Mary Meeker, formerly a partner at Kleiner Perkins, is known for publishing the Internet Trends Report, one of the most influential annual reports on internet usage, the digital economy, and technology adoption.
*** Key Facts
- Report Name: Internet Trends Report (also known as Meeker Report)
- Published: Annually, starting in the mid-1990s
- Content includes:
- Global internet usage
- Mobile trends
- Digital advertising
- E-commerce
- Social media growth
- Emerging technologies such as AI, cloud computing, and voice interfaces
- Originally released by: Kleiner Perkins
- Later reports released by: Bond Capital (Meeker's own VC firm, after leaving Kleiner Perkins in 2018)
** how to value companies without revenue
- valuation for high tech companies without revenue is based on subscribers
*** facebook vs instagram
**** facebooks value for subscribers
\begin{equation}
\text{value per Subscriber} = \frac{\text{Facebook Market Cap}}{\text{Facebook Users (Subscribers)}}
\end{equation}
\begin{equation}
\text{value per Subscriber} = \frac{\text{\$231,000,000,000}}{\text{1.4 billion subs}}
\end{equation}
\begin{equation}
\text{value per Subscriber} = \text{\$165 per subscriber}
\end{equation}
**** instagram value for subscribers
\begin{equation}
\text{value per subscriber} = \frac{\text{instagram acquisition price}}{\text{instagram subs}}
\end{equation}
\begin{equation}
\text{value per Subscriber} = \frac{\text{\$1,000,000,000}}{\text{100,000,000 subs}}
\end{equation}
\begin{equation}
\text{value per Subscriber} = \text{\$10 per subscriber}
\end{equation}
*** whatsapp
- facebook is mostly first world companies
- whatsapp has penetration in third world
- facebook messenger sucks ass
**** change in growth rates
- facebook was losing subscribers
- whatsapp was growing
**** subscriber value
- number of subscribers :: 700,000,000
- price bought :: 20bn
- price / subscriber :: 28$
** valuation methods depend on the industry
*** short term drivers based on company
| industry | driver |
|--------------------+-------------------|
| consumer tech | subscribers |
| enterprise tech | revenue |
| semiconducter tech | earnings |
| hotels | revpar |
| industrials | earnings & volume |
| telecommnications | arpu |
| retail | earnings & SSS |
| biotech | FDA approval |
**** definitions
- revpar :: revenue per available room
- arpu :: average revenue per users
- sss :: same store sales
**** notes
- same store sales
- investors want to see that the individual stores grow organically
- e.g. mcdonalods started staying open all day, and profits skyrocketed
- fda approval is necessary for biotech
- no approval no profit
- once you get it, it's printing money
- stocks go up or down a ton depending on approval
