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Business Insider - NOAH15 Berlin

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Media in the Digital World - Presentation by Henry Blodget, CEO, Editor-In-Chief of Business Insider at the NOAH 2015 Conference in Berlin, Tempodrom on the 9th of June 2015.

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Business Insider - NOAH15 Berlin

  1. 1. THE FUTURE OF DIGITAL MEDIA Henry Blodget | CEO & Editor, Business Insider
  2. 2. SAVE THE DATE GET YOUR TICKET NOW! www.noah-conference.com/request-invitation Old Billingsgate, London Tempodrom, Berlin 12-13 NOV2015 8 - 9 JUN2016
  3. 3.  The Business Insider story (so far)  The market today  The future The Future of Digital Media
  4. 4. Founded 2007  $400,000 seed investment  3 writers  ~1,000 readers per day Now No. 1 business site in US  ~$50 million raised from Jeff Bezos, Axel Springer, IVP, RRE  250 staff (125 journalists)  ~3 million readers per day, ~80mm per month  Reaching the new generation of leaders
  5. 5. We started with a simple theory…
  6. 6. New medium
  7. 7. New model
  8. 8. This…
  9. 9. …is different from this.
  10. 10. So these…
  11. 11. …would be different from this.
  12. 12. We focused 100% on digital.
  13. 13. We did not copy print or TV.
  14. 14. And?
  15. 15. It worked!
  16. 16. Strong reader growth Source: Google Analytics ~70 million readers per month Confidential July 2007 May 2015 0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000
  17. 17. Strong growth on all platforms… Source: Google Analytics Confidential November ‘09 May ‘15 MOBILE + TABLET 59% 35% Y/Y tablet (UUs) of uniques 109% Y/Y mobile (UUs) 40% Y/Y growth (UUs) Mobile Tablet Desktop
  18. 18. Strong video growth… Confidential 60MM+ streams per month 0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 Jan'14 Jan'14 Jan'14 Feb'14 Feb'14 Mar'14 Mar'14 Apr'14 Apr'14 May'14 May'14 Jun'14 Jun'14 Jul'14 Jul'14 Jul'14 Aug'14 Aug'14 Sep'14 Sep'14 Oct'14 Oct'14 Nov'14 Nov'14 Dec'14 Dec'14 Dec'14 Jan'15 Jan'15 Feb'15 Feb'15 Mar'15 Mar'15 Apr'15 Apr'15 Source: Business Insider
  19. 19. Strong subscription growth… Confidential Business Insider Intelligence Cumulative Paid Subscribers: Individual + Enterprise Source: Business Insider Subscriber Sign-Up Date Individual Enterprise
  20. 20. No. 1 business site in the U.S. Confidential 40 million+ US readers Source: comScore 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Jan-14 Mar-14 May-14 Jul-14 Sept-14 Nov-14 Jan-15 Mar 15 Business Insider Bloomberg - All Properties CNNMoney.com Economist.com Financial Times Group Forbes.com Wall Street Journal Digital Network (all properties) (millions)
  21. 21. Strong revenue growth… ConfidentialSource: Business Insider 2007 2008 2009 2010 2011 2012 2013 2014 2015 (E) Business Insider Revenue
  22. 22. Increasing revenue per page Source: Business Insider Pageviews Vs. RPM $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 0 50 100 150 200 250 300 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Page views (millions)* Revenue per PV (eCPM)
  23. 23. Rapidly growing editorial budget $1 $2 $4 $5 $7 $11 2010 2011 2012 2013 2014 2015 Business Insider Editorial Budget (Millions, USD) Source: Business Insider
  24. 24. The key to our success?
  25. 25. Native digital.
  26. 26. We do not try to recreate print or TV.
  27. 27. Digital is as different from print and TV as print and TV are from each other.
  28. 28. How?
