Web 2.

0 Weekly
“DST Cashing Up”
July 20, 2010

David Shore, CFA, MBA 416.860.6784

dshore@mackieresearch.com
Damian Wojcichowsky, CFA 416.860.7652

This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
www.mackieresearch.com

Copyright © 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com
 Key Developments (past week)
Deals (M&A, Finance) – Major DST Financing

Naspers, a South African media and print conglomerate, invested $388 mm in Digital
Sky Technologies, the Russian digital media holding company with significant stakes in
Facebook, Groupon, Mail.ru, and Zynga.

The next biggest raise of the week was Australian enterprise software developer,
Atlassian, receiving $60 mm in Series A funds from Accel Partners.

Social Commerce continues to garner attention – this week BlueSwarm ($0.8 mm angel
round) and Shopkick ($15 mm Series B round) raised money.

Another $31 mm in venture funds found their way to Advertising-related start-ups,
including Israel-based Adsmarket ($17 mm), as well as a pair of India-based companies
– Komli Media ($6 mm) and InMobi ($8 mm).
Financial Results/Guidance/Partnerships/Product

Score Media (TSX:SCR, BUY, FTM price target: $1.25), Canadian sports
entertainment media concern and developer of the popular Score Mobile application for
iPhone, BlackBerry, and Android, reported strong Q3/F10 results, including total revenue
of $12.0 million (+10.8% Y/Y, +20.4% Q/Q, MRCC estimate: $11.5 million), EBITDA of
$2.0 million (+16.6% Y/Y, +79.1% Q/Q, MRCC: $1.8 million), EBITDA margin of 17.0%
(MRCC: 16.0%), and EPS of $0.01 – inline with our $0.01 estimate.
2 www.mackieresearch.com
 Chart of the Week: DST Continues to Cash Up
800.0
DST has raised almost $700
700.0 688.0 mm this year as it continues
to make large investments in
Web 2.0 companies
600.0

500.0

400.0

300.0
247.0

200.0
135.0

100.0 60.0 50.0 50.0 44.0 40.0 38.5 35.0

0.0
Technologies

Zynga

LivingSocial
Groupon

Atlassian

Gilt Groupe
Glam Media

Tremor Media

Squarespace
Qiyi
Digital Sky

3 www.mackieresearch.com
 Public Company Data

4 www.mackieresearch.com
 Aggregate Public Data

Web 2.0 Public Companies Total Median Max Min

# Companies 102 - - -
Market Cap (US$ mm) 81,684.2 56.0 32,832.1 0.0
Revenue (US$ mm) 28,443.7 47.9 6,736.1 0.0
1 Year revenue growth 1.9% 8961.6% -100.0%
EBITDA as % of revenue - 8.3% 63.1% -99.5%
Net cash (US$ mm) 17,042.9 2.8 6,535.8 -670.8
TEV/Revenue - 1.9x 43.5x 0.1x
TEV/EBITDA - 8.3x 48.9x 0.3x
P/E - 15.0x 94.5x 0.0x
Relative to 52 week high -42.2% -1.6% -93.3%

Source: CapitalIQ

5 www.mackieresearch.com
 6
0
5
10
15
20
25
30
Gaming

28
Social Networking

17
Media

10
9
Diversified

5
Mobile

5
Marketing

Source: CapitalIQ
3
Infrastructure

3
SMS/Voice

3
Enterprise

3
Advertising

2
Internet Retail

2
Virtual World
By Sector

2
Dating

2
Music

1
Vertical Communities

1
Search

1
Podcasting

1
Learning

1
Video

1
Collaboration

1
Payment

1
Financial Services
Public Company Distribution

0
5
10
15
20
25
30
35
40
45

United States

Canada

China

South Korea

Japan

Taiwan

Hong Kong

Germany

Poland

Australia

United Kingdom
By Country

Italy

Finland

Sweden

India

Russia

Malaysia

Switzerland
www.mackieresearch.com
 Valuation Dashboard – 1 Week
Market Cap EV/Revenue

Flat
9% Flat
2%
Falling
51%
Rising
43%

Falling
48% Rising
47%

EV/EBITDA P/E

Flat Flat
2% 3%

Falling
42%
Falling
38%

Rising
59%
Rising
56%

7 www.mackieresearch.com
 8
Source: CapitalIQ
Multiple (x)

0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x

# companies
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
Median EV/Revenue

9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009

Median
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010

Long-term average
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
average

4/19/2010
4/26/2010
well below LT

5/3/2010
5/10/2010
down slightly, still
Revenue multiples

5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
373939394040394242444546464646474951515150535656606161646666676464656971717274716770727370767578788179807878808084818484

www.mackieresearch.com
 9
Source: CapitalIQ
Multiple (x )

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
6/1/2009
6/8/2009
6/15/2009
6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
Median EV/EBITDA

9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009

Median
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010

Long-term average
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
below LT average

5/3/2010
5/10/2010
5/17/2010
slightly, but still depressed

5/24/2010
EV/EBITDA multiples up-tick

5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
19 21 21 22 22 21 21 22 23 22 21 23 23 25 25 25 25 25 24 25 26 28 31 29 32 34 35 37 40 38 39 37 39 40 39 38 38 41 42 41 41 41 41 41 43 43 45 44 44 50 49 48 49 50 50 48 49 47 49 49

www.mackieresearch.com
 10
Source: CapitalIQ
Multiple (x )

# companies
0. 0x
5. 0x
10. 0x
15. 0x
20. 0x
25. 0x
30. 0x
35. 0x
40. 0x
6/1/2009
6/8/2009
6/15/2009
Median P/E

6/22/2009
6/29/2009
7/6/2009
7/13/2009
7/20/2009
7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009

