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4.'c9.=*_'Industry Standard,'Q.@"$%"&'+,*'+,,,*'/A'+S('X#14192'Qd-'&"7":&#3Y'>.&'9D$%"&'.>'="%'/:2"7A
Assistant Professor Thomas Eisenmann and Research Associate Sanjay T. Pothen prepared this note as the basis for class
discussion.
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1
801-305 Online Portals
What Are Portals, And How Do They Add Value For Users?
The only place anyone has to go to find something, connect with someone, or buy
anything.
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2
Online Portals 801-305
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deployed now—that’s the PC Web. And last I checked there were only 180 million users of it
out of six billion people on the planet. Then there’s the voice Web, and I mean literally voice,
as in Tellme. There’s the hand Web for handheld devices like Handspring or Palm, There’s
this broadband Web, where by the end of the year seven million U.S. homes will be getting ten
megabits of two-way Internet access for $30 or $40 a month. There’s also the video Web,
which you can see in the video servers from TiVo, Replay, and Geocast. And finally there’s
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innovation in the next ten years as there has been over the past few.
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8:4:' >:#"' 7"&1.D7' 19/D4' :98' .D4/D4' #.974&:1947A' B3"' 7#&""9' .9' :' #"<<' /3.9"' .>4"9' 817/<:07' 9.' $.&"
43:9' 919"' <19"7' .>' 8:4:*' :98' 43"' 4="<@"' 7$:<<' U"07' :&"' /..&<0' 7D14"8' >.&' "94"&192' 43"' "CD1@:<"94' .>
="%714"'fka7A'B3D7*'=1&"<"77'8:4:'/&.@18"&7'$:0':#4D:<<0'1$/&.@"'43"'D7"&'"V/"&1"9#"'%0'.>>"&192':
<1$14"8' 7"<"#41.9' .>' 7"&@1#"7A' K19#"' =1&"<"77' 8:4:' 7"&@1#"7' :&"' $.74' <1U"<0' 4.' %"' D7"8' 4.' &"4&1"@"' :
9:&&.='&:92"'.>'41$"E':98'<.#:41.9E7"97141@"'19>.&$:41.9*'14'73.D<8'9.4'%"'4..'81>>1#D<4'4.'/./D<:4"':
O
=:<<"8'2:&8"9'"143"&A';D&43"&$.&"*''$D#3'.>'43"'&"CD1&"8'19>.&$:41.9'17'.>':'#.$$.8140'9:4D&"'X"A2A*
74.#U' CD.4"7`' 9"=7' 3":8<19"7Y*' 7.' &"74&1#4192' #.97D$"&' #3.1#"' 19' 4"&$7' .>' /&.@18"&7' 73.D<8' 9.4' %"
/&.%<"$:41#A
N
O
T
CO
PY
22
D 801-305 -23-
Exhibit 1 VVV B./'-:4"2.&1"7'%0'MD81"9#"'k":#3
Category Name
Search Engines/Portals
Monthly Unique
Audience (millions)
74.4
Reach %
88.8%
Visits Per Person
(per month)
5.5
O
Telecom/Internet Services
Entertainment
News & Information
51.3
49.0
41.2
61.2%
58.5%
49.1%
N 3.0
2.1
2.2
Shopping
Electronics & Software
Online Communities
40.5
39.6
36.9
48.3%
47.2%
44.0%
O 2.1
2.1
2.4
Directories/Classifieds
Family & Lifestyles
Finance/Insurance/Investment
Corporate Information
28.6
26.3
24.9
23.8
T 34.1%
31.4%
29.7%
28.4%
1.6
1.7
2.8
1.5
Sweepstakes/Coupons
Travel
Adult
Education
CO 21.8
20.4
20.1
18.6
26.1%
24.3%
23.9%
22.2%
3.3
1.4
1.6
1.5
Government/Non-Profit 15.9 18.9% 1.8
Sports 12.5 14.9% 2.7
Automotive
PY 10.1 12.0% 1.4
Q.4"7O f91CD"'MD81"9#"'{'B3"'9D$%"&'.>'81>>"&"94'1981@18D:<7'43:4'@1714':'21@"9'40/"'.>'="%714"'.@"&'43"'#.D&7"'.>'43"'$.943A
k":#3'{'B3"'/"&#"94:2"'.>'.9<19"'1981@18D:<7'43:4':##"77"8':'21@"9'40/"'.>'="%714"'.@"&'43"'#.D&7"'.>'43"'$.943A
K.D&#"O'M8:/4"8'>&.$'Nielsen Net Ratings*'oD9"'N,*'+,,,A

801-305 A Note on Portals
Exhibit 2 xxx'B./'(,'W"%'K14"7'%0'MD81"9#"
Property Unique Audience (millions) Reach %

