 2017F driven by mCommerce, IAPx and App as a Service
•mCommerce growth to >$500B sales by 2017F driven by Asia, America and Europe (almost half in Asia)
•Consumer apps to >$70B by 2017F with non-games apps to double revenue share from 26% to 51%
•Mobile internet investment record >$14B in last 12 months
•Mobile internet M&A record >$47B in the last 12 months (>$28B excluding Facebook/WhatsApp)
•Opportunities across mobile internet Investment Quadrant with >20 “billion dollar” companies already
•Mobile internet public and private company relative valuations vary significantly across sectors
•Deep metrics understanding enables data driven approach to mobile internet investment and growth
* Note: Approximate mobile value added ecosystem revenue forecast 2017F
X IAP = in-app- purchase

-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-40%
-20%
0%
20%
40%
60%
80%
Consumer media consumption marketshare/growth (Size of bubble = marketshare 2013)
Sources Digi-Capital, eMarketer, Business Intelligence, US data, other smaller media not shown
Dramatic mobile usage growth is disrupting incumbents
Mobile 20%
Print
4%
Long term CAGR (09-13)
Short
term
growth
(12-13)
Radio
12%
TV 38%
Online 20%
6
Online Pain Mobile cannibalizing Online faster than TV
Mobile Gain
Mobile has grown total media usage by 13.6%

$516B
$74B
$53B
$42B
$11B
$133B
$21B
$26B
$12B
$3B
Mobile internet revenue to grow >3x to $700Bx by 2017
7
Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner,
Strategy Analytics, Zenith Optimedia, Business Insider, Goldman Sachs
* Note: In-app advertising revenue included in consumer apps revenue
† Note: Excludes smartphone/tablet sales and mobile subscription revenue
x Note: Approximate revenue for mobile value added ecosystem
mCommerce dominates with mCommerce, in-app purchase, App as a Service, advertising models driving revenue growth
2013
2017
mCommerce
Consumer apps
Enterprise mobility
Mobile web adspend
Wearables

mCommerce to >$500B sales driven by Asia, America and Europe
8
mCommerce regional sales ($B)†
Sources: Digi-Capital, Goldman Sachs, eMarketer, Companies
-
100
200
300
400
500
600
2013
2014F
2015F
2016F
2017F
Asia
North America
Western Europe
Eastern Europe
Latin America
ME/Africa
The Asian mCommerce century
Asia to account for almost half of global mCommerce by 2017F
mCommerce sector forecasts by smartphone and tablet in full Review

0
10
20
30
40
50
60
70
80
2011
2012
2013
2014F
2015F
2016F
2017F
Games
Social Networking
Books
Music
Medical
Productivity
Education
Entertainment
News
Photo & Video
Navigation
Travel
Lifestyle
Utilities
Business
Sports
Health & Fitness
Finance
Weather
Other
9
Consumer apps to >$70B revenue driven by explosion of diversity
Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner
Note: does not include mobile web advertising (see separate mobile advertising revenue forecasts in
advertising/marketing chapter), mCommerce direct sales, enterprise/B2B revenue, or mobile tech revenue
51%
74%
49%
Global Mobile Apps Sector Revenue ($B)
26%
Game changer
Non-games categories to match games revenue by 2017
Individual sector forecasts in full Review

Travel/ Transport 3.4
Utilities 1.5
mCommerce 1.4
Games 1.0
Tech 0.9
Social Networking 0.8
Enterprise/ B2B 0.8
Advertising/ marketing 0.7
Messaging 0.7
Photo & Video 0.6
Music 0.4
Food & Drink 0.4
Finance 0.3
Lifestyle 0.2
Entertainment 0.2
App store/ distribution 0.2
Health & Fitness 0.2
Medical 0.2
Other 0.7
10
Mobile internet investment record >$14B in last 12 months
Note: See transactions by category in full Review
Note: Transaction value includes only disclosed or estimated amounts
* LTM = last 12 months
Mobile internet investments ($B ex-IPOs)
Quarterly Transaction Value ($B)
Last 12 Month Total Transaction Value ($B)
Mobile internet investments LTM* ($B ex-IPOs)
0
2
4
6
8
10
12
14
16
-
1
2
3
4
5
6
Total
LTM Total
VCs love mobile internet
269% investment growth
from Q2 2013 to Q2 2014
Individual sector transactions in full Review