  29. 29. Three key differences:  Editorial  Distribution  Economics
  30. 30. Editorial  Native story formats  Native digital news production  Proprietary analytics and technology
  31. 31. Distribution  Multiple screens and channels  Direct, social, search — all important  Proprietary analytics and technology
  32. 32. Economics  Digital economics cannot support print or TV  Digital economics CAN support digital
  33. 33. Native digital is disruptive ConfidentialSource: Business Insider Our newsroom is vastly more productive than print and TV newsrooms - 20 40 60 80 100 120 140 160 180 Bloomberg.com WSJ Digital Network NYTimes Digital Forbes.com BusinessInsider.com Monthly Readers Per Journalist (000s)
  34. 34. The market today…
  35. 35. Source: eMarketer, April 2014 45% 25% 17% 9% 7% 4% 37% 18% 11% 4% 2% 23% TV Online Radio Print Other Mobile US Consumer Media Consumption Share 2009 2010 2011 2012 2013 2014 Attention is moving to digital, especially mobile Confidential
  36. 36. 75% 55% 25% 45% $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 U.S.AdvertisingRevenue(millions) Online vs. Offline Advertising (US) Online Offline Spending is following attention… Source: Company filings and BI Intelligence estimates. Companies include: Google, Yahoo, AOL, Microsoft, Facebook, Time Warner, Disney, Viacom, CBS, News Corp, New York Times, Gannett, McClatchy, Time Inc, Entercom, CBS Radio, Clear Channel, Citadel, Cumu Confidential
  37. 37. Mobile has extended the digital day to 18/7 ConfidentialSource: Google Analytics 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 Mobile Visits Desktop Visits
  38. 38. Digital is now “multi-screen” Confidential Personal Computers Smartphones Tablets Smart TVs Wearables 0 1 1 2 2 3 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E UnitsMiljardi Global Internet Connected Device Shipments Source: Gartner, IDC, Strategy Analytics, Company Filings, BI Intelligence estimates
  39. 39. Each device has a different “prime time” ConfidentialSource: comScore Mobile In Focus Report (March 2013) Share Of Device Page Traffic On A Typical Workday
  40. 40. Source: Newspaper Association Of America *Estimate $- $10,000 $20,000 $30,000 $40,000 $50,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* Millions Newspaper Ad Revenue (Print vs. Online) Print Online Newspapers still collapsing Confidential
  41. 41. Source: Nielsen 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 6 6.1 6.2 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 NielsenHouseholdRating (%OfHouseholds WithTVSetsWatching) Primetime Household TV Ratings Big 4 U.S. TV Networks Average TV viewership is falling… Confidential
  42. 42. Cable Satellite Telephone Total (800) (600) (400) (200) - 200 400 600 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 NetAdditionsInThousands Pay-TV Net Additions (US) Pay TV subscriptions are dropping… Source: Leichtman Research Group Confidential
  43. 43. Source: Google, NAA, PIB $0 $10,000 $20,000 $30,000 $40,000 $50,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Millions Google vs. Magazine vs. Newspaper Ad Revenue, US Data, 2004-2013 Google (US) US Magazines US Newspapers Google is now bigger than all newspapers, magazines Confidential
  44. 44. Source: Company Filings, BI Intelligence estimates $30 $18 $16 $14 $5 $5 $3 $2 $70 Time Warner Facebook CBS Viacom Gannett Yahoo AOL New York Times Google Billions Estimated 2014 Revenue Select Media Companies Confidential Google now dwarfs “big media” in US
  45. 45. Source: Nielsen, January 2013 58% 73% 83% 89% 63% 68% 63% 42% Age 18-24 Age 25-34 Age 35-54 Age 55+ PercentReach Facebook vs. TV Daily Reach (US) Four TV Networks Facebook Facebook reaches more young people than free TV Confidential
  46. 46. Source: Netflix, SNL Kagan HBO Netflix 0 10 20 30 40 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 MillionsOfUSSubscribers Paid Domestic Subscribers — Netflix v. HBO Netflix now has more U.S. subscribers than HBO Confidential
  47. 47. Source: News Reports, Company Filings iTunes and Netflix already bigger than cable networks iTunes Netflix AMC Networks $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 2007 2008 2009 2010 2011 2012 2013 Billions Cable Network vs. Digital Content Revenue 2007-2013 Confidential
  48. 48. Source: News Reports, BI Intelligence estimates, Company Filings $- $2 $4 $6 $8 $10 $12 2007 2008 2009 2010 2011 2012 2013 Billions YouTube Ad Revenue vs. CBS Ad Revenue And AMC Networks Revenue CBS Ad Revenue YouTube Ad Revenue AMC Networks Revenue YouTube almost as big as a broadcast network Confidential
  49. 49. Native digital media is hitting its stride 2015 Revenue (estimated) Vice ~$500 million BuzzFeed ~$250 million Huffington Post ~$200 million Vox Media ~$75 million Business Insider ~$50 milllion = $1+ billion