Median
12/7/2009
12/14/2009
12/21/2009
12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010

Long-term average
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
average

4/5/2010
4/12/2010
4/19/2010
and still below LT

4/26/2010
5/3/2010
5/10/2010
P/E multiples also tick up

5/17/2010
5/24/2010
5/31/2010
6/7/2010
6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
20 19 18 18 18 19 19 19 20 19 18 19 19 18 19 20 23 24 24 24 25 26 26 26 30 31 32 30 33 33 34 34 37 38 38 38 38 39 40 41 39 39 39 37 36 37 34 33 32 35 35 35 35 35 35 36 36 32 33 33

www.mackieresearch.com
 11
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0

# Companies 1
Virtual World
33.0

2
Infrastructure

13.4

9
Social Networking

9.2

7
Diversified

9.0

1
Learning

7.6

4
Mobile

4.9

2
Music

4.3

1
Search

4.0
Gaming

21
3.7

5
Marketing
3.4

3
SMS/Voice
3.3

1
Vertical Communities
3.3
Average EV/Revenue – by Sector

1
Podcasting
2.8

1
Collaboration
2.5

9
Media
2.3

Advertising
2.3

Internet Retail
1.9

Enterprise
1.8

Video
1.5

Dating
1.3

Financial Services
0.4

www.mackieresearch.com
 Average EV/EBITDA – by Sector

45.0
41.3

40.0

35.0

30.0

25.0

20.0 18.3
16.4

15.0
12.7 12.2
10.8 10.1
9.2 9.0
10.0
6.9 6.6

5.0 4.0

-
Diversified

Advertising
Internet Retail
Search

Mobile

Enterprise

Gaming

Social Networking

Collaboration

Media

Marketing

Dating
# Companies 1 3 2 13 5 2 6 1 6 2 1 1

12 www.mackieresearch.com
 Average P/E – by Sector

100.0

90.0 87.6

80.0

70.0

60.0 56.5

50.0

40.3
40.0 35.9

30.0
23.3
19.2
20.0
14.3 13.1 13.0

10.0 7.3

-
Internet Enterprise Collaboration Diversified Social Marketing Advertising Gaming Media Virtual World
Retail Networking

2 3 1 9 17 5 3 28 10 2
# Companies

13 www.mackieresearch.com
 14
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0

43
Ac credited Members H olding C orporation

Source: CapitalIQ
36
Worlds .c om Inc .

26
S pec trumDNA, Inc .
S ocialG O P LC

25

17
T encent H oldings L td.
MO K O . mobi L imited

15 15
G eoS entric O y j

12
P aid Inc .

11
B ey ond C ommerce, Inc .
L ingo Media C orporation
C hines e G amer International

9 9 9
G ree, Inc .

7
DigitalP os t Interactive, Inc .

7
Mood Media C orporation
Dena C o. L td.
T rans G aming, Inc .

6 6 5
Ac celeriz e New Media, Inc.

5
HU G H E S T elematic s , Inc .
F rogs ter Interac tiv e P ic tures AG
C hangyou. com Limited
Mix i, Inc.

4 4 4 4
S K C ommunications C o., L td.
T aleo C orp.
K ings oft C orporation Limited
WebMediaB rands Inc

4 3 3 3
Motric ity , Inc .
is eemedia Inc .
Wiz z ard S oftware C orporation
EV/Revenue Ranking

3 3 3
O pen T ex t C orp.
eP ro L td.
Modern T imes G roup Mtg AB
H anbitS oft, Inc.
XING AG
NE O WIZ G ames C orporation
S ohu.c om Inc .
S core Media Inc.
U O MO Media, Inc
V elti P lc
S hutterfly, Inc.
P NI Digital Media Inc .
V alueC lick , Inc .
G ungH o O nline E ntertainment, Inc .
P latforma Mediowa P oint G roup S . A.
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Myriad G roup AG
NeuL ion Inc orporated
Webz en Inc.
G amania Digital E ntertainment C o., L td.
Accredited Members

Hutc his on T elec ommunic ations Hong

revenue multiple at 43x

Y D O nline C orp.
Holding Co. has highest

S park Network s , Inc .

U nilav a C orporation
2 1 1 1 1 1 1 1

S NAP Interactive, Inc .

Y nk K orea Inc.
NetDragon WebS oft, Inc.
AQ Interactive, Inc .
P oints International L td.
Internet G roup S A
O AO R B C Information S ys tems
O riented Media G roup B erhad
T he New Y ork T imes C ompany
IAC /InterAc tiv eC orp.
DADA S pA
Northgate T echnologies Limited
T heS treet. com, Inc .
U nited O nline, Inc .
Unis erve C ommunic ations C orp.
AO L, Inc.
C DC C orp.
G lu Mobile, Inc .
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

G igaMedia L td.
T ree. C om, Inc .
Actoz S oft C o., Ltd.
C y berplex Inc.
O penwav e S y s tems Inc.
R ealNetwork s Inc .
J umbuc k E ntertainment L imited
G ameO n C o L td.
As k net AG
Look S mart, L td.
0 0 0 0 0 0 0 0 0 0

DigitalT own, Inc.

www.mackieresearch.com
 15
0. 0
10. 0
20. 0
30. 0
40. 0
50. 0
60. 0

Source: CapitalIQ
HanbitS oft, Inc .

48.9
S K C ommunic ations C o. , Ltd.

41. 3
T enc ent Holdings Ltd.

33. 0
Motric ity , Inc .
T aleo C orp.

27.227.0
F rogs ter Interac tive P ic tures AG

25.8
C hines e G amer International

18.0
My riad G roup AG
Mix i, Inc .
Modern T imes G roup Mtg AB
G ree, Inc .

16. 916. 516. 315.9

AQ Interac tive, Inc .
S hutterfly , Inc .

