Internet Trends
Internet Trends
March 18, 2008 mary.meeker@ms.com / david.joseph@ms.com / anant.thaker@ms.com
Morgan Stanley is currently acting as a financial advisor to Microsoft Corp. ("Microsoft") in relation to their proposed offer to acquire Yahoo! Inc. ("Yahoo!"), as announced on February 1, 2008.
The proposed offer is subject to definitive documentation, due diligence, the consent of Yahoo! shareholders, required regulatory approvals and other customary closing conditions. This report and the information provided herein is not intended to (i) provide voting advice, (ii) serve as an endorsement of the proposed transaction, or (iii) result in the procurement, withholding or revocation of a proxy or any other action by a security holder.
Please refer to the notes at the end of the report.
Morgan Stanley does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers of Morgan Stanley in the United States can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at www.morganstanley.com/equityresearch or can call 800624-2063 to request a copy of this research. This presentation can be found at www.morganstanley.com/techresearch. For analyst certification and other important disclosures, refer to the Disclosure
Section.
Internet Trends
• Usage Patterns
• Social Networking
• Widget-ization + Component-ization
• Measurability + Transparency + Customer Satisfaction
• Video
• Monetization
• Mobile
• Emerging Markets
• Recession
2
Changes in Usage Patterns
3
Consumers Leading Way –
58% CAGR in IP Traffic, 2005E-2011E
Global IP Traffic
IP Traffic
March 18, 2008 mary.meeker@ms.com / david.joseph@ms.com / anant.thaker@ms.com
Morgan Stanley is currently acting as a financial advisor to Microsoft Corp. ("Microsoft") in relation to their proposed offer to acquire Yahoo! Inc. ("Yahoo!"), as announced on February 1, 2008.
The proposed offer is subject to definitive documentation, due diligence, the consent of Yahoo! shareholders, required regulatory approvals and other customary closing conditions. This report and the information provided herein is not intended to (i) provide voting advice, (ii) serve as an endorsement of the proposed transaction, or (iii) result in the procurement, withholding or revocation of a proxy or any other action by a security holder.
Please refer to the notes at the end of the report.
Morgan Stanley does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Customers of Morgan Stanley in the United States can receive independent, third-party research on the company or companies covered in this report, at no cost to them, where such research is available. Customers can access this independent research at www.morganstanley.com/equityresearch or can call 800624-2063 to request a copy of this research. This presentation can be found at www.morganstanley.com/techresearch. For analyst certification and other important disclosures, refer to the Disclosure
Section.
Internet Trends
• Usage Patterns
• Social Networking
• Widget-ization + Component-ization
• Measurability + Transparency + Customer Satisfaction
• Video
• Monetization
• Mobile
• Emerging Markets
• Recession
2
Changes in Usage Patterns
3
Consumers Leading Way –
58% CAGR in IP Traffic, 2005E-2011E
Global IP Traffic
IP Traffic