Messaging
(including Facebook/
WhatsApp) 23.1
Games 5.0
Music 3.0
Food & Drink 2.8
Finance 2.3
Advertising/
marketing 2.3
mCommerce 1.9
Enterprise/B2B 1.9
Photo& Video 1.3
Utilities 1.2
Navigation 1.0
Tech 0.8
Entertainment 0.4
11
Mobile internet M&A record >$47B in last 12 months
Mobile internet M&A ($B)
Including Facebook/WhatsApp
Note: Other categories in grey account for $0.5B of M&A in LTM
Note: Transaction value includes only disclosed or estimated amounts, including announced earn outs where applicable
Mobile internet M&A LTM* ($B)
-
5
10
15
20
25
30
35
40
45
50
-
5
10
15
20
25
30
Total
LTM Total
WhatsApp with that?
Facebook/WhatsApp
acquisition sent a clear message

Games 5.0
Messaging (excluding Facebook/ WhatsApp) 4.1
Music 3.0
Food & Drink 2.8
Finance 2.3
Advertising/
marketing 2.3
mCommerce 1.9
Enterprise/ B2B 1.9
Photo & Video 1.3
Utilities 1.2
Navigation 1.0
Tech 0.8
Entertainment 0.4
12
Continuing the M&A growth trend (even without FB/WhatsApp)
Note: Other categories in grey account for $0.5B of M&A in LTM
Note: Transaction value includes only disclosed or estimated amounts, including announced earn outs where applicable
Mobile internet M&A ($B)
Mobile internet M&A LTM ($B)
Excluding Facebook/WhatsApp
-
5
10
15
20
25
30
-
2
4
6
8
10
12
14
Total
LTM Total
Time to buy Major mobile internet M&A for both growth and defence

Opportunities across the mobile internet Investment Quadrantx
13
Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner, Strategy Analytics, Zenith Optimedia, Business Insider, Goldman Sachs
* LTM = Last Twelve Months
x On a relative basis compared to revenue forecasts for illustrative purposes only (see Methodology)
Note: chart excludes internal corporate investments, and Books, Medical, News, Sports and Weather sectors because of no M&A in last 12 months
Navigation
Utilities
Photo & video
Entertainment
Health
& fitness
Games
Messaging
Enterprise/
B2B
Wearables
Business
Education
Lifestyle
Advertising/ marketing
App store/ distribution
mCommerce
Travel/
Transport
Social
networking
Finance
Consolidation potential
Investment potential
Hidden gems
Exit opportunities
Major opportunities
Selective opportunities
© Digi-Capital
Digi-Capital mobile internet Investment Quadrantx

0
50
100
150
200
250
300
350
31-Dec-10
30-Apr-11
31-Aug-11
31-Dec-11
30-Apr-12
31-Aug-12
31-Dec-12
30-Apr-13
31-Aug-13
31-Dec-13
30-Apr-14
Advertising/Marketing
App Store/Distribution
Enterprise/B2B
Entertainment
Food and Drink
Games
Lifestyle
MCommerce
Messaging
Music
Navigation
Social Networking
Tech
Utilities
All Mobile Internet
14
Mobile internet stocks up with different performance across sectors
Digi-Capital mobile internet public market indices
(base = 100)
Sources: Digi-Capital, Lazard, Factset, Bloomberg at 30 June 2014
Mixed message Mobile internet market broadly up, but some sectors more than others
Individual sector public company comparables and indices in full Review

10%
100%
1000%
15
Relative public company valuations vary widely across sectors
Mobile internet sector relative public market valuation ranges
(percentage relative to mean)
X Where available
* Note: valuation multiples based on 2013 actual sales on logarithmic scale
Tech
Social networking
Navigation
Enterprise/B2B
Utilities
Music
App store/distribution
Messaging
Lifestyle
Games
Entertainment
Enterprise/B2B
Advertising/marketing
Relative valuation range (low to high %) compared to mean valuation of relevant public companies* on logarithmic scale
(mean)
50%
Not all apps are created equal
Up to 500% market cap variance relative to revenue
500%
Food & drink
5%
Individual sector public company comparables in full Reviewx

