VOYAGE GROUP（3688）
Contents
1. SR http www sharedresearch2. a
3. Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 2096 1 000 20
4. 2 3 SSP
5. gt 5 Media Accelerating Fund SSP ADNW SR sSh ared lesearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11
6. SR Inc SR Inc Shared Research SR Inc
7. amp 2012 10 TT hared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 2011 4
8. e Weaknesses
9. Shared Gxcscarch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 DSP SSP 20 Yahoo YDN Yahoo Display Ad Network Google GDN Google Display Network SSP
10. 40 740 FY09 10 FY09 11 FY09 12 FY09 13 FY09 14 a b 28 1 188 c a b 28 1 188 d 30 75 179 152 310 1 114 1 700 a d C d 90 89 383 796 f 1 487 1 573 1 914 2 168 1 626 4 161 DOE a f SR 2014 9 1 539 13 9 1 102 10 0 VOYAGE GROUP 839 7 6 694 6 3 553 5 0
11. 5 10 shared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a 3688 VOYAGE GROUP Shared Research Report 2015 6711 FY09 12 FY09 13 FY09 14 FY09 15 FY09 13 4 FY09 15 3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ql1 Q2 8 139 9 858 15 046 18 000 2 123 2 356 2 552 2 825 3 451 3 833 3 965 3 797 4 275 4 465 YoY 2 7 21 1 52 6 19 6 0 6 15 796 31 796 37 7 62 5 62 7 55 4 34 4 23 9 16 5 3 292 3 844 5 962 812 878 1 011 1 143 1 459 1 540 1 500 1 463 1 663 1 679 40 5 39 096 39 6 38 396 37 396 39 69 6 40 496 42 39 40 296 37 89 38 596 38 99 6 37 69 3 290 3 307 4 081 805 647 860 995 1 013 994 1 037 1 038 1 101 1 108 YoY 0 5 23 4 1 8 22 796 1 7 26 4 25 9 53 6 20 5 4 2 8 7 11 5 40 4 33 6 27 1 37 9 27 596 33 796 35 2 29 496 25 9 26 1 27 3 25 8 24 8 2 536 1 881 2 300 8 231 150 147 446 54
12. 18 16 6 lt 16 Nam a 149 NN 14 8 13 8 14 12 7 2 6 11 9 12 11 3 13 5 mesa 10 Ms 11 9 12 0 0 7 a i O 6 7 0 Oo 2 10 2 8 0 930 RW 8 9 296 lt 6 0 2 6 N 6 496 4 3 5_396 6 0 2 0 1 7 1 7 1 696 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 SR PC SSP
13. KLab J GCA
14. 2014 11 2014 12 2016 12 5 9 2017 12 7 0 Shared Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 2013 12 20 99 I EC
15. Shared Gxcscarch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Sh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 Intelish PMP a PMP
16. MApps 20 859 35 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 2015 7 1 7 22 2015 5 8 2015 4 22 2015 9 2 Kauli 2015 9 2 2015 4 9
17. MLB 2015 5 22 1 RPA 100
18. 2014 9 SSP 3 2 3 1 SSP SSP http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P S
19. 18 16 6 16 2 nh 149 N 14 8 90806 14 12 7 2 6 11 99 lt 12 11 3 13 5 pr sp 10 a 8 8 a 11 9 12 0 0 Z 9 0 2 0 8 AN 2 A0 2 0 0 0 6 Ne 6 0 wc 6 AN 7 gt 4 2 4 wo 496 gt 5 3 6 0 Ns ee 2 ww wo 0 1 7 1 7 1 6 01 02 03 04 01 02 03 04 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 FY09 12 FY09 13 FY09 14 FY09 13 FY09 14 FY09 15 Pajw D Q3 Q4 Ql Q2 Q4 el 4 770 4 939 7 729 4 939 5 116 5 831 6 280 7 729 7 499 8 089 3 203 2 843 5 085 2 843 2 524 3 275 3 944 5 085 4 686 5 191 870 1 156 1 535 1 156 1 539 1 675 1 536 1 535 1 652 1 743 104 401 425 401 486 30
20. Pex VOYAGE MARKETING https point p bandaijp ANA http www ana co jp amc reference tameru mileagemall 1 9202 PC http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Resear
21. 2011 1 2012 2 3 SSP 2014 SSP
22. 5 3 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 8 000 8 3 860 32 6 9 800 48 9 1 470