D
AOL Websites 48.1 57.3%
Yahoo! 44.8 53.5%

O
MSN 33.2 39.6%
Microsoft 30.1 35.9%
Lycos Network 22.8 27.2%

N
Excite@Home 20.6 24.6%
GO Network 18.1 21.6%

O
AltaVista 12.8 15.3%
Time Warner 12.7 15.1%

T
NBC Internet 12.1 14.5%
Q.4"7O f91CD"'MD81"9#"'{'B3"'9D$%"&'.>'81>>"&"94'1981@18D:<7'43:4'@1714':'="%714"'.@"&':'7/"#1>1#'/"&1.8'.>'41$"A
k":#3'{'B3"'/"&#"94:2"'.>'.9<19"'1981@18D:<7'43:4':##"77"8':'7/"#1>1#'="%714"'.@"&':'7/"#1>1#'/"&1.8'.>'41$"A
CO
PY
24
D 801-305 -25-
Exhibit 3'''?.&1\.94:<'6.&4:<7'-.$/:&17.9O'i/"&:4192'K4:41741#7
Property Unique Audience (millions) Reach % Page Views (millions) Visits Per Person
O
Pages Per Person Time per Person
“Big Three”:
AOL Websites 48.1 57.3% 2,197.4

N 7.0 46 0:29:23
Yahoo!
MSN
44.8
33.2
53.5%
39.6%
O
5,575.6
2,853.2
8.3
8.4
124
86
1:07:04
0:48:23
“Also Ran”:
Lycos Network
Excite@Home
22.8
20.6
27.2%
24.6%
T 998.1
943.1
3.3
4.4
44
46
0:16:40
0:27:29
GO Network
AltaVista
18.1
12.8
CO 21.6%
15.3%
669.8
420.8
3.7
3.6
37
33
0:22:58
0:14:58
“Portals With A
Wrinkle”:
Ask Jeeves
GoTo.com
Google
PY 8.4
5.8
3.1
10.0%
6.9%
3.8%
162.5
49.7
78.6
2.5
2.1
3.2
19
25
0:11:05
0:04:35
0:08:22
Q.4"7O f91CD"'MD81"9#"'{'B3"'9D$%"&'.>'81>>"&"94'1981@18D:<7'43:4'@1714':'="%714"'.@"&':'7/"#1>1#'/"&1.8'.>'41$"A
k":#3'{'B3"'/"&#"94:2"'.>'.9<19"'1981@18D:<7'43:4':##"77"8':'7/"#1>1#'="%714"'.@"&':'7/"#1>1#'/"&1.8'.>'41$"A
6:2"'h1"=7'{'B3"'9D$%"&'.>'41$"7':'W"%'/:2"'17'&"CD"74"8'.@"&':'7/"#1>1#'/"&1.8'.>'41$"

Exhibit 4 6"&#"94:2"'.>'B.4:<'B&:>>1#':98'M8'k"@"9D"'>.&'-:4"2.&1"7'.>'M8EKD//.&4"8'K14"7
Traffic Ad Revenue
Companies: 1999 2004E 1999 2004E
D
AOL/Yahoo/MSN 15% 20% 45% 40%
Other Broad-Based 5% 1% 20% 3%
Portals
Vertical Portals 20% 24% 24% 32%
O
Rest Of Web 59% 55% 11% 25%
Q.4"7O']i43"&'%&.:8E%:7"8'/.&4:<7_'19#<D8"'M<4:h174:*'K9:/*'dV#14"*'^.*':98'a0#.7A
K.D&#"O'M8:/4"8'>&.$'-3:&<"9"'a1*']B3"'/:&4192'.>'43"'/.&4:<'7":7*_';.&&"74"&'k"7":&#3*'!"#"$%"&*
(SSSA
N
O
Exhibit 5 -.$/:&17.9'.>'k"2174"&"8'@7A'Q.9Ek"2174"&"8'h1714.&7
My Netscape Netscape My Yahoo! Yahoo!

Breakdown:
T
Unique Audience 1.4 9.1 2.4 20.6
(millions)
Pages/Person At Portal 77 19 238 58
Hours/Person At Portal 1.7 0.4 3.8 0.8
Total Hours Online Per 12.6 9.2 12.6 7.9
CO
Person
Percent Of Total
Online Time Spent:
At Portal Listed Above 13.7% 4.4% 30.4% 9.6%
At MSN 0.7% 1.5% 1.7% 2.0%
At Go Network 1.1% 2.6% 1.4% 2.0%
K.D&#"O'M8:/4"8'>&.$']L"4&1#7_'7"#41.9*'The Industry Standard'XoD9"'(G*'(SSSYO'(,+A