16
Relative M&A valuations vary even more widely
Mobile internet sector relative M&A valuation ranges
(percentage relative to mean)
X Where available
*Note: valuation multiples based on recent M&A revenue multiples. Facebook/WhatsApp multiple excluded as an outlier
Relative valuation range (low to high %) compared to mean valuation of recent mobile internet M&As* on logarithmic scale
1%
10%
100%
1000%
Tech
Social networking
Utilities
Photo & Video
Finance
Messaging
mCommerce
Games
Entertainment
Enterprise/B2B
Advertising/marketing
(mean)
500%
50%
5%
No really – app inequality rules
Up to 1,000% M&A valuation variance relative to revenue
Individual sector M&A comparables in full Reviewx

17
iOS generates the most revenue, Android the most downloads
Sources: Digi-Capital, Distimo (US data), Apple, Google, Flurry, IDC, Business Intelligence, One Platform Foundation, Companies
Apple App Store vs Google Play relative monetization
Selected Android App Stores
Available apps (K) and app downloads (B)
-
10
20
30
40
50
60
-
100
200
300
400
500
600
700
800
900
1,000
01/08
04/08
07/08
10/08
01/09
04/09
07/09
10/09
01/10
04/10
07/10
10/10
01/11
04/11
07/11
10/11
01/12
04/12
07/12
10/12
01/13
04/13
07/13
10/13
iOS Apps (K)
Google Play Apps (K)
iOS Downloads (B)
Google Play Downloads (B)
Apps (K)
Downloads (B)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total revenue
Advertising
Paid apps & in- app purchase
In-app purchase
Revenue per download
Apple App Store
Google Play
Google Play apps and downloads passed iOS in 2013
App Store
Downloads
Apps
Average downloads per app
Country
Amazon
25M per month
76K
329 per month
Worldwide
Anzhi
180M per month
80K
2,250 per month
China
AppChina
30M per month
120K
250 per month
China
D.cn
30M per month
n/a
n/a
China
gFan
2.5B total
n/a
n/a
China
Google Play
60B total
1M
3,125 per month
Worldwide
HiAPK
290M per month
511K
568 per month
China
Lenovo
300M total
400K
750 total
China
Mobango
1B total
100K
10,000 total
Worldwide
Opera Mobile
30M per month
70K
429 per month
Worldwide
SlideME
15M per month
40K
375 per month
Worldwide
SK T-Store
28M per month
72K
389 per month
Korea
Tencent
300M per month
100K
3,000 per month
China

18
In-app purchases dominate consumer apps, not all categories
Global app revenue share (iOS/Android)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
News
Games
Social
Books
Entertainment
Music
Education
Productivity
Navigation
Free with in-app purchase
Paid
Paid with in-app purchase
Selected app category revenue share (iOS)
92%
98%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
iOS
Android (Google Play)
Free with in-app purchase
Paid
Paid with in-app purchase
Sources: Distimo, AppAnnie, Digi-Capital
App category downloads vs revenue share (iOS)
40%
74%
60%
26%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Downloads
Revenue
Games
All other apps
Play the game
In-app purchases 4x more effective for games than all other app types

19
App as a Service emerging as a different model for mobile
Standalone App
App as a Service
Value to user
Main value from app operating standalone on device
(e.g. Angry Birds)
Primary or partial value from app cloud functionality
(e.g. Dropbox)
Access
Fat client download
Thin client download and/or responsive website
Price
Paid or free
Free
Data/media access
On device or mixed cloud/device
Mixed cloud/device or pure cloud
Offline usage
Yes
Yes, partial, or none
Business model
Paid, in-app purchase, advertising
Subscription, in-app purchase, advertising
Distribution
App store only
App store and/or mobile web
App store revenue share
Always (paid, in-app purchase)
Not always
Content updates
Infrequent client updates
Frequent server side updates
Live Ops Team
Rarely
Almost always
•In-app purchases have monetized games effectively, where user value mainly standalone on mobile devices (i.e. limited cloud functionality)
•In-app purchases for all other app categories monetize 4x less effectively than games, including where user value mainly from cloud functionality
•Software as a Service models being adapted to App as a Service to monetize other consumer app categories more effectively
Source: Digi-Capital