23. SSP 10 15 SSP 15 gt 3096 DSP 15 20 SSP EC 40 559 SR 15 20 SR SSP
24. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROUP Shared Research Report 2015 6 11 6596 35
25. TV 1 4324 2014 12 10 519 249 5 106 3 20 1 052 1 000 938 868 227 800 775 VY 218 698 707 205 ww 181 0 Wu a 600 483 a mw CTYO1 CY01 CYOZ CY03 CY04 CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 21 SR http www sharedresearch jp Copyri
26. 2 000 40 1 500 30 1 000 20 500 10 Q3 Q4 Q1 Q2 Q3 Q4 0Q1 Q2 Q1 Q2 Q3 CT 2 CY13 CY15 20 SR Yahoo 2015 1 250 jp jp 65 100 2015 1
27. SSP 0 20 000 18 000 20 18 000 18 16 000 15 046 16 4 14 000 wm 14 12 000 4 CC 2 4 2 4 10 000 e 7928 8 139 10 8 000 i 8 6 000 2386 lL 6 i 4 4 4 000 1 532 2 157 2 505 4 1 881 2 300 0 2000 215 432 7635 232 449 617 7 239 23 251 507 562 97 gt 536 2 0 8 a a a a 0 2 000 0 8 2 FY06 FYO6 FYO6 FYO6 FYO6 FY06 FY09 FY09 FYO9 FYO9 FYO9 FYO9 FYO9 FYO9 FYO9 FYO9 FY09 700 01 02 703 704 05 705 706 07 708 09 710 11 12 13 14 715 Ft SR 1999 2004 10 000
28. 2015 9 2006 5 logly lift DSP Demand Side Platform logly DSP VOYAGE VENTURES 2011 8 adingo
29. 2 500 SSP 0 SSP 1 500 DSP SSP 1 000 DAC RTB 500 DSP 0 e 5 1hs f b P DSP SSP 01 03 01 03 01 03 01 03 FY09 12 FY09 13 FY09 14 FY09 15 SR DAC DSP SSP http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 SSP adingo CI kauli PubMatic Rubicon Kauli SSP Fluct Geniee SSP 2015 4 AdFunnel adstir SSP SSP SSP DSP SSP DSP SSP SSP SSP SSP 16 1 2 1 3 FY06 15 Q1 SR SR
30. 3688 VOYAGE GROU P Shared Research Report 2015 6 11 DoubleClick Ad Exchange adingo SSP Fluct Google AdSense Google AdSense 6 000 DoubleClick Ad Exchangel Google DoubleClick Ad Exchange DoubleClick Ad Exchange 1
31. SSP Fluct PC Fluct No 1 PC PC 1a SSP 1b
32. 3675 409 EC
33. i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i a i i i a a i i i i i i i i i i i i i i i i i i i i i i i i i i i i a i i i i i a i i i i i a a i a a a a a i a a a a a a a a a a a a a a a a a a a a a a a 10 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 1 4324 2013 9 7 203 2014 14 8 245
34. DMP SSP SR Zucks 100 Zucks 2 1 Zucks Ad Network 2 Zucks Affiliate Zucks Ad Network Zucks Ad Network CPC Cost per Click 2014 9 1 nend
35. 1 Shared Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 M amp A 3
36. 4 2015 4 9 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 15 25 40 1 ARPU 2015 4 22 3
37. 3 4 20 5 10 1 000 2014 9 15 046 6 6 1 000 e M amp A
38. 2 500 2 312 20 16 6 2 069 2 000 16 1 500 12 1 000 8 4 95 58 51 93 92 78 24 a 0 01 02 03 04 01 Q2 Q3 Q4 Q1 Q2 Q3 Q4 01 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 500 SR SSP Fluct Zucks Ad Network 2 312 46 79 319 62 8 SSP Fluct 67 6 1 610 Zucks Ad Network 2 4
39. PC SSP 3096 1 PC SSP 2 Zucks Ad Network Web Zucks Affiliate SSP 209 PC 30 2014 9 nend nend 1 1 I IL 4 DSP SSP i
40. No 1 SSP Kauli 100 4 8 000 5 3 860 8 3 3 4 970 860 2015 9 1 EC
41. 1 710 M amp A Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711
42. eCPM 30 52 eCPM e 50 3 50 48 46 44 42 40 Q1 Q2 Q3 Q4 01 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY09 13 FY09 14 FY09 15 SR SSP 2 000 800 667 1 717 1 610 1 600 472 600 1 200 400 800 200 0 400 i Fp 294 0 26 m3 160 134 165 287 338 377 414 2 572 490 524 492 0 200 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 01 Q2 Q3 Q4 Ql Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 SSP PC m GSGP YoY PC YoY SR 1 10 12 9 11 1 2014 3 2 4
