商务沟通论文全英文版.docx
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商务沟通论文全英文版
Developmentsstrategyandfuturechallenges
ofYoukuTudouInc’s
Companybasics
ThetwoleadingonlinevideoplatforminChina
AnumbertwoplayerinChina’sonlinevideomarket
YoukuandTudououtlinevisionformergedcompany
OurIndustry
ProductDevelopment
Strongusagegrowth
Mobilebusiness
Industryoverviewandcompetitivelandscape
Onlineadvertisingmarket
Onlinevideouserbasegrowth
Onlinevideomarketgrowth
Strongusagegrowth
Mobilebusiness
Competitivelandscape
Industryranking
Financialforecasts
Anadvertisingcentricbusiness
Opportunity
Partnershipwithsocialplatforms
Mobilevideomarket
Risksandmyopinion
Thesuccessofourbusiness
Appendix
DATE:
November28,2012
FROM:
MoXianteng
TO:
TheCEOOfTheYouKuTudouInc’s
SUBJECT:
Developmentsstrategyandfuturechallenges
ofYoukuTudouInc’s
Companybasics
ThetwoleadingonlinevideosplatforminChina
TudouisaleadingonlinevideoproviderinChina.ThecompanyprovidesawiderangeofvideocontentsthroughbothPCandmobileplatforms,allowinguserstowatch,upload,rate,commentandrecommendvideos.Thewebsitewaslaunchedasausergeneratedcontent(UGC)videoplatforminApril2005andstartedtogeneraterevenuesbysellingadvertisingslotsin2007.In2008,thewebsiteexpandeditsvideoofferingandbegantointegratelicensedpremiumcontents,suchasfilmsandTVshows.By2009,Tudouhadbeguntoproduceitsowncontent,andtodevelopafocusonin-housebroadcasting.Meanwhile,withrobustmobiledatagrowthandtherisingpopularityofsmartphones,TudoulauncheditsmobilevideoplatformthroughChinaMobileinJanuary2010.BelowwepresentasampleinterfacethataTudouuserwouldseewhileviewingavideo.
Youkuisoffering15,367,500ADSstobesoldintheoffering.Priortothisoffering,therehasbeennopublicmarketfortheADSsorourshares.ItiscurrentlyestimatedthattheinitialpublicofferingpriceperADSwillbebetweenUS$9.00andUS$11.00.WehaveappliedtolisttheADSsontheNewYorkStockExchange,ortheNYSE,underthesymbol“YOKU.”
AnumbertwoplayerinChina’sonlinevideomarket
Asof2Q,Tudouaccountedfor14%oftotalvideoadrev,behindYouku.OurBuyonTudouispredicatedon2majorassumptions.China’sonlinevideomarketwillresembleanyotherfreemarketformedia(ie-withmultipleplayers)havingcrossedtheall-importantIPOgauntlet,thecohasadistinctpositioninthemarket,attractivetobothitsuserdemographic,andtoseverallarge,potentiallyacquisitive,internetpartnersseekingdiversificationintothisattractivespace.
OurIndustry
China’svideomediamarkethasdevelopedinaverydistinctmannerfromthoseintheUnitedStatesandWesternEurope,resultinginadomesticecosystemhighlyregulatedandfragmentedbothintermsofproductionanddistribution.
ProductDevelopment
Wehaveateamofexperiencedengineers.ThesupervisorsinchargeofourproductdevelopmentdepartmentgraduatedfromprestigiousuniversitiesinChinaandworkedatwell-establishedInternetandsoftwarecompaniesinChinabeforejoiningus.
Strongusagegrowth
Tudouhasdeliveredstrongtrafficgrowthoverthelastfewyears.AccordingtoAonSeptember1st,Tudourankedasthe#13websiteinChinawiththemosttrafficofanyofitspeersintermsofaveragedailyvisitorswithinthepastthreemonths.Asof2Q11,Tudouhad16.5mdailyuniqueviews(UV),ranking#2amongstallonlinevideoverticalsinChinaaccordingtoiResearch.
AsofJune2011,Tudouhadaggregated48.2monlineUGCvideoclipsintotal,coveringa
widerangeoftopicssuchasentertainment,music,animation,andvariousother“happenings.”Tudouprovidesbothlongandshort-formvideoclipstocaterdifferentusers’entertainmentneeds.UGCuploadedbyTudou’susercommunityhascontributedsignificantlytothegrowthoftheplatform’svideoinventory,withanaverageof47,000newclipsbeinguploadedeachdayasof2Q11.WeshowthegrowthinthenumberofvideoclipsinTudou’slibrarythroughthefollowingcharts.
Mobilebusiness
InJanuary2010,TudoustartedtoprovideachannelonChinaMobile’swirelessvideoplatform,offeringaRMB6monthlysubscriptionpackageformobileusers.Tudoumoreoverhasalsopre-installeditsmobileappontoawiderangeofmobilephones(e.g.Nokia,Samsung,etc).TheTudoumobileappsupportsvariousmobilesystems,includingSymbian,Android,Windows,andAppleiOS.
Industryoverviewandcompetitivelandscape
Onlineadvertisingmarket
WeexpectadvertisingspendinChinatocontinuetoshiftfromofflinetoonline.IResearchexpectstheonlineadvertisingmarketinChinatogrowstrongly,ata2010-14CAGRof42%.
