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市場調查報告書

影音及行動廣告技術M&A:Exit評價

Digital Video and Mobile Adtech M&A Soars Past 17.5 Billion in Deals Done 2005-2016: Reveals Billions More in Consolidation-Tied Potential Exit Value 2017-2018

出版商 Accustream Research 商品編碼 314215
出版日期 內容資訊 英文 95 Pages
商品交期: 最快1-2個工作天內
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影音及行動廣告技術M&A:Exit評價 Digital Video and Mobile Adtech M&A Soars Past 17.5 Billion in Deals Done 2005-2016: Reveals Billions More in Consolidation-Tied Potential Exit Value 2017-2018
出版日期: 2016年11月03日 內容資訊: 英文 95 Pages
簡介

影音、桌面、行動以及多屏廣告技術M&A在2014年彙集了15億美元的收購金額,達2005年以後累積合約51億美元的29%(扣除Google收購DoubleClick的31億美元)。

本報告提出影音及行動廣告技術的M&A,並分析裝置集中別的匯出倍數、市場定位、年度別契約、CAGR比較、平台純收益以及格式專門化等。

報告摘要

第1章

  • 全球廣告技術Exit倍數分析
  • 健全的影音及行動廣告技術M&A Exit評價反映收益化
  • 出版社的要件
  • 影音及行動廣告技術M&A在2014年超過15億美元
  • 影音及行動廣告技術平台M&A契約
  • 金額:Exit倍數
  • 過去5年廣告技術以及網路平台M&A倍數逐漸減少
  • 廣告技術M&A專注在跨平台以及行動媒體傳輸
  • 解決方案1
    • 影音及行動廣告技術M&A:收購年度別Exit倍數
  • 公開交易的廣告技術解決方案,相較於非公開市場的M&A,因優惠價格而受到評價
  • 公開交易的廣告技術網絡、解決方案以及平台:
  • 市場評價(負債淨額)
  • 行動廣告技術以及影音廣告傳輸平台導引出高收益
  • 倍數法、M&A活動的頻率以及美元的匯出
  • 收益實績
    • 影音及行動廣告技術平台M&A交易:年複合成長率(CAGR)
    • 以及EXIT倍數關係
  • 廣告技術與影音廣告傳輸、網路以及格式專門企業契約相比較而加強Exit倍數
    • 影音及行動廣告平台非公開市場M&A:影音專門公司vs.複合格式解決方案供應商
  • 近期的Exit評價建議可能的廣告技術收購介於57億至86億美元
    • 影音及行動廣告技術、程式系統以及庫存資料科學:收益以及市場收購/EXIT評價情境

第2章

  • 影音廣告技術M&A綜合報導
  • M&A評價的建立:Exit倍數在影音廣告技術內部與解決方案以及產品定位緊密連動
  • 生態系統
  • 規模、效率以及信賴感:
  • 對於人口統計、觀眾觸達率、裝置以及印象滲透的優化
    • M&A戰略區:庫存管理、傳輸以及媒體清理生態系統
  • 桌面影音廣告技術系統獲得生態系統純收入的60.8%
    • 影音及行動廣告技術純收入
  • 包括Google,交換以及程式影音清理解決方案獲得平台純收益的60.7%
    • 影音廣告清理以及傳輸生態系統:年度平台收益
    • 影音廣告清理以及傳輸生態系統:年度平台收益
  • 影音廣告技術收益的41.9%招手追加的M&A活動
    • 影音廣告技術平台、程式系統、交換、RTB、BID管理解決方案以及資料科學:現在的收益以及潛在收購評價矩陣
  • 收益多樣性:影音廣告技術解決方案的商業模式以及付費結構
    • 影音廣告網路、廣告傳輸平台、標售、交換、RTB、SSP以及DSP:庫存價格分析
  • 現在的M&A倍數
    • 影音廣告網路、廣告技術平台、程式系統、BID管理解決方案以及資料科學:生態系統收益的非公開交易市場額
  • 數位影音廣告的用語及定義