43. SR Inc SR Inc SR Inc SR Inc SR Inc 3 31 12 03 5834 8787 http www sharedresearch D Email info sharedresearch p F 69 69 Shared Mesearch http www shar
44. 2010 10 SSP Fluct 2011 9 2012 9 Fluct 2012 9 EC SSP Fluct Zucks 2011 4 Shared Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 700 gae 5 500 425 400 DO 1 94 147 200 ws 5 9 150 100 EE 2 5 127 8 121 100
45. Kauli 1 SSP imp 2 Kauli Kauli i s Ql Q2 Q3 Q4 Ql Q2 152 322 483 669 1 576 1 834 2 069 1 914 2 312 2 427 YoY 111 8 50 0 38 5 93 8 99 7 97 7 48 6 46 7 32 4 27 32 47 63 196 304 260 228 319 358 YoY 18 5 46 9 34 0 1 450 2 225 3 183 7 193 1 62 8 17 9 17 8 9 9 9 7 9 4 12 496 16 696 12 696 11 996 13 896 14 896 32 48 68 YoY 50 0 41 7 9 9 9 9 10 2 27 33 44 22 2 33 39 172 206 250 241 328 409 imp 322 743 1 120 470 552 593 669 725 731 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Res
46. 2a OE ie re nend Zucks Ad Network 2b SSP
47. SSP SSP 1 GDN Google YDN Yahoo nend SSP 2 DSP Inend SSP shared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a sSh ared lesearch a 3688
48. Open my Private 2 Auction Marketplace 2 my ee eee ae ae SR intelish PDCA IDoubleClick Ad Exchange SR DoubleClick Ad Exchange DoubleClick Ad Exchange adingo
49. PC QAU 120 24 QAU sYoY 0 103 10 10 100 93 20 83 81 82 80 16 1 1 8 9 60 1 1 12 7 8 40 8 20 4 0 0 Ql Q2 Q3 Q4 0Q1 02 Q3 Q4 0Q1 02 03 04 Ql Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 SR ARPU 2015 4 22 3 710 2015 4
50. RTB Real Time Bidding 2000 2000 I 1 1 RTB SR 1 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
51. 7 SSP No 1 Phase1 Phase 2 Phase 3 SR intelish intelish 2015 2 SR intelish 1 2 SSP 3 DSP 2015 9 SSP Fluct SR intelish DSP s1o i 40 5196 s1o i 49
52. 2015 9 30 1 shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711_ SW Strengths Weaknesses Strengths SR 2007 2010 SSP 2011
53. SSP 2 0 2 4 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 imp 1 SSP imp S
54. 2015 9 1 SSP 2 SSP http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 1 SSP PC SSP PC SSP 1 intelish 2015 2 Google DoubleClick Ad Exchange 4 2 SSP
55. 2014 9 4 Shared Gxcsearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 ARPU JA 1 634 mm ARPU e 1 582 1 600 YoY 68 25 1 437 1 439 1 406 1 400 1 301 1 238 1 210 1 200 15 1 000 800 5 600 400 5 200 0 15 01 0 04 Q1 109 03 04 FY09 12 i FY09 14 FY09 15 SR 450
56. 3675 409 QAU QAU Quarterly Active User 5 0 1 PC PC 2 PC Web 2 100 80 60 5 96
57. DIC TOKAI
58. 6 949 22 57 300 20 03 50 2015 6 30 adingo 1 SSP DSP 2 SR
59. SR SSP SSP PC SSP Fluct 68 2015 9 1 Zucks Ad Network 14 Web Zucks Affiliate 9 SSP SSP Zucks Ad Network 3 000 24 2 500 gt 312 20 16 6 2069 2 000 1 i 16 14 8 1 500 12 1 0 1 000 8 6 358 9 95 58 vy 93 92 78 po CO p
60. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 SSP DSP SSP RTB Zucks Ad Network SSP SSP DSP RTB SSP DSP RTB SSP SSP