PY
26
A Note on Portals 801-305
Exhibit 6 6.&4:<'f7"&'X!17Ya.0:<40RoD9"'+,,,
6"&#"94:2"'.>'/&1$:&0'714"Z7'D7"&7'43:4':<7.'@1714"8'43"'7"#.98:&0'714"X7YO
D
Secondary Site
AOL.com Yahoo.com MSN.com Lycos.com Excite.com

AOL.com 100.0% 50.9% 33.9% 18.2% 13.0%
Primary site
Yahoo.com 46.2% 100.0% 45.4% 21.8% 16.6%

O
MSN.com 40.4% 59.5% 100.0% 21.7% 16.5%
Lycos.com 54.0% 71.2% 54.0% 100.0% 26.7%

Excite.com 47.4% 66.7% 50.7% 32.9% 100.0%
Q.4"7O' ;.&' "V:$/<"*' )SA)r' .>' 43.7"' /"./<"' =3.' @1714"8' LKQA#.$' 8D&192' oD9"' +,,,' :<7.' @1714"8
b:3..A#.$A
N
O
Exhibit 7 6"&>.&$:9#"'.>'6.&4:<'J:99"&'M87
Cost (CPM) Click-Through Sell-Through

“Run of site” banner $5-$25 0.1%-1.0% 2%-5%
T
Keyword banner $20-$50 1%-5% 2%-10%
Sponsorship/co-branded $30-$100 3%-20% 2%-10%
pages
K.D&#"O'M8:/4"8'>&.$'MJQ'M$&.*']T94"&9"4'6.&4:<7*_'oD9"'+,,,*'/2A')FA
CO
Exhibit 8 B"&$7'.>'K"<"#4"8'6.&4:<'!":<7
Company Portal Date Price Term

CDNow Yahoo! 8/97 $3.9 million 1+ years
CBS Sportsline AOL 10/98 $23 million 3 years
CNET AOL 2/99 $14.5 million 2.5 years
PY
eBay AOL 3/99 $75 million 4 years
Drkoop.com AOL 7/99 $89 million 4 years
1-800 Flowers.com AOL 9/99 $37 million 4 years
'K.D&#"O'M8:/4"8'>&.$'L1#3"<"'K<:#U*']6.&4:<'B"9:9#0'!":<7*_'oD/14"&'-.$$D91#:41.97*'oD<0'+)*'+,,,*
/A'GA
27
Exhibit 9 a0#.7':98'b:3..eO'6&.>14':98'a.77'K4:4"$"947
$ In Millions, 1999 2000 2001E

% Of Revenue
D
Lycos:
Revenues $198.2 $349.2 $525.7
Cost of Revenues 37.5 (18.9%) 59.5 (17.0%) 87.9 (16.7%)
Gross Profit 160.6 (81.0%) 289.7 (83.0%) 437.8 (83.3%)
O
Operating Expenses 173.9 (87.7%) 255.7 (73.2%) 362.7 (69.0%)
Sales and Marketing 110.0 (55.5%) 170.0 (48.7%) 235.1 (44.7%)
Product Development 38.7 (19.5%) 54.7 (15.7%) 80.6 (15.3%)
General and 25.1 (12.7%) 31.0 (8.9%) 46.9 (8.9%)
Administrative
Operating Income (13.3) (-6.7%) 34.0 (9.7%) 75.1 (14.3%)
N
(loss)
Yahoo!:
Revenues $588.6 $1,084.7 $1,490.0
Cost of Revenues 92.3 (15.7%) 154.6 (14.3%) 217.4 (14.6%)
O
Gross Profit 496.3 (84.3%) 930.1 (85.7%) 1,272.6 (85.4%)
Operating Expenses 308.4 (52.4%) 518.2 (47.8%) 696.9 (46.8%)
Sales and Marketing 209.0 (35.5%) 366.7 (33.8%) 500.0 (33.6%)
Product Development 64.1 (10.9%) 96.8 (8.9%) 129.1 (8.7%)
T
General and 35.3 (6.0%) 54.7 (5.0%) 67.8 (4.6%)
Administrative
Operating Income 187.9 (31.9%) 411.9 (38.0%) 575.8 (38.6%)
(loss)
CO
Q.4"O'b":&7'&">"&'4.'#:<"98:&'0":&E"987A
K.D&#"O'M8:/4"8'>&.$'o">>&"0';1"<"&':98'L:9D"<'MA'?"&9:98"\*']a0#.7*'T9#A*_'J":&'K4":&97*'i#4.%"&
(H*'+,,,*'/2A'FG`'o">>&"0';1"<"&':98'L:9D"<'MA'?"&9:98"\*']b:3..e*'T9#A*_'J":&'K4":&97*'K"/4"$%"&'+S*
+,,,*'/2AFNA
PY
28
A Note on Portals 801-305
Exhibit 10 b:3..ey7';19:9#1:<'B:&2"47
Current Guidance (1) Bear Stearns Long-Term (2)