  50. 50. The future
  51. 51. The most important trend in media…
  52. 52. The generational shift
  53. 53. Younger people use media very differently… ConfidentialSource: Ofcom 0 10 20 30 40 50 60 70 80 90 100 Total Aged 16-24 Aged 25-34 Aged 35-44 Aged 45-54 Aged 55-64 Aged 65-74 Aged 75+ Top Five Media Mentions Among all Adults, 2013 Watch TV Read Newspapers/Magazines Listen To The Radio Go Online On A Computer/Laptop/Netbook/T ablet Use A Smartphone
  54. 54. Source: Ofcom To see the future, look at 16-24 year olds… Confidential Total Aged 16-24 Use A Smartphone Go Online On A Computer/Laptop/Netbook /Tablet Listen To The Radio Read Newspapers/Magazines Watch TV 70% of 16-24s say digital is the medium they would miss most Smartphone Computer Radio TV Smartphone Computer Radio TV Print Now Future
  55. 55. Ad spend is following attention, lots left to move 4% 37% 11% 24% 24% 18% 41% 11% 23% 8% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Print TV Radio Internet Mobile Time Spent Ad Spend 2014 U.S. Ad Spending Vs. Consumer Time Spent By Media Source: Mary Meeker, IAB, eMarketer Confidential
  56. 56. Source: Nielsen, IAB $0 $20 $40 $60 $80 2007 2008 2009 2010 2011 2012 2013 Total TV Ad Spend (Billions) US Ad Spend, 2007-2013 TV Vs. Online Video TV Ad Spend Online Video Ad Especially in TV! Confidential
  57. 57. TV is seeing the same disruption that hit newspapers 10 years ago
  58. 58. The money will follow…
  59. 59. Source: Newspaper Association Of America *Estimate $- $10,000 $20,000 $30,000 $40,000 $50,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* Millions Newspaper Ad Revenue (Print vs. Online) Print Online PREDICTION: Someday, old TV revenue will do this… Confidential
  60. 60. Three strong revenue streams for digital media…  Advertising  Subscriptions and Licensing  Commerce (small but growing fast)
  61. 61. “Display” ad revenue still growing, driven by… Confidential Google Other Yahoo AOL Microsoft $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 Total Display Advertising Revenue (millions) US Display Advertising, 2006-2015 (Quarterly) Source: Company Filings, BI Intelligence Estimates
  62. 62. Programmatic… Confidential AOL Third-Party Platforms Criteo Rubicon Project Rocket Fuel $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Millions Programmatic Advertising Revenue (Global) Selected Companies Note: AOL Third-Party Platforms includes Adap.TV and other ad marketplaces; Rubicon Project based on managed revenue; all others based on GAAP revenue; Source: Company Filings
  63. 63. Mobile… ConfidentialSource: BI Intelligence estimates based on historical data from the Interactive Advertising Bureau FORECAST: Mobile Ad Revenue (U.S.) $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 2013 2014E 2015E 2016E 2017E 2018E Billions
  64. 64. Video… ConfidentialSource: BI Intelligence estimates based on historical data from the Interactive Advertising Bureau Digital Video Advertising Revenue (U.S.) $3.7 $4.2 $4.9 $5.6 $6.2 $6.8 $1.2 $2.0 $2.9 $4.0 $5.2 $6.5 2015E 2016E 2017E 2018E 2019E 2020E Billions Desktop Mobile
  65. 65. “Native”… Confidential Vice Media BuzzFeed Refinery29 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2007 2008 2009 2010 2011 2012 2013 (Millions) Native Digital Advertising Revenue (Selected companies) Source: Company Filings, News Reports, BII Estimates
  66. 66. A few points about digital media...
  67. 67. Investments in media now reaching “normal” levels Vice: ~$750 million BuzzFeed ~$100 million Huffington Post ~$100 million Vox Media ~$100 million Business Insider ~$50 million MSNBC: ~$225 million (initially)
  68. 68. Digital media companies can achieve massive scale  Global readership and viewership  Unlimited breadth and depth of content  Advantages to scale in editorial, sales, and technology Think: “Amazon of content”
  69. 69. Digital media is not “winner take all”  Tech is winner-take-all; media and commerce are not  There will be many winners Amazon has ~2% share of US retail sales
  70. 70. But there will not be so many winners that everyone will win
  71. 71. In summary…
  72. 72. This is a golden age for media.
  73. 73. The world has never been better informed.
  74. 74. 2+ billion people now have cameras, printing presses, and handheld media receivers.
  75. 75. TV and radio are okay.
  76. 76. Some print is okay.
  77. 77. Digital is thriving, and getting better every day.
  78. 78. Today’s digital media is cable TV in 1980s
  79. 79. Future digital media will be…  Global  24x7  Many winners  Billions of regular readers and viewers  Billions of dollars of revenue
  80. 80. Thank you! Henry Blodget CEO / EIC, Business Insider hblodget@businessinsider.com

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