14.614.1
T heS treet. c om, Inc .
EV/EBITDA Ranking

S c ore Media Inc .

Dena C o. Ltd.
12. 812. 612. 2

Y D O nline C orp.
O penwave S y s tems Inc .
11.110.7

IAC /InterAc tiveC orp.

O pen T ex t C orp.
DADA S pA
9. 6 9.2 9.1

G amania Digital E ntertainment C o., Ltd.

group at 48.9x

XING AG
HanbitSoft leads the

G ungHo O nline E ntertainment, Inc .

V elti P lc
P NI Digital Media Inc .
NE O WIZ G ames C orporation
K ings oft C orporation Limited
Unis erve C ommunic ations C orp.
8.4 8. 3 7. 7 7. 6 7.5 7.3 7.3 7.3

N etDragon WebS oft, Inc .

S park Network s , Inc .
C hangy ou. c om Limited
V alueC lic k , Inc .
7. 1 6. 6 6.3 6.3

C DC C orp.
Hutc his on T elec ommunic ations Hong K ong Holdings Ltd.
T he New Y ork T imes C ompany
S ohu.c om Inc .
5.8 5.7 5. 1 4. 9

C y berplex Inc .
United O nline, Inc .
4.0 3.6

AO L, Inc .
Ac toz S oft C o., Ltd.
2.1 1.9

G ameO n C o Ltd.
J umbuc k E ntertainment Limited
Mood Media C orporation
0. 6 0. 3 0. 0

www.mackieresearch.com
Excluding EV/EBITDA > 100x
 16
Source: CapitalIQ
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
eP ro Ltd.

S hutterfly , Inc. 94.5

87.6
P oints International Ltd.

64.6
Mix i, Inc .
P/E Ranking

C DC C orp.

50. 3 48. 4
T enc ent H oldings Ltd.

43. 9
O pen T ex t C orp.

NetDragon W ebS oft, Inc . 40. 3

G ree, Inc .

G amania Digita l E ntertainment C o., Ltd.

31. 7 31. 2 30.5

F rogs ter Intera ctive P ictures AG

29.2

Dena C o. Ltd.
27.2

C hines e G amer Internationa l

V elti P lc
24.4 23.6

Hutc his on T elec ommunications H ong K ong H oldings Ltd.

NE O W IZ G ames C orporation
P/E at 94.5x

17.8 17.2

DADA S pA
ePro has the highest

T he New Y ork T imes C ompany

V alueC lic k , Inc.

C y berplex Inc .

S ohu.com Inc .
15.1 14.9 14.8 14.3 13.4

K ings oft C orpora tion L imited

AO L , Inc.
12.6 10.8

C hangy ou. com L imited

9.3

G ameO n C o Ltd.
8.5

U nited O nline, Inc .

8.5

Ngi G roup Inc .

7.3

Unis erve C ommunic ations C orp.

5.1

J umbuc k E ntertainment Limited

2.9

N etea s e.com Inc .

2.3

G iant Intera ctive G roup, Inc .

2.0

S ha nda Interac tive E ntertainment Ltd.

1.9

www.mackieresearch.com
 17
Source: CapitalIQ
(U S $m)

# companies
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000

7/27/2009
8/3/2009
8/10/2009
8/17/2009
8/24/2009
8/31/2009
9/7/2009
9/14/2009
9/21/2009
9/28/2009
10/5/2009
10/12/2009
10/19/2009
10/26/2009
11/2/2009
11/9/2009
11/16/2009
11/23/2009
11/30/2009
12/7/2009
12/14/2009
12/21/2009
Total Market Capitalization

12/28/2009
1/4/2010
1/11/2010
1/18/2010
1/25/2010
2/1/2010
2/8/2010
2/15/2010
2/22/2010
3/1/2010
3/8/2010
3/15/2010
3/22/2010
3/29/2010
4/5/2010
4/12/2010
4/19/2010
4/26/2010
5/3/2010
5/10/2010
index

5/17/2010
5/24/2010
5/31/2010
in our Web 2.0
102 companies

6/7/2010
at $81.7 bn with
Total market cap

now represented

6/14/2010
6/21/2010
6/28/2010
7/5/2010
7/12/2010
7/19/2010
97 97 97 97 97 97 96 97 97 97 97 98 98 98 98 98 98 98 99 99 99 99 99 99 99 99 99 99 99 99100101101101101101101101101101101101101101101101101102102102101102

www.mackieresearch.com
 18
-

# Companies
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0

9
Diversified

Gaming

28
Media

10
Social Networking

17
5
Mobile

1
Collaboration

3
Enterprise

5
Marketing

2
Internet Retail

1
Search
Total Market Cap – by Sector

3
SMS/Voice

1
Financial Services

2
Dating

2
Music

3
Advertising
1
Video
2

Virtual World
$36 bn in market cap

Vertical Communities
1

Payment
Nine Diversified companies totaling

Podcasting
3

Infrastructure
1

Learning
www.mackieresearch.com
 19
0
1,000
2,000
3,000
4,000
5,000
6,000
Tencent Holdings Ltd.
Frogster Interactive Pictures AG
Netease.com Inc.
Dena Co. Ltd.