第3章

  • 行動廣告技術M&A綜合報導
  • 全球的行動M&A:IP、廣告技術R & D、觀眾資料、廣告支出以及企業
  • 定位所促進的高倍數
    • 行動廣告技術、地理觸達率、廣告庫存成長以及消費者
    • 行動預測可能性的進步促進M&A評價
    • 廣告網路市場定位
    • CAGR分析:
    • 匯率以及標售
    • SSP
    • DSP
    • RTB/程式交易
    • 庫存/印象要求的來源
  • CAGR紅利:行動廣告技術平台純收益在2014年增加至50.2%、2015年增加至41.4%
    • 行動生態系統廣告技術/平台純收益
  • 全球的行動廣告技術解決方案依商業模式以及支援多印象格式而有所不同
    • 行動廣告技術網路、平台、標售、交換以及RTB:
  • 收費、商業模式以及庫存格式
  • 全球的行動廣告技術平台純收益在2014年為34億美元,2016年前將達65億美元
    • 行動廣告網路、廣告技術解決方案、平台、標售、交換以及RTB:純收益、企業別
  • 行動廣告技術平台以及庫存:用語及定義

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目錄

A comprehensive M & A analysis conducted by digital media consultancy AccuStream Research shows online video and mobile adtech markets continue to consolidate, with $17.5 billion in acquisitions generated to date across all vendor-related adtech categories since 2005, with 2014 and 2015 documenting peaks exit dollars, and more to come.

Looking at 2016, $776 million in deals account for 4.4% of total M & A deals done, with current year's total reached at an average topline revenue exit multiple (run-rate) of 1.90x.

Historically, up to the present time (and including Google's acquisition of DoubleClick), these sectors have commanded revenue multiple averages of 2.33x paid against topline revenue (which may in some cases include revenue share from inventory management prior to publisher payout or media costs), though the average is clearly trending downward.

Further analysis shows a 12.76x paid against gross profit, or net platform revenue, according to the multi-sector appraisal Digital Video and Mobile AdTech in the M & A Crosshairs 2005 - 2016: $17.5 Billion in Deals and Counting, with all data and analysis provided by AccuStream Research.

Ad networks and some ad clearing mechanisms control, manage or arbitrage inventory (i.e., media avails), and those revenue figures are included in the topline number.

Net platform revenue or gross revenue is revenue minus COGS (i.e., revenue minus any media costs associated with inventory management, network or ad clearing).

Revenue acquired at the time deals were finalized totaled $7.5 billion in topline, and $1.3 billion in gross profit. Even so, revenue is not necessarily a primary reason adtech acquisitions are made, regardless of core platform/device specialty.

These adtech deals are structured to satisfy two essential considerations: 1) Market positioning (i.e., buying market share) or shortening time to market; and 2) Acquiring in-process R & D or required pieces of technology to further in-house ad clearing initiatives. Those deals have typically been made at a premium.

For example, Google bought DoubleClick in 2006 for $3.1 billion and AdMob in 2010 for $750 million, both at market premiums.

The digital video adtech sector is more highly consolidated, at present, than its mobile adtech counterpart, according to the sector study.

This research study analyzes 88 deals, and is an essential investment resource for investors, venture capitalists, ad agencies, adtech vendors, media companies with significant exposure to digital advertising markets, advertisers and marketers, and includes:

  • Acquisition price
  • Topline revenue
  • Gross revenue (i.e., revenue minus any media related costs taken out at the COGS line)
  • EBITDA, where relevant
  • Market positions (networks, DSPs, SSPs, audience and marketing platforms-including Twitter, ad servers, DMPs, tech platforms and more)
  • Business models
  • Core solutions and services focus
  • A detailed analysis of each adtech sector and the market dynamics driving valuations
  • Growth forecasts for each segment, each vendor category and each vendor by adtech sector (desktop, mobile, cross-channel)
  • Revenue forecasts for independently or publicly traded adtech vendors

Revenue forecasts for independently operated and publicly traded companies are included with potential M & A values applied for each based on current exit multiples.

An analysis of the $5+ billion in digital adtech acquisitions completed in the 2015 - 2016 timeframe reveals that large multi-platform corporations and publishers with global multi-platform adtech requirements are buying.