20
So where standalone games dominated 2013 consumer revenue
Practical
Leisure
App as a
Service
Standalone
App
Finance
Sports
Lifestyle
News
Books
Business
Medical
Productivity
Utilities
Education
Health & Fitness
Navigation
Entertainment
Social Networking
Photo &
Video
Travel
Music
Mobile consumer app sector revenue 2013
(Size of bubble = revenue 2013)
Weather
Games
74%
Playtime!
Standalone games dominated app store revenues in 2013

21
App as a Service could give a very different picture by 2017
Practical
Leisure
App as a
Service
Standalone
App
Mobile consumer app sector revenue 2017F
(Size of bubble = revenue 2017F)
Finance
Sports
Lifestyle
News
Books
Business
Medical
Productivity
Education
Health & Fitness
Navigation
Entertainment
Social Networking
Photo &
Video
Travel
Music
Weather
Games
49%
Utilities
Now it’s my turn
Non-games app sectors to take >50% of app revenues by 2017F

Top 1% grossing apps vs top 5% grossing apps (selected app category)
* Source: Matt Tubergen, Digi-Capital, multiple data sources
Note: all data and analysis in Operational Metrics section
Top 1% grossing apps outperform against core operating metrics
22
1x
1x
1x
2x
2x
2x
2x
3x
4x
7x
8x
9x
20x
0x
5x
10x
15x
20x
25x
30x
35x
% of organic to paid users
ARPD - PU (Paid User)
% of paid conversion in first 30 days
7 day retention rate
Average session length
3 day retention rate
Second session conversion rate
Sessions per week
Sessions first 7 days/following 7 days
ARPD - AU (Average User)
Lifetime Value
Sessions per day
35x
It’s all about the metrics
Top 1% grossing apps outperform top 5% grossing apps in core metrics

1
10
100
1,000
23
Billion dollar mobile companies emerging at an accelerating pace
Selected mobile internet companies with valuation ≥$1B
(recent estimates on logarithmic scales)
Value created per year since founding ($M/year) on logarithmic scale
Valuation ($B) on logarithmic scale
20
4,000
Sources: Bloomberg, WSJ, TechCrunch, Time, NYT, Companies, Digi-Capital
5
500
2,000
Bigger and faster More value being created at a faster rate than ever before

With a changing pyramid of potential consolidators
24
Note: Companies are for illustrative purposes only
Block and tackle
Major acquisitions aimed at strategic growth and defence
Snakes and ladders
Today’s growth companies could become tomorrow’s consolidators

25
Now is the time to invest for growth or be bought
* Note: outlier deals may occur
Mobile internet sector consolidation curve
Sector
Launch
Sector Growth
for Scale
Sector
Consolidation
Sector
Equilibrium
Sector
Consolidation
Low
High
Medium
Messaging
Tech
Expected
Deal
Activity*
-VC Investment
-Some small M&A
-Limited M&A/ investment
-Cost focus
-Alliances or spinoffs
-Growth equity investment
-High volume, mid-market strategic M&A
-Leveraged buyouts
-Low volume, large scale strategic M&A
Wearables
Utilities
Advertising/Marketing
Navigation
Photo & Video
mCommerce
Lifestyle
Food & Drink
Entertainment
Music
Social Networking
Enterprise/B2B
Smartphones/Tablets
Infrastructure
App Store/Distribution
Games
Travel/Transport
Books
Status quo is not an option
Massive growth and disruption require investment or exit