Source: CapitalIQ
IAC/InterActiveCorp.
Shanda Interactive Entertainment Ltd.
Open Text Corp.
AOL, Inc.
GeoSentric Oyj
Sohu.com Inc.
Giant Interactive Group, Inc.
GungHo Online Entertainment, Inc.
Changyou.com Limited
The New York Times Company
Perfect World Co., Ltd.
Taleo Corp.
ValueClick, Inc.
Chinese Gamer International
SK Communications Co., Ltd.
NEOWIZ Games Corporation
Shutterfly, Inc.
United Online, Inc.
RealNetworks Inc.
Motricity, Inc.
Hutchison Telecommunications Hong Kong Holdings
Gree, Inc.
NetDragon WebSoft, Inc.
Velti Plc
CDC Corp.
Gamania Digital Entertainment Co., Ltd.
Myriad Group AG
XING AG
Openwave Systems Inc.
Market Cap Ranking

OAO RBC Information Systems

MOKO.mobi Limited
GigaMedia Ltd.
The9 Limited
AQ Interactive, Inc.
Webzen Inc.
Points International Ltd.
DADA SpA
TheStreet.com, Inc.
HUGHES Telematics, Inc.
Tree.Com, Inc.
Actoz Soft Co., Ltd.
Score Media Inc.
Spark Networks, Inc.
Paid Inc.
Mood Media Corporation
NeuLion Incorporated
YD Online Corp.
Yippy, Inc.
Quepasa Corp.
Platforma Mediowa Point Group S.A.
PNI Digital Media Inc.
Ngi Group Inc.
Cyberplex Inc.
Glu Mobile, Inc.
Gravity Co., Ltd
DigitalTown, Inc.
ePro Ltd.
Multiplied Media Corporation
TransGaming, Inc.
WebMediaBrands Inc
LookSmart, Ltd.
NeXplore Corporation
dominates group

Socialwise, Inc.
Accredited Members Holding Corporation
Asknet AG
Ynk Korea Inc.
VOIS, Inc.
Accelerize New Media, Inc.
Tencent’s $32.8 bn market cap

YouBlast Global, Inc.

Wizzard Software Corporation
Moggle, Inc
Northgate Technologies Limited
Dolphin Digital Media, Inc.
iseemedia Inc.
DigitalPost Interactive, Inc.
Kent International Holdings Inc.
Unilava Corporation
Jumbuck Entertainment Limited
Worlds.com Inc.
SocialGO PLC
SNAP Interactive, Inc.
Modern Times Group Mtg AB
Beyond Commerce, Inc.
SpectrumDNA, Inc.
IAS Energy, Inc.
Kiwibox.Com, Inc.
Uniserve Communications Corp.
Internet Group SA
Oriented Media Group Berhad
En2Go International, Inc.
Mobile Data Corp.
UOMO Media, Inc
LiveWorld Inc.
Lingo Media Corporation
Kingsoft Corporation Limited
GameOn Co Ltd.
HanbitSoft, Inc.
www.mackieresearch.com
 Price Performance – 1 Week
• Moderately negative price momentum,
with 51% of stocks falling over the past Price Momentum
week.
• The market is see-sawing – this week Flat
down, last week up, and the prior week 11%
down.

Falling
51%

Rising
38%

20 www.mackieresearch.com
 Average Price Performance – 1 Week, by Sector

25.0% 23.0% 22.5%

Music sector shows highest
20.0%
16.2% weekly returns
15.0%

10.0% 6.8%
5.2% 5.2%
5.0% 2.5% 1.7%
1.1% 1.0%
0.0%
-0.4% -0.5% -0.7%
-1.6% -1.9% -2.2% -2.6%
-5.0% -3.2% -3.8%
-4.9% -5.3%
-10.0%
-11.1%
-15.0%

Internet Retail
Infrastructure

Virtual World

Collaboration

Networking
Financial
Payment

Communities
Learning

Advertising
Music

Mobile

Podcasting

Dating

Diversified

Marketing

Enterprise

Gaming

Search
Services
Video

Media

SMS/Voice
Social

Vertical
Source: CapitalIQ

21 www.mackieresearch.com
 22
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
ACCM
ETGI
UNLA
DPDM
AIM:SGO

Source: CapitalIQ
YIPI
YBLT
OMEDIA
ASX:JMB
KIWB
XTRA:A5A
TSX:CX
GTSM:3083
TSXV:USS
GRVY
PAYD
TSXV:TNG
3838
3812
2121
A047080
SEHK:215
NYT
WEBM
KOSE:A069080
TSCM
HUTC
A066270
CHIN.A
6180
A095660
SNDA
RBCI
A023770
SFLY
PWRD
GA
IASC.A
TREE
DGLP
MTG B
TSXV:PN
3765
VEL
A052770
TLEO
590057
WSE:PGM
2497
Price Performance – 1 Week

SCLW
FRG
NTES
IEE
STVI
MYRN
777
TSX:PTS
TSXV:MMC
DB:M0C
SEHK:8086
BYOC
LVWD
GEO1V
O1BC
TSE:3632
700
IACI
TSX:MM
NCTY
GIGM
OPWV
3888
WSE:IGR
QPSA
SOHU
OTEX
VCLK
AOL
LOV
UNTD
WZE
KNTH
TSE:2432
RNWK
CYOU
A052790
LOOK
DGTW
TSX:SCR
CM:DA
ACLZ
TSX:NLN
WDDD
GLUU
MBYL
TSXV:LM
MOTR
SPXA
VOIS
MKB
UOMO
NXPC
www.mackieresearch.com
 23
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%

0%
500%
1000%
1500%
2000%
2500%
OAO RBC Worlds.com
Information Inc.
Systems

Beyond HanbitSoft,
Commerce, Inc.

Source: CapitalIQ
Inc.
Frogster
Interactive
ePro Ltd.
Pictures AG

AQ
DADA SpA
Interactive,
Inc.

SNAP NeXplore
Interactive, Corporation
Inc.

6 Month
1 Month

Points MOKO.mobi
International Limited
Ltd.
Points
HanbitSoft, International
Inc. Ltd.