Time, Inc. (now being acquired by AT&T) bought Viant/Specific Media, turn-around specialists Vector Capital took Sizmek private in 2016, and major tech platform operators (i.e., Verizon's purchase of AOL), and other international telecom operators have been buying over the past two years.

Vector Capital also acquired internet radio adtech specialist and metrics solutions vendor Triton Digital in 2015.

Publicly traded digital video and mobile adtech firms currently trade at a steep discount compared to private market deals, an average of .72x run-rate 2016 revenue, excluding Twitter.

Including Twitter, publicly traded digital video and mobile adtech firms are trading at 2.32x run-rate revenue, while private market deals averaged 1.9x topline in 2016.

If a buyer steps up, the social networking audience platform Twitter is likely to be one of the largest deals in 2017 - 2018, with a valuation well in excess of $1 billion.

Table of Contents

SECTION ONE

  • GLOBAL DIGITAL VIDEO AND MOBILE ADTECH DEAL VOLUME AND EXIT MULTIPLE ANALYTICS: 2016
  • KINETIC MARKET RESPONSE: M & A VOLUME AND EXIT VALUATIONS REFLECT MATURATION OF PUBLISHER MONETIZATION REQUIREMENTS
    • M & A Trigger: Increasing cross-channel media inventories accentuate publisher demands for more in-house IT control
    • Eighty Eight (88) Digital Video and Mobile AdTech M & A Deals analyzed 2005 - 2016
  • DIGITAL VIDEO AND MOBILE ADTECH M & A GENERATES $776 MILLION IN 2016 DEAL VALUE
  • 2005 - 2016 M & A MARKETPLACE WORTH A MULTI-YEAR TOTAL OF $17.56 BILLION IN EXIT VALUE
  • REVENUE AND GROSS PROFITS ACQUIRED IN SECTOR M & A ARE LESS IMPORTANT THAN SWIFT TECHNOLOGY LEAPS
  • ADTECH TOPLINE AND GROSS PROFIT MULTIPLES HAVE CONTINUED TRENDING DOWN THROUGH 2016
    • $5 Billion in digital video and mobile adtech deals in 2014
  • ADTECH M & A IN 2015 - 2016 HAS FOCUSED ON CROSS-PLATFORM AND MOBILE MEDIA TECHNOLOGIES AND MARKET SHARE
    • Major publishers and technology/services and operators are buying
  • PUBLICLY TRADED ADTECH SOLUTIONS ARE VALUED AT A DISCOUNT COMPARED TO PRIVATE MARKET M & A IN 2016
    • Publicly traded video and mobile adtech companies have significant cash on hand
    • Twitter Publicly Traded Valuation at 3.87x run rate revenue
  • ADTECH VENDORS WITH A DESKTOP CONCENTRATION HAVE COMMANDED HIGHER REVENUE MULTIPLES AND TAKE-OUT DOLLARS
  • NETWORKS, AUDIENCE/MARKETING PLATFORMS AND INTEGRATED ADTECH SOLUTIONS HAVE GENERATED HIGHER M & A DEAL VALUE 2005 - 2016
    • M & A Valuation and Exit Multiple Analytics by Competitive Positioning, which includes:
      • Audience/Marketing/Data Platforms
      • DSP/SSP Programmatic
      • Network/AdTech Platforms
      • Exchanges/RTB/Bidders/Auctions/Programmatic
      • Ad Serving/AdTech Platforms
      • AdTech Platform/Services/Campaign Management
    • Pu4blicly traded adtech firms trade at .72x revenue (minus net debt)
    • Audience and marketing platform exit multiples average 3.09x topline revenue
    • DSPs and SSPs average 2.23x topline revenue
    • Networks and tech platforms have averaged 5.25x led by Google's acquisitions of DoubleClick and AdMob
    • Auctions and exchanges have averaged 1.45x
    • Ad serving and inventory management platforms have averaged 1.79x
    • Analytics, data and campaign management solutions have averaged 1.75x
  • RECENT EXIT VALUATIONS SUGGEST $7.6 BILLION TO $26.6 BILLION IN POTENTIAL ADTECH ACQUISITION PROSPECTS
    • Potential M & A Valuations include publicly traded digital video and mobile adtech companies