26
1. Executive summary (page 19)
a)Mobile internet market economic overview
i.Major mobile internet market economic trends
ii.Mobile internet usage vs other media (2009 - 2013)
iii.Mobile internet revenue share (2013 vs 2017F) - mCommerce sales, consumer apps revenue, enterprise mobility revenue, mobile web adspend, wearables revenue
iv.mCommerce regional sales forecast (2013 – 2017F) – Asia, North America, Europe (West & East), LatAm, ME/Africa
v.Mobile consumer apps revenue forecast by app sector (2011 - 2017F)
b)Global mobile internet investment and M&A overview
i.Global mobile internet investment transaction value by sector (Q1 2011 – Q2 2014)
ii.Global mobile apps M&A transaction value by sector (Q1 2011 – Q2 2014)
iii.Digi-Capital mobile internet Investment Quadrants
iv.Mobile internet public market indices by sector (Q1 2011 – Q2 2014)
v.Mobile internet public market valuation ranges by sector (as at Q2 2014)
vi.Mobile internet M&A valuation ranges by sector
c)Mobile internet industry trends, highlights and detailed operational metrics
i.iOS vs Android apps and downloads
ii.iOS vs Android relative monetization
iii.Global Android app store downloads, apps and average downloads per app
iv.Global app revenue share (iOS/Android)
v.App category downloads vs revenue by app category
vi.App as a Service overview
vii.App business model segmentation by app category
viii.Operational metrics analysis overview (top 1% grossing apps vs top 5% grossing apps)
ix.Billion dollar mobile internet company valuations vs value created per year since founding
x.Mobile internet consolidators overview
xi.Mobile internet sector consolidation curve
Table of contents (of full Review)
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27
2. Public company and M&A comparables (page 41)
a)Public company comparables by sector (59 public companies included - see companies by sector below)
i.Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A – 16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii.Sectors are mobile advertising/marketing, app store/distribution, enterprise/B2B, entertainment, food & drink, games, lifestyle, mCommerce, messaging, music, navigation, social networking, tech, utilities and all sectors combined
b)M&A comparables by sector
i.EV / revenue (low, high, mean, median) and EV / EBITDA (low, high, mean, median)*
ii.Sectors are mobile advertising/marketing (no EBITDA multiples), enterprise/B2B, entertainment, finance, games, mCommerce, messaging (no EBITDA multiples), photo & video (no EBITDA multiples), social networking, tech, utilities and all sectors combined 3. Operational metrics analysis (page 47)
a)Selected key performance metrics for games, entertainment, finance, messaging and music sectors
b)Operational metrics in each sector for top 1% grossing apps, top 5% grossing apps, top 25% grossing apps, top 50% grossing apps, relative performance of top 1% grossing vs top 5% grossing multiples, top 1% grossing vs top 25% grossing multiples, top 1% grossing vs top 50% grossing multiples
c)Selected metrics include sessions per day, lifetime value, % paid conversion in first 7 days, ARPDAU, sessions first 7 days/following 7 days, sessions per week, second session conversion rate, % of paid conversion in first 90 days, 3 day retention, average session length, 7 day retention rate, % of paid conversion in first 30 days, ARPDPU, % of organic to paid users, 90 day retention rate, 7 day registration rate, 30 day retention rate, 2 day completed registration rate, and 14 day registration rate. Selected metrics differ by app category
* Where available
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28
4. Mobile advertising/marketing review (page 49)
a)Mobile advertising spend forecast (2013 – 2017F)x
i.In-app advertising spend
ii.Mobile web advertising spend
b)Public company comparables (Adways, Hipcricket, Kitara Media, Mobile Embrace, Rocket Fuel)
ii.Public company index chart (Q1 2011 – Q2 2014)
c)M&A comparables
i.EV / revenue (low, high, mean, median)
d)M&A transactions (Q1 2011 – Q2 2014)
i.Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e)Investment transactions (Q1 2011 – Q2 2014)
i.Date, target, investors, deal value ($M)* 5. App store/distribution review (page 94)
a)App store revenue share forecast (2013 – 2017F)**
b)Public company comparables (Sungy Mobile)
c)M&A transactions (Q1 2011 – Q2 2014)
i.Date, target, acquirer, deal value ($M)*
d)Investment transactions (Q1 2011 – Q2 2014)
i.Date, target, investors, deal value ($M)*
Sources: Digi-Capital, Zenith Optimedia, PWC, AppAnnie, Companies, Gartner
x In-app advertising and mobile web advertising spend, excluding mobile advertising/marketing services revenue
** App store revenue share component only
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29
6. Books apps sector review (page 102)
a)Revenue forecast (2013 – 2017F)
b)M&A transactions (Q1 2011 – Q2 2014)
c)Investment transactions (Q1 2011 – Q2 2014)
i.Date, target, investors, deal value ($M)* 7. Business apps sector review (page 107)