Velti Plc The9 Limited

YouBlast Netease.com
Global, Inc. Inc.

LiveWorld Glu Mobile,

Inc. Inc.
Price Performance (Top 10)

0%
10%
20%
30%
40%
50%
60%

0%
500%
1000%
1500%
2000%
2500%
3000%

OAO RBC YouBlast Global,

Information Inc.
Systems

Points
Yippy, Inc. International Ltd.

ePro Ltd. ePro Ltd.

SK
Quepasa Corp. Communications
Co., Ltd.

AQ Interactive, LookSmart, Ltd.

Inc.
1 Year
3 Month

Velti Plc Glu Mobile, Inc.

Uniserve
Dena Co. Ltd. Communications
Corp.

Frogster
Interactive Velti Plc
Pictures AG
SK
Communications HanbitSoft, Inc.
Co., Ltd.

Gree, Inc. Yippy, Inc.

www.mackieresearch.com
 24
-50.0%
-45.0%
-40.0%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%

-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Kiwibox.Com,
Cyberplex Inc. Inc.

Jumbuck
TransGaming,

Source: CapitalIQ
Entertainment
Inc. Limited

Oriented
The9 Limited Media Group
Berhad

SpectrumDNA, YouBlast
Inc. Global, Inc.

UOMO Media, Yippy, Inc.

Inc
1 Week

6 Month
Lingo Media
SocialGO PLC
Corporation

Kiwibox.Com, Dolphin Digital

Inc. Media, Inc.

Unilava Unilava
Corporation Corporation

En2Go
Mobile Data
International,
Corp.
Inc.

Accredited
En2Go
Members
International,
Holding
Inc.
Corporation
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
Price Performance (Bottom 10)

-100.0%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%

Dolphin Digital Dena Co. Ltd.

Media, Inc.

Wizzard
SocialGO PLC
Software
Corporation

Dolphin Digital
Moggle, Inc Media, Inc.

Ngi Group Inc.

Cyberplex Inc.

IAS Energy, Kiwibox.Com,

Inc. Inc.
1 Year
1 Month

SpectrumDNA, WebMediaBrands
Inc. Inc

Beyond Beyond
Commerce, Commerce, Inc.
Inc.

UOMO Media, Unilava

Inc Corporation

En2Go Accredited
International, Members Holding
Inc. Corporation

YouBlast En2Go
Global, Inc. International, Inc.
www.mackieresearch.com
 Capital Market Activity (Financing, M&A)

25 www.mackieresearch.com
 Capital Market Activity – Current Month
C om pany Nam e C ountry S e c tor Ac quis ition Ange l/S e e d S e r ie s A S e rie s B S e r ie s C NA Gr and T otal
IT A S oftw ar e US A S earc h 700. 0 700.0
infoGROUP US A A dvertis ing 644. 9 644.9
Digital S k y T e c hnologie s R us s ia Divers ified 388.0 388.0
Zynga US A Gaming 100.0 100.0
Atlas s ian A us tralia Enterpris e 60.0 60. 0
S quare s pac e US A B log 38.5 38. 5
S ys om os Canada A naly tic s 35.0 35. 0
Ads m ar k e t Is rael A dvertis ing 17.0 17. 0
BuyWithMe US A S ocial Commerc e 16.0 16. 0
S hopk ic k US A S ocial Commerc e 15.0 15. 0
hi5 US A S oc ial Netw orks 14.0 14. 0
Pixaz za US A V is ual Commerc e 12.0 12. 0
Be yond The Rac k Canada S ocial Commerc e 12.0 12. 0
OC T ANE360 US A A dvertis ing 10.9 10. 9
7 S tar Ente r tainm e nt US A Media 10.0 10. 0
Flirtom atic UK S oc ial Netw orks 9.0 9.0
My-w ardr obe .com UK Internet R etail 9. 0 9.0
InMobi India A dvertis ing 8.0 8.0
AdS afe Me dia US A A dvertis ing 7.3 7.3
Kom li Me dia India A dvertis ing 6.0 6.0
Aur ora Fe int US A Gaming 5.0 5.0
Xgr aph US A A naly tic s 3.8 3.8
V ivox US A S MS /V oic e 2.0 2.0
T hr e dUP US A S ocial Commerc e 1.7 1.7
Gr oupS pac e s UK V ertical Communities 1.3 1.3
Mave n Re s e ar ch US A Comment/R eputation 1.0 1.0
Ge ndai Gam e s US A Gaming 1. 0 1.0
iGuide rs US A S earc h 1. 0 1.0
Matom y Is rael Widget 1.0 1.0
S oho OS US A Enterpris e 1.0 1.0
Hive 7 US A Gaming 0.9 0.9
Blue S w ar m US A S ocial Commerc e 0.8 0.8
L ive fyr e US A Comment/R eputation 0. 8 0.8
Ze Fr ank Gam e s US A Gaming 0.5 0.5
1391.7 3.3 110.3 58.3 9.0 561.8 2134.3

26 www.mackieresearch.com
 Capital Market Activity – Current Month, by Sector
$ Raised # Deals

Other
Diversified
9%
Diversified 3%
20% Advertising
18%

Search
6%
Search
36%

Other
Advertising
73%
35%

27 www.mackieresearch.com
 Financing Activity

Large transactions drive July

1000.0 30.0
financing to near record levels
900.0 25.6
25.0
800.0

700.0
20.0
600.0
(US$m)

(US$m)
500.0 13.7 15.0
12.2
400.0
9.6 10.1
8.5 10.0
300.0 8.1
7.4
6.3 6.4
5.2 5.7 5.5
200.0
5.0
100.0