Gross Margin 85% 86%
D
Sales & Marketing As % Of Sales 35% 14%
Product Development As % Of 10% 6%
Sales
General & Administrative As % Of 5% 4%
O
Sales
Operating Margin 35% 62%
Tax Rate 38% 38%
Q.4"7O'X(Y'{'L:9:2"$"94Z7'2D18:9#"'4.'W:<<'K4&""4'.9'<1U"<0'"#.9.$1#7'>.&'43"'9"V4'(+E(F'$.9437A
X+Y'{'dV/"#4"8'/"&>.&$:9#"'4.'%"':#31"@"8'%"4=""9'+,(,':98'+,+)
N
K.D&#"O' M8:/4"8' >&.$' o">>&"0' ;1"<"&' :98' L:9D"<' MA' ?"&9:98"\*' ]b:3..e*' T9#A*_' J":&' K4":&97*
K"/4"$%"&'+S*'+,,,A
O
T
CO
PY
29

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Harvard Business School 9-801-305

RWebster’s New World Dictionary

• Community building features'19#<D8"8'#3:4'&..$7*'$"77:2"'%.:&87*'1974:94'$"77:2192

B3"'817#D771.9':%.@"*':<.92'=143' $D#3' .>'43"':9:<0717'43:4' >.<<.=7*' >.#D7"7' .9' /.&4:<7' 43:4

B3"'43&""'<"@"<'7/<14':<7.'%.&"'147"<>'.D4'19']741#U19"77_'X1A"A*'43"':$.D94'.>'41$"' 43"' :@"&:2"

Portal Business Model

Acquiring New Users

Vertically Integrated Browsers.'B3"'W"%'%&.=7"&'$:&U"4'19'+,,,'=:7'8.$19:4"8'%0'L1#&.7.>4

Offline Promotion through Affiliated Media Properties. a:74<0*'#.$/:91"7'43:4'.=9"8'%.43

Monetizing User Traffic

T9'<:4"'(SSS*':'40/1#:<'4"9:9#0'8":<'&:9'>.&'+,'$.9437' :98' 3:8' :' 4.4:<' @:<D"' .>' qGA)' $1<<1.9`

Operating Costs. i/"&:4192'#.747'>.&':'3.&1\.94:<'/.&4:<'>"<<'194.'>.D&'#:4"2.&1"7O'(Y'#.74'.>

Cost of Revenues. -.74'.>'&"@"9D"7'19#<D8"8'<1#"97"'>""7'/:18'4.'431&8'/:&40'#.94"94'/&.@18"&7

Walled Garden or Open Platforms?

Exhibit 1 VVV B./'-:4"2.&1"7'%0'MD81"9#"'k":#3

K.D&#"O'M8:/4"8'>&.$'Nielsen Net Ratings*'oD9"'N,*'+,,,A

Property Unique Audience (millions) Reach %

Yahoo! 44.8 53.5%

Microsoft 30.1 35.9%

Lycos Network 22.8 27.2%

GO Network 18.1 21.6%

Time Warner 12.7 15.1%

AOL Websites 48.1 57.3% 2,197.4

K.D&#"O'M8:/4"8'>&.$'Nielsen Net Ratings*'oD9"'N,*'+,,,A

My Netscape Netscape My Yahoo! Yahoo!

K.D&#"O'M8:/4"8'>&.$']L"4&1#7_'7"#41.9*'The Industry Standard'XoD9"'(G*'(SSSYO'(,+A

AOL.com Yahoo.com MSN.com Lycos.com Excite.com

Yahoo.com 46.2% 100.0% 45.4% 21.8% 16.6%

Lycos.com 54.0% 71.2% 54.0% 100.0% 26.7%

Cost (CPM) Click-Through Sell-Through

Company Portal Date Price Term

$ In Millions, 1999 2000 2001E

Current Guidance (1) Bear Stearns Long-Term (2)

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• Community building features'19#<D8"8'#3:4'&..$7'$"77:2"'%.:&87'1974:94'$"77:2192

B3"'817#D771.9':%.@"':<.92'=143' $D#3' .>'43"':9:<0717'43:4' >.<<.=7' >.#D7"7' .9' /.&4:<7' 43:4

K.D&#"O'M8:/4"8'>&.$'Nielsen Net Ratings'oD9"'N,'+,,,A

K.D&#"O'M8:/4"8'>&.$'Nielsen Net Ratings'oD9"'N,'+,,,A

K.D&#"O'M8:/4"8'>&.$']L"4&1#7_'7"#41.9'The Industry Standard'XoD9"'(G'(SSSYO'(,+A