Monday, March 14, 2011

Making Money Uk

As an IPO looms, Skype is looking for new revenue streams that will help continue its growth and improve its financial prospects. Monday, it unveiled the next big revenue generator: ads on its Skype Windows desktop client.


Skype said in a blog post Monday it will begin rolling out test ads in the U.S., U.K. and Germany this week from big brands including Groupon, Universal Pictures, and Visa. The ads, which will be adjusted over time, will appear in the home tab of the Skype client at the top of the application. In an attempt to preserve the user experience, the ads will be limited, so users will only see one brand a day. Skype said it won’t use pop-ups, but will try to target ads to users to make them relevant using non-personally identifiable demographic data. Users can opt-out of those targeted ads if they choose. Skype said it has already tested some ads with Rdio.


The move to advertising has been tossed around for a long time and actually seems a bit overdue. Skype said it is almost wholly reliant on SkypeOut revenue, which made up 86 percent of its $860 million in revenue last year, according to its updated S-1 filing. Skype knows it needs to diversify its revenue if it wants to grow and have the money to invest in new features, and it needs the money to keep Skype-to-Skype calls free. By tapping advertising as a new revenue stream, it can ease its over-reliance on SkypeOut, which the company identified as a risk factor.


Skype recently announced it has hit 29 million concurrent users, and said in its S-1 that its overall user base is up to 663 million. It has a lot of people communicating, increasingly through video, which makes up 42 percent of calls. It’s an expensive setup, but it’s also a great opportunity for advertising. Fortune last year reported that Skype could rake in $200 million from advertising, especially for video chats, which could host ads alongside the chat. Overall, Skype said its users made 207 billion minutes of Skype-to-Skype calls last year. All that engagement can be monetized well if done with some restraint.


That seems to be Skype’s main concern with advertising. The company said it is moving slowly because it believes the user experience is paramount. And it’s still not clear to Skype how big an opportunity it has on its hands. Here’s the important language from the S-1:


…it is still uncertain what level of revenues can be generated through advertising. Furthermore, we may face difficulty in successfully implementing advertising on certain platforms, such as mobile devices. Finally, our users may respond negatively to receiving advertisements through their Skype software client, which could negatively and materially affect user engagement, our Skype brand and our results of operations.


Skype said in addition to advertising, it will ramp up its enterprise efforts and is also looking at gaming and virtual goods as other potential revenue sources. The advertising effort is Windows-only for now, but if all goes well and Skype avoids an uproar, expect it to appear on Mac and mobile platform as well.


For all its success, Skype is still in need of some revenue diversification. It’s getting there with these ads, which should slowly beef up revenues. A rumored deal with Facebook to provide video chat could also provide some oomph with a boost of new users. Look for more announcements as the Skype money-making machine starts to crank into high gear.


Related content on GigaOM Pro: (sub req’d)



  • Report: The Consumer Video Chat Market, 2010-2015

  • Mobile Operators’ Strategies for Connected Devices

  • How to Market Your iPhone App — A Developer’s Guide



Is There a Traffic Bubble, Or Does The New York Times Have an Inefficient Capital Structure?




As I hope my family can attest, I made a great point over dinner a couple of weeks ago about how the New York Times is clearly undervalued vis-a-vis various internet stocks. The NYT’s not an “internet company” but it does run one of the world’s most popular websites. Then I forgot all about it. But via Ezra Klein, I have a chance to revisit the point via Frédéric Filloux contention that we’re experiencing a web traffic bubble:


About 35% of the HuffPo’s users come form Google. They land on cleverly optimized content: stories borrowed from other (and consenting) medias that mostly generate blogging and comments. This is the machine that drove 28m unique visitors in January, which makes the HuffPo close to the New York Times/Herald Tribune audience of 30m UV. With one key difference: each viewer of the NYT websites yields an ARPU of $11, ten times more than the Arianna thing. Based on the HuffPo’s valuation, the NYT Digital would be worth billions. That’s a consolation.


You can think of some rational reasons for Huffington Post to get a premium over the NYT, related to HuffPo’s more favorable labor cost structure. You can also assume they’re getting a certain AOL desperation premium.


But is the basic thesis that the NYT should be worth a ton of money really so absurd? It’s an iconic global brand whose main competition as an iconic serious English-language global media brand is owned by the UK government. The New York Times Company currently has a market capitalization of about $1.5 billion and if their P/E ratio were at the S&P 500 average, it would in fact be worth “billions” right now. So why isn’t it? If I’m so smart why don’t the markets agree? Well, it’s a family controlled company with a two-tier stock structure. There’s got to be some reason most firms aren’t organized this way, and presumably the reason is that you pay a penalty in terms of the price of your equity. That’s a price the Sulzberger family has historically been willing to pay in order to preserve the family’s control over the iconic brand in question—they’ve viewed staying involved and maintaining their vision of the paper’s mission as important enough to weigh against some more narrowly commercial considerations. That seems like a sensible view to me, but it’s also sensible for investors to penalize them for it.


Recall that when Carlos Slim was given the opportunity to make an unorthodox investment in the NYT he wound up making a bunch of money.






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