SpringOwl Activist Presentation Deck
How Money On The Internet Is Made Today
Mobile Migration
Estimated ad spending (billions)
Desktop Mobile
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W
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But with the transition from desktop to mobile,
the reasons to come to Yahoo Properties have
either atrophied or the audiences have churned.
Yahoo mail isn't as competitive with the rise of
Gmail and Apple mail
People are messaging more via iMessage,
Messenger, WhatsApp, Snapchat, Kik and others
instead of emailing
Users spend a lot of time these days on social
media like Facebook and Twitter
Users don't go to the homepage as much as they
used to; therefore, they don't look at display ads
or do searches as much
These trends are only likely to increase, further
hurting Yahoo
Source: Wall Street Journal
$70
SpringOwl!
Asset Management LLC
$60
$20
Yahoo has under-invested in Sports and Finance, $10
given their seize and popularity
$50
$40
$30
$0
2013
2014
2015
2016
2017
2018
Source: eMarketer | WSJ.com
Confidential | For Discussion Purposes Only | 28View entire presentation