The Death of TV

“The Internet is disrupting every media industry.

People can complain about that, but complaining is not a strategy.”

2012A 2013A 2014A 2015E 2016E 2017E 2018E

Google 52.6% 49.3% 46.8% 44.0% 42.0% 39.0% 35.0%

Facebook 5.4% 17.5% 21.7% 23.0% 25.0% 27.0% 27.0%

Twitter 1.5% 2.4% 2.6% 2.8% 3.0% 3.1% 3.2%

Pandora 2.6% 2.1% 1.7% 1.7% 1.7% 1.7% 1.7%

YP 2.9% 2.1% 1.7% 1.5% 1.3% 1.1% 0.9%

Millennial Media 0.8% 0.8% 0.7% 0.6% 0.5% 0.4% 0.3%

Other 34.2% 25.8% 24.9% 26.4% 26.5% 27.7% 31.9%

Mobile Internet Ad Spending Share, 2012-2018