c) Investment transactions (Q1 2011 – Q2 2014)
i.Date, target, investors, deal value ($M)* 8. Education apps sector review (page 114)
c) Investment transactions (Q1 2011 – Q2 2014)
* Where available
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9. Enterprise mobility/B2B sector review (page 122)
a)Revenue forecast (enterprise apps) (2012 and 2017F)
b)Public company comparables (Citrix Systems, Clicksoftware Technologies, Fleetmatics, Globo International, Mobile Iron, Vocera Communications)
c)M&A comparables
ii.EV / EBITDA (low, high, mean, median)
i.Date, target, investors, deal value ($M)* 10. Entertainment apps sector review (page 151)
b)Public company comparables (Dwango, Mandalay Digital, Moko Social Media, MTI, Ubiquity Broadcasting, Youku Tudou)
c)M&A comparables
d)Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
e)M&A transactions (Q1 2011 – Q2 2014)
f)Investment transactions (Q1 2011 – Q2 2014)
* Where available
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11. Finance apps sector review (page 171)
b)M&A comparables
c)Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
i.Date, target, investors, deal value ($M)* 12. Food & Drink apps sector review (page 183)
a)Public company comparables (Grub Hub, Just Eat)
ii.Public company index chart (Q2 2014)
* Where available
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13. Games apps sector review (page 195)
b)Public company comparables (Ateam, Colopl, Com2us, Crooz, Cyberagent, DeNA, Drecom, Forgame, G5 Entertainment, Gameloft, Gamevil, Glu Mobile, Gree, Gung Ho, IGG, King, Klab, NHN, Taomee, Voltage)
c)M&A comparables
i.Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple, net profit multiple*
i.Date, target, investors, deal value ($M)* 14. Health & Fitness apps sector review (page 239)
* Where available
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15. Lifestyle apps sector review (page 247)
b)Public company comparables (Move, Yelp, Zillow, Zoopla)
i.Date, target, investors, deal value ($M)* 16. mCommerce apps sector review (page 257)
a)mCommerce sales forecast (2013 – 2017F)
i.By smartphone
ii.By tablet
b)Public company comparables (Bango, Mint Wireless, Net Element)
c)M&A comparables
* Where available
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17. Medical apps sector review (page 292)
i.Date, target, investors, deal value ($M)* 18. Messaging apps sector review (page 300)
a)Revenue forecast (2013 and 2017F)
b)Public company comparables (Naver, Tencent)
c)M&A comparables
i.Date, target, acquirer, deal value ($M), revenue multiple*
* Where available
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19. Music apps sector review (page 319)
b)Public company comparables (Pandora)
c)Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
i.Date, target, investors, deal value ($M)* 20. Navigation apps sector review (page 333)
b)Public company comparables (AutoNavi, Telenav, Tom Tom)
* Where available
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21. News apps sector review (page 340)
i.Date, target, investors, deal value ($M)* 22. Photo & Video apps sector review (page 345)
b)M&A comparables
i.Date, target, acquirer, deal value ($M), revenue multiple*
i.Date, target, investors, deal value ($M)* 23. Productivity apps sector review (page 364)
* Where available
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24. Social networking apps sector review (page 372)
b)Public company comparables (Facebook, MeetMe, Twitter, Weibo)
c)M&A comparables
i.Date, target, investors, deal value ($M)* 25. Sports apps sector review (page 392)
* Where available
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26. Mobile Tech sector review (page 399)
a)Global mobile subscriber forecast by device type
i.Smartphone
ii.Tablet
b)Public company comparables (Apple, Arm Holdings, Audience, Blackberry, Broadsoft, Gemalto, Google, Mavenir Systems, Microsoft, Nvidia, Samsung Electronics, Synaptics)
c)M&A comparables
i.Date, target, investors, deal value ($M)* 27. Travel/Transport apps sector review (page 443)
a)Revenue forecast (2013 – 2017F) (Travel)
* Where available
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28. Utilities apps sector review (page 460)
b)Public company comparables (Cheetah Mobile, NQ Mobile)
c)M&A comparables
i.Date, target, investors, deal value ($M)* 29. Wearables sector review (page 488)
* Where available
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30. Weather apps sector review (page 493)
b)Investment transactions (Q1 2011 – Q2 2014)
* Where available
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About Digi-Capital
Digi-Capital advises mobile internet, games & digital clients across America, China, Japan, South Korea and Europe
Sell-side M&A
Buy-side M&A
Fundraising
Investment
Board Advisory
Strategic Consulting
Industry Analysis
Selected Clients

The Growth of Mobile Internet Revenue - Tim Merel, Managing Director Digi-Capital

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