0.0 0.0
Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10

*Dec-09 includes $180m Zynga investment

Apr-10 includes $300m DST investment
Total Average per Deal LTM Total Average**
**Excludes Dec-09, Apr-
Jun-10 includes $147m Zynga investment 10

28 www.mackieresearch.com
 29
(US$m)

0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1,000.0

# companies
7
Search

Advertising

24
Gaming

17
1
Diversified

7
Media

Social Commerce

12
Analytics

12
7
Internet Retail

6
Enterprise

3
Collaboration

Mobile

10
8
Social Networks

2
Music

5
Virtual World

1
Blog

6
Vertical Communities

3
Location-based SNS

6
Infrastructure

4
Video
deals, $851 mm)

2 SMS/Voice
area of interest in the
past three months (24
Advertising the biggest

4
Comment/Reputation
2

Mobile Ad
2

Virtual Goods
3

Financial Services
1

Visual Commerce
2

Widget
3

Aggregation
2

Publishing
3

Travel
1
Capital Market Activity Ranking – by Sector, last three months

Microblog
1

Online Learning
Crowdsourced
1

Content
www.mackieresearch.com
 30
(US$ mm)

0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
Jan-08

Feb-08

Mar-08
Apr-08

May-08
Jun-08

Jul-08
Aug-08

Sep-08
Oct-08

Nov-08

Dec-08

Social Networks
Jan-09

Feb-09

Mar-09

Gaming
Apr-09
$ Raised

May-09

Jun-09

Advertising
Jul-09
Aug-09

Video
Sep-09

Oct-09

Diversified
Nov-09

Dec-09
Jan-10

Feb-10

Mar-10
Apr-10

May-10

Jun-10

Jul-10
Top 5 Sectors (2008-present)

(# Deals)
0
5
10
15
20
25
30

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08
Jul-08

75% of financing comes from Top 5 sectors Aug-08

Sep-08

Oct-08

Nov-08

Dec-08
Social Networks

Jan-09

Feb-09

Mar-09
Advertising

Apr-09

May-09
Gaming

Jun-09
# Deals

Jul-09

Aug-09

Sep-09
Virtual World

Oct-09

Nov-09
Video

Dec-09

Jan-10

Feb-10

Mar-10
Top 5 sectors average $175 mm & 16 deals per month (aggregate)

Apr-10

May-10

Jun-10

Jul-10
www.mackieresearch.com
 Top 10 (2010 YTD)
Financing Acquisitions

800.0 800

700.0
700.0 688.0 700
644.9

600
600.0

500
500.0

400
400.0

300
300.0 225.0
247.0
187.5
200 161.5 160.0
200.0 142.0 126.5
110.0 100.0
135.0 100
100.0 60.0 50.0 50.0 44.0 40.0 38.5 35.0 0

Ankeena Networks
Alloy
ITA Software

Turbine
infoGROUP

Exalead
ICQ

Woot
Jigsaw
Siri
0.0
Technologies

Zynga

LivingSocial
Groupon

Atlassian

Gilt Groupe
Glam Media

Tremor Media

Squarespace
Qiyi
Digital Sky

DST soars to top with almost $700 million in financing this year

31 www.mackieresearch.com
 Upcoming Events/Earnings
E arnings C alendar
Company Date / Time Quarter Conf Call Details
Modern Times Group Mtg AB (OM:MTG B) Jul-20-2010 9:00 AM Q2/10 46-0-8-5051-3785
The New York Times Company (NYSE:NYT) Jul-22-2010 11:00 AM Q2/10 888-293-6979
Changyou.com Limited (NasdaqGS:CYOU) Jul-26-2010 7:00 AM Q2/10 1-866-804-6927
Sohu.com Inc. (NasdaqGS:SOHU) Jul-26-2010 8:30 AM Q2/10 1-877-941-6009
IAC/InterActiveCorp. (NasdaqGS:IACI) Jul-28-2010 11:00 AM Q2/10 NA
Shutterfly, Inc. (NasdaqGS:SFLY) Jul-28-2010 5:00 PM Q2/10 970-315-0490
Taleo Corp. (NasdaqGM:TLEO) Jul-28-2010 5:30 PM Q2/10 NA
Tree.Com, Inc. (NasdaqGM:TREE) Jul-29-2010 11:00 AM Q2/10 877-874-1588
RealNetw orks Inc. (NasdaqGS:RNWK) Jul-29-2010 5:00 PM Q2/10 800-857-5305
LookSmart, Ltd. (NasdaqGM:LOOK) 2-Aug-10 Q2/10 NA
Glu Mobile, Inc. (NasdaqGM:GLUU) Aug-03-2010 4:30 PM Q2/10 877-311-0653
Motricity, Inc. (NasdaqGM:MOTR) Aug-03-2010 5:00 PM Q2/10 1-877-941-8416
TheStreet.com, Inc. (NasdaqGM:TSCM) Aug-04-2010 5:00 PM Q2/10 866-730-5767
AOL, Inc. (NYSE:AOL) Aug-04-2010 8:00 AM Q2/10 866-362-4820
ValueClick, Inc. (NasdaqGS:VCLK) Aug-05-2010 4:30 PM Q2/10 818-575-4677
Openw ave Systems Inc. (NasdaqGS:OPWV) Aug-05-2010 5:00 PM Q4/10 877-941-2068
Open Text Corp. (NasdaqGS:OTEX) Aug-18-2010 5:00 PM Q4/10 416-644-3414
The9 Limited (NasdaqGS:NCTY) Aug-24-2010 9:00 PM Q2/10 1-866-788-0538