SECTION TWO

  • DIGITAL VIDEO ADTECH REVENUE AND M & A EXIT VALUE ROUNDUP 2016 - 2018
  • ESTABLISHING M & A VALUATIONS: EXIT MULTIPLES TIED TO PRODUCT POSITIONING INSIDE PUBLIC AND PRIVATE VIDEO ADTECH ECOSYSTEM 2016 - 2018
  • SCALE, EFFICIENCY AND CONFIDENCE: OPTIMIZING AGAINST DEMOGRAPHICS, AUDIENCE REACH, DEVICE AND IMPRESSION TRANSPARENCY
    • Consolidation a4d Greater IT Control Create M & A staging zone: Inventory management, trafficking and the media clearing ecosystem 2016 - 2018
    • Digital Video AdTech and Audience Platforms are tightly integrated
  • DIGITAL VIDEO ADTECH ECOSYSTEM GROSS PROFIT REVENUE FORECAST AT $15 BILLION IN 2016, $18.5 BIILLION IN '17, INCLUDING RELATED GOOGLE AND FACEBOOK OPERATIONS
  • VIDEO ADTECH SECTOR INDICATES A 27% SHARE IN 2017 ACQUISITION VALUE POTENTIAL
    • M & A Valuation Outlook: 2018 Estimated at 28% in Potential Share of Sector Revenue
    • Publicly traded video adtech vendors continue to grow revenues at a rapid pace, though trade at a steep discount compared to private M & A deals
    • 2017 M & A potential frames a $3.6 billion to $12.5 billion market
  • DIGITAL VIDEO ADTECH AND SERVICES MARKETPLACE WORTH AN ESTIMATED $14.9 BILLION IN 2016
    • Video adtech platform technologies capture 28% of market share in 2016; DSPs 20.1%
    • $5 billion in topline revenue forecast for independent and publicly traded adtech firms in 2017
  • VIDEO AD NETWORKS, PLATFORMS, DSPs, SSPs, PROGRAMMATIC SYSTEMS: REVENUES AND POTENTIAL M & A VALUE BY SUB-SECTOR 2016 - 2018
  • DIGITAL VIDEO ADTECH AND ADVERTISING TERMINOLOGY AND DEFINITIONS

SECTION THREE

  • MOBILE-CROSS-CHANNEL ADTECH M & A ROUNDUP 2016 - 2018
  • GLOBAL MOBILE M & A: IP, IN-PROCESS R & D, AUDIENCE DATA, AD SPEND AND COMPANY POSITIONING DRIVE RICH MULTIPLES
    • Mobile adtech geographic reach, inventory growth and R & D advancements in predictive consumer behavior solutions are behind strong M & A valuations 2009 - 2016
    • Global mobile adtech M & A has generated $4.3 billion in deal value 2009 - 2016
    • Topline revenue multiples average 2.25x, though trending down significantly over the past several years
    • Though unique as an audience and marketing platform, current take-out multiples could mean a lower valuation for Twitter going forward
    • Consolidation Crosshairs: $6.2 billion in potential global mobile/cross-channel adtech M & A in 2017 applying low-end exit multiples
    • High-end exit multiples frame a $21 billion potential M & A market in 2017
    • Vendors believe further consolidation necessary for overall sector financial health
    • Twitter in the 2017 M & A mix
    • 2017 Mobile AdTech M & A Valuations indicate a market worth from $6.2 Billion to $21.7 Billion
    • A $34.6 billion total vendor marketplace in 2017, including Google, Facebook and Twitter
    • 2017 Sector Growth Projected at 27.5%
    • Consolidation has also occurred in market solutions positioning
    • Vendors do more to maintain marginal performance
    • Audience and marketing platforms are growing at the pace of the market; forecast to increase revenue share through 2018
  • MOBILE ADTECH PLATFORMS, MEDIA AND INVENTORY: TERMS AND DEFINITIONS
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