Onlineadvertisingexpendituresrepresented5%oftotaladspendingacrossdifferentmediaplatformsinChina,andweexpecttheshareofonlineadvertisingtorisegradually.
Onlinevideouserbasegrowth
Theonlinevideomarkethasgrownbehindtheadditionofagreatnumberofusersoverthepastfewyears.AccordingtoiResearch,onlinevideouserstotaled394min2010andwillreach527min2012,tomarka2010—2012CAGRof20.5%.WeprovideiResearch’sonlinevideouserprojectionsinthefollowingchart.
WeattributetherobustgrowthinChina’sonlinevideopopulationtofourfactors:
Tighteningintellectualproperty(IPR)regulationsaroundvideocontent.NewrestrictionsonTVshowbroadcastingprovidingopportunitiesforonlinevideosites.
Onlinevideomarketgrowth
IresearchestimatesthatonlinevideomarketrevenuesreachedRMB3.14bin2010.Advertisingisthemainmonetizationmodelforonlinevideositesatpresent.AccordingtoiResearch,advertisingaccountedfor68.5%ofthetotalonlinevideomarketin2010,whilelicensingandothersources(includingsubscriptionfeesandotherVAS)represented6.4%and25.1%respectively.WepresentcurrentestimatesandforecastsforChina’sonlinevideobelow.
iResearchbelievesthattheonlinevideoadvertisingmarketinChinawillreachRMB10.8bby2013,growingata2009--2013CAGRof68.1%.WeprovideiResearchestimatesinthefollowingchart.
Competitivelandscape
Industryranking
TudouYoukuisaleadingonlinevideositeinChina.MajorcompetitorsinthemarketincludeSina,Sohu,Qiyi(aBaiduaffiliate),Ku6(ownedbyShandaInteractive),Xunlei,etc.Asof2Q11,TudouYoukuaccountedfor27%%oftotaladvertisingrevenuewithintheonlinevideomarket,takingsecondplace,accordingtoAnalysysInternationalestimates.
Wesummarizethemarketintermsofrevenuesharebelow.
WedisaggregaterevenuesintoAverageRevenuePerAdvertiser(ARPA)andnumberof
advertisersasshownbelow.Tudouboastedmoreadvertisersduring2007-2010,whileYouku
hadhigherARPA.Bothcompanieshaveshownstronggrowthinboththenumberof
advertisersandARPA.
Businessmodelandfinancials
Anadvertisingcentricbusiness
TudouYoukugeneratesrevenuesmainlyfromitsadvertisingbusiness.Asof2Q11,theadvertisingbusinessaccountedfor87.6%oftotalnetrevenues,whereasthewirelessbusinessandsublicensingrepresented9.5%and2.9%oftotalnetrevenuesrespectively.Thecompanystartedtosub-licensesomeofitslicensedcontentfromthirdpartycontentprovidersin2Q11.
Opportunity
Partnershipwithsocialplatforms
AccordingtoComScoredata,US-basedsocialnetworkingleaderFacebookhadclimbedtocapturethe#3mostuniquevideovisitors’websiteinJuly,followingGoogleandYahoo.TheaveragevideoviewingsessiononFacebookwas18.3minutesduringthisperiod.JunGroupsuggeststhata15-secondclipwillgetforwarded37%morethanaslightlylongerclip.WebelievealargeportionofvideosviewedonFacebookareshortUGCvideoclips.WethinksearchenginesandSNSplatformsplayanimportantroleindirectingtraffictoonlinevideowebsites.WeprovideAlexa’sstatisticsaboutthepercentageofuniquevisitstoTudouandYoukuwebsitescomingimmediatelypriorfromanupstreamwebsite.
Mobilevideomarket
AccordingtoiResearch’slatestdata,themobilevideomarketreachedRMB667min2010.IResearchexpectsthemarkettoreachRMB2,160min2012,andRMB11.6bin2013.Inthemeantime,iResearchexpectsmobilevideouserstototal282mby2013andmobilevideopaiduserstoreach531min2014.In1H11,Jtookthelargestmobilevideomarketshareof15.9%followedbyUwitha14.1%marketshare.TudouandYoukuaccountedfor10.2%and5.8%ofthemarket,respectively.
Risksandmyopinion
WehavetofaceregulatoryandcopyrightinfringementrisksandInabilitytorenewcooperationagreementswithtelecomoperators,inabilitytomaintainmarketcompetitiveadvantage.Exceptfortheproducts,theserviceinournewmergedcompanyshouldmakeachangewemustusemoreworks,payalleffortstomakeourservicewell.Tomakeourcompany’sservicewellweshouldfirstbuildourcompany’scorporateculture.Inaword,theformingprocessofcorporatecultureleadstotheheterogeneityofcorporatecultureasthedifferentiationinmanagementenvironment,industry,managers,corporatehistory,strategy,businessobjectivesandsoonmakesthecorporateculturedifferenttoeachother.
Thesuccessofourbusiness
Thesuccessofourbusinessdependsonourabilitytomaintainandenhanceourbrand.Ifwefailtocontinuetoanticipateuserpreferencesandprovideproductsandservicestoattractandretainusers,wemaynotbeabletogeneratesufficientusertraffictoremaincompetitive.Weoperateinarapidlyevolvingindustry.Ifwefailtokeepupwiththetechnologicaldevelopmentsandusers’changingrequirements,ourbusiness,resultsofoperationsandprospectsmaybemateriallyandadverselyaffected.Ourquarterlyrev