Source: CapitalIQ

32 www.mackieresearch.com
 Public Company Listing T rading C urre nt US $ Mark e t
C om pany Nam e T ick e r Exchange C ur re ncy HQ Price C ap (m m ) Em ploye e s
A ccelerize New M edia, Inc. ACLZ OTCBB USD United States 0.51 15.9 10
A ccredited M embers Holding Co rpo ratio n ACCM OTCBB USD United States 0.75 21.9 8
A cto z So ft Co ., Ltd. A052790 KOSE KRW So uth Ko rea 10,800 78.8 NA
A OL, Inc. AOL NYSE USD United States 21.09 2,250.7 6,700
A Q Interactive, Inc. 3838 TSE JP Y Japan 164,900 103.5 NA
A sknet AG XTRA :A 5A XTRA EUR Germany 2.90 19.0 NA
B eyo nd Co mmerce, Inc. BYOC OTCBB USD United States 0.08 5.3 16
CDC Co rp. CHIN.A NasdaqGS USD Ho ng Ko ng 2.07 218.6 2,810
Changyo u.co m Limited CYOU NasdaqGS USD China 26.60 1,371.7 1,308
Chinese Gamer Internatio nal GTSM :3083 GTSM TWD Taiwan 267.00 712.8 NA
Cyberplex Inc. TSX:CX TSX CA D Canada 0.61 42.0 NA
DA DA SpA CM :DA CM EUR Italy 4.56 95.9 597
Dena Co . Ltd. TSE:2432 TSE JP Y Japan 2,168 3,565.1 NA
DigitalPo st Interactive, Inc. DGLP OTCBB USD United States 0.05 6.8 6
DigitalTown, Inc. DGTW OTCBB USD United States 1.15 32.1 4
Do lphin Digital M edia, Inc. DP DM OTCBB USD United States 0.15 9.3 NA
En2Go International, Inc. ETGI OTCBB USD United States 0.08 1.9 NA
ePro Ltd. SEHK:8086 SEHK HKD Ho ng Ko ng 0.70 30.3 707
Fro gster Interactive P ictures A G FRG XTRA EUR Germany 24.70 10,661.3 NA
Gamania Digital Entertainment Co ., Ltd. 6180 GTSM TWD Taiwan 51.80 206.3 NA
GameOn Co Ltd. 3812 TSE JP Y Japan 68,700 0.3 NA
Geo Sentric Oyj GEO1V HLSE EUR Finland 0.03 2,059.3 130
Giant Interactive Gro up, Inc. GA NYSE USD China 6.99 1,588.0 1,575
GigaM edia Ltd. GIGM NasdaqGS USD Taiwan 2.20 121.7 NA
Glu M o bile, Inc. GLUU NasdaqGM USD United States 1.35 41.3 479
Gravity Co ., Ltd GRVY NasdaqGM USD So uth Ko rea 1.35 37.5 455
Gree, Inc. TSE:3632 TSE JP Y Japan 6,300 245.2 NA
GungHo Online Entertainment, Inc. 3765 OSE JP Y Japan 185,300 1,547.1 NA
HanbitSo ft, Inc. A047080 KOSE KRW So uth Ko rea 6,120 0.1 NA
HUGHES Telematics, Inc. HUTC OTCBB USD United States 2.50 84.3 276
Hutchison Teleco mmunicatio ns Ho ng Kong SEHK:21
Ho ldings
5 Ltd. SEHK HKD Ho ng Ko ng 1.73 322.5 1,732
IA C/InterActiveCo rp. IA CI NasdaqGS USD United States 22.61 2,507.1 3,200
IA S Energy, Inc. IA SC.A OTCPK USD Canada 0.05 3.5 NA
Internet Gro up SA WSE:IGR WSE P LN P o land 0.76 2.7 NA
iseemedia Inc. IEE TSXV CA D Canada 0.12 7.6 NA
Jumbuck Entertainment Limited ASX:JM B A SX A UD A ustralia 0.17 5.9 79
Kent Internatio nal Ho ldings Inc. KNTH OTCPK USD United States 1.90 6.8 NA

