Description

Table of Contents
Key Investment Themes ......................... ......................... ........5
Dot.Khan’s Top Ten Things to Watch for in 2009 ................15
U.S. Sector Outloooks................ ......................... ...................17
Search Advertising Outlook ......................... ......................... 19
Graphical Advertising Outlook.................. ......................... ...25
Ad Networks on the Rise ......................... ......................... .....29
Ad Exchanges: A New Marketplace ......................... .............37
eCommerce Outlook ......................... ......................... ............40
Online Travel Outlook ......................... ......................... ..........47
The Mobile Market ......................... ......................... ................53
Online Payment Outlook.................. ......................... .............62
Social Networks Primer ......................... ......................... .......70
Online Music Primer................... ......................... ...................78
The Challenges for Online Video ......................... .................81
Widgets: Popularity Is Growing, but Can It Be Monetized?83
Online Photo Market Outlook ......................... .......................86
Cloud Computing Outlook.................. ......................... ..........90
Virtual Online Worlds Primer................... ......................... .....95
Internet for Social Good..................... ......................... .........100
International Sector Outlooks ......................... ....................103
China Internet Market Overview................. ......................... 105
Russia Sector Outlook.................. ......................... ..............140
Korean Internet Outlook ......................... ......................... ....150
U.S. Company Previews................. ......................... .............155
Amazon.com, Overweight, ($50.76) ......................... ...........157
Blue Nile, Inc., Underweight, ($23.67) ......................... ........166
Dice Holdings, Neutral, ($4.11).................. ......................... .174
eBay, Neutral, ($13.96) ......................... ......................... .......181
Expedia, Overweight, ($7.80).................. ......................... ....191
Google, Overweight, ($303.11) ......................... ...................198
IAC, Neutral, ($15.77)................. ......................... ..................205
MercadoLibre, Overweight, ($15.69) ......................... ..........213
Omniture, Overweight, ($9.85).................. ......................... ..222
Orbitz Worldwide, Neutral, ($3.65) ......................... .............229

Priceline, Overweight, ($70.82)................. ......................... ..235
RealNetworks, Inc, Neutral, ($3.55) ......................... ............243
Shutterfly, Inc., Overweight ($6.75).................. ...................249
ValueClick, Neutral, ($6.56).................. ......................... .......257
Yahoo!, Overweight, ($11.97) ......................... .....................264
International Company Outlooks ......................... ...............273
Baidu, Overweight, ($126.93)................ ......................... ......275
China Finance Online, Neutral, ($7.05) ......................... ......282
NetEase, Neutral, ($22.10)................. ......................... ..........289
Ninetowns, Neutral, ($0.83).................. ......................... .......295
Shanda, Overweight, ($30.75)................. ......................... ....300
Sina, Overweight, ($22.89) ......................... ......................... .306
Sohu, Overweight, ($46.22)................. ......................... ........312
The9, Overweight, ($13.68) ......................... ......................... 318
UOL, Neutral, R$7.3 ......................... ......................... ............324