33 www.mackieresearch.com
 Public Company Listing cont.
T rading C urr e nt US $ Mark e t
C om pany Nam e T ick e r Exc hange C ur re nc y HQ Price C ap (m m ) Em ploye e s
Kingso ft Co rpo ratio n Limited 3888 SEHK HKD China 4.07 0.4 2,735
Kiwibo x.Co m, Inc. KIWB OTCB B USD United States 0.01 3.3 6
Lingo M edia Co rpo ratio n TSXV:LM TSXV CA D Canada 0.49 1.2 NA
LiveWo rld Inc. LVWD OTCP K USD United States 0.04 1.2 NA
Lo o kSmart, Ltd. LOOK NasdaqGM USD United States 1.50 25.7 65
M ixi, Inc. 2121 TSE JP Y Japan 423,500 0.0 NA
M o bile Data Co rp. M B YL OTCB B USD United States 0.06 1.4 NA
M o dern Times Gro up M tg A B M TG B OM SEK Sweden 442.00 5.4 2,936
M o ggle, Inc DB :M 0C DB EUR United States 0.85 12.3 2
M OKO.mo bi Limited M KB A SX A UD A ustralia 0.08 147.3 NA
M o o d M edia Co rpo ratio n TSX:M M TSX CA D Canada 1.61 60.0 NA
M o tricity, Inc. M OTR NasdaqGM USD United States 8.49 337.4 355
M ultiplied M edia Co rpo ratio n TSXV:M M C TSXV CA D Canada 0.11 27.7 NA
M yriad Gro up A G M YRN SWX CHF Switzerland 4.30 198.6 778
NEOWIZ Games Co rpo ratio n A 095660 KOSE KRW So uth Ko rea 36,900 640.1 NA
NetDrago n WebSo ft, Inc. 777 SEHK HKD China 3.58 242.3 2,901
Netease.co m Inc. NTES NasdaqGS USD China 33.53 4,351.0 4,624
NeuLio n Inco rpo rated TSX:NLN TSX CA D Canada 0.47 52.1 224
NeXplo re Co rpo ratio n NXP C OTCP K USD United States 0.45 25.1 NA
Ngi Gro up Inc. 2497 TSE JP Y Japan 30,400 45.1 NA
No rthgate Techno lo gies Limited 590057 B SE INR India 16.05 11.9 NA
OA O RB C Info rmatio n Systems RB CI M ICEX RUB Russia 33.90 150.1 2,523
Open Text Co rp. OTEX NasdaqGS USD Canada 39.72 2,255.3 3,700
Openwave Systems Inc. OP WV NasdaqGS USD United States 1.96 164.4 590
Oriented M edia Gro up B erhad OM EDIA KLSE M YR M alaysia 0.07 2.7 NA
P aid Inc. P A YD OTCB B USD United States 0.24 65.1 20
P erfect Wo rld Co ., Ltd. P WRD NasdaqGS USD China 23.95 1,199.0 2,896
P latfo rma M edio wa P o int Gro up S.A . WSE:P GM WSE P LN P o land 1.47 47.9 NA
P NI Digital M edia Inc. TSXV:P N TSXV CA D Canada 1.41 45.8 NA
P o ints Internatio nal Ltd. TSX:P TS TSX CA D Canada 0.70 99.5 93
Quepasa Co rp. QP SA OTCB B USD United States 3.75 48.6 71
RealNetwo rks Inc. RNWK NasdaqGS USD United States 3.42 462.6 1,754
Sco re M edia Inc. TSX:SCR TSX CA D Canada 0.91 70.1 220
Shanda Interactive Entertainment Ltd. SNDA NasdaqGS USD China 38.98 2,314.6 5,721
Shutterfly, Inc. SFLY NasdaqGS USD United States 23.80 639.1 519
SK Co mmunicatio ns Co ., Ltd. A 066270 KOSE KRW So uth Ko rea 19,250 652.3 NA
34 www.mackieresearch.com
 Public Company Listing cont.
T rading C ur re nt US $ Mar k e t
C om pany Nam e T ick e r Exc hange C ur re ncy HQ Pr ice C ap (m m ) Em ploye e s
SNA P Interactive, Inc. STVI OTCB B USD United States 0.17 5.6 15
So cialGO P LC A IM :SGO A IM GB P United Kingdo m 0.01 5.6 9
So cialwise, Inc. SCLW OTCB B USD United States 0.46 22.9 NA
So hu.co m Inc. SOHU NasdaqGS USD China 42.13 1,593.3 3,997
Spark Netwo rks, Inc. LOV A M EX USD United States 3.19 65.7 155
SpectrumDNA , Inc. SP XA OTCB B USD United States 0.07 4.8 8
Taleo Co rp. TLEO NasdaqGM USD United States 24.62 978.9 916
Tencent Ho ldings Ltd. 700 SEHK HKD China 139.60 32,832.1 7,845
The New Yo rk Times Co mpany NYT NYSE USD United States 8.88 1,292.9 7,665
The9 Limited NCTY NasdaqGS USD China 4.28 109.2 1,010
TheStreet.co m, Inc. TSCM NasdaqGM USD United States 2.75 86.8 274
TransGaming, Inc. TSXV:TNG TSXV CA D Canada 0.49 27.6 28
Tree.Co m, Inc. TREE NasdaqGM USD United States 7.16 80.2 700
Unilava Co rpo ratio n UNLA OTCB B USD United States 0.06 6.0 40
Uniserve Co mmunicatio ns Co rp. TSXV:USS TSXV CA D Canada 0.11 3.0 NA
United Online, Inc. UNTD NasdaqGS USD United States 5.94 517.6 1,699
UOM O M edia, Inc UOM O OTCB B USD Canada 0.02 1.4 NA
ValueClick, Inc. VCLK NasdaqGS USD United States 10.95 890.5 1,086
Velti P lc VEL A IM GB P United Kingdo m 4.09 233.7 459
VOIS, Inc. VOIS OTCB B USD United States 0.01 18.0 2
WebM ediaB rands Inc WEB M NasdaqGS USD United States 0.72 27.0 83
Webzen Inc. KOSE:A 069080 KOSE KRW So uth Ko rea 10,450 101.9 326
Wizzard So ftware Co rpo ratio n WZE A M EX USD United States 0.20 13.2 80
Wo rlds.co m Inc. WDDD OTCB B USD United States 0.10 5.7 1
XING A G O1B C XTRA EUR Germany 28.40 190.0 293
YD Online Co rp. A 052770 KOSE KRW So uth Ko rea 4,150 51.2 NA
Yippy, Inc. YIP I OTCB B USD United States 2.23 50.6 NA
Ynk Ko rea Inc. A 023770 KOSE KRW So uth Ko rea 2,805 18.4 NA
Yo uB last Glo bal, Inc. YB LT OTCB B USD United States 0.39 13.4 6

35 www.mackieresearch.com
 Disclaimer
RELEVANT DISCLOSURES APPLICABLE TO: NONE

1. None applicable.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report
hereby certifies that (i) the recommendations and opinions expressed in this research
report accurately reflect the analyst’s personal views and (ii) no part of the research
analyst’s compensation was or will be directly or indirectly related to the specific
conclusions or recommendations expressed in this research report.

This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
Information about Mackie Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating categories
is available on our web site at www.mackieresearch.com.
The information contained in this report has been drawn from sources believed to be reliable but its accuracy or completeness is not guaranteed, nor in providing it does Mackie Research Capital
Corporation assume any responsibility or liability. Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned
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