61. 2014 9 393 100 293 2015 9 210 2017 5 2016 9 50 2017 9 33 2012 9 FYO9 13 FYO9 14 Q4 Ql Q2 Q4 3 2 843 2 524 3 275 3 944 5 085 4 686 5 191 319 751 668 1 141 399 505 951 875 810 751 393 337 276 76 66 58 358 56 61 g 400 400 400 400 100 100 100 0 0 0 300 0 0 551 475 410 351 293 237 176 76 66 58 58 56 61 1 293 239 176 121 83 71 58 54 63 56 38 13 13 1 258 236 233 231 210 167 118 22 3 3 21 43 49 1 892 1 649 2 466 3 192 4 692 4 349 4 914 243 817 727 1 500 343 566 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROUP Shared Research Report FY09 12 FY09 13 2015 67 11 FY09 14 a
62. 15 25 40 1 2014 9 2 214 9479 9715 2433 DY 100 8058 500 2 500 1980 427 676 2015 4 110 93 22 32 226 4 10
63. DSP SSP 15 20 SR SSP DSP RTB DSP SSP DSP SSP DSP YDN Yahoo Display Network GDN Goodle Display Network SSP YDN GDN DSP
64. PC SSP http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 Kauli PC SSP SSP Fluct
65. M amp A 2015 4 15 25 40 1 sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 3688 VOYAGE GROU P Shared Research Report 2015 6711 1999
66. PC QAU ARPU Average Revenue Per User 1 PC QAU 120 a 24 mm OAU e YoY 103 104 103 98 101 100 93 20 78 83 81 82 90 80 1 0 0 60 10W 40 20 0 Ql Q2 Q3 Q4 0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ql Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 16 12 0 SR ARPU ARPU 2014 9 4 2014 9 ARPU
67. 1 619pts ECH E gE OO NR Bec kotoank gt 0 FE ee e 9 gt LAT eT ds D t F gt Rk 375pts ES gt gt 2 OPEN mn io Twitter kotobank AZZ Ln 350pts
68. 25 9 561 0 26 4n5 MT 0 389 38 1 38 3 373 25 378 38 5 38 9 1 200 ee i ey I hl 40 1 038 995 1013 og4 9 1 000 30 0 4 0 mam 600 135 120 99 400 44 4 8 3 2 0 1311 10 0 3 200 496 4 489 8 82 484 491 4 54 51 8 10 0 20 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY09 12 FY09 13 FY09 14 FY09 15 e SR 1 17 600 18 000 400 2 3 2 200 2 300 100 4 5
69. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 EC EC PexX PeX EC EC PeX PeX amazon Suica T WAON ANA JAL
70. 12 708 2 0 2 8 sSh ared esearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 a 1 800 180 1 600 Pa 160 1 400 6 1 200 9006 1 000 Ne 80 800 600 40 9 8 20 IL gt 0 20 Jan 12 Jan 13 Jan 14 Jan 15 YoY SR Zucks Affiliate 2014 9 1 1 8 Zucks Ad Network Zucks Affiliate
71. 2013 22 4 122 2014 24 5 106 2013 53 1 600 2014 419 2 258 CYi11 CY12 CY12 CY13 CY14 619 663 720 825 7 9 14 334 324 308 314 396 596 2 285 339 412 511 19 22 24 105 160 226 5396 4196 79 121 176 5296 46 RTB 26 39 50 53 28 SSP 1 5 3 9 7 4 153 93 SSP 1 1 2 9 5 6 168 91 0 4 0 9 1 9 11496 9996
72. Demand 1 Side Platform DMP Supply Data Side Management Elation NN I Platform Pp SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 RTB Yahoo 60 561 PVY 2014 10 12 SSP SSP 0 1
73. 2014 9 419 SSP 33 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 1 1 RTB Real Time Bidding 20 2
74. EC PeX 1009 VOYAGE MARKETING PeX EC PeX EC PeX PWFr i CF EE a 5 F j Oec amazon new PX SD mr
75. EC PeX EC 1 3 2015 9 1 20 PeX 12 2015 9 1 38 IFRS 2014 9 194 51
76. PC PC 1a SSP 1b Fluct 2a SSP 2b Zucks Ad Network PC SSP Fluct PC SSP Fluct SSP 20 PC 30 SSP
77. 0 20 000 KN ng000 27 18 000 18 16 000 15 046 16 Z n 8 14 000 w 14 Z Ph 0 12 000 1 9 858 NO 10 000 e 7926 8139 7 i 8 000 gt we 8 6 000 a i 2 6 3 736 AN 4 000 8 2 505 946 2 a 300 6 7 Z 2000 215 40M 32 753121 232 449 61757 239 273 251 507 562 497 YN 5 2 0 a mm a 0 2000 81 2 FY06 FYO6 FYO6 FYO6 FYO6 FYO6 FY09 FYO9 FYO9 FYO9 FYO9 FYO9 FYO9 FYO9 FYO9 FY09 FY09 700 7 01 702 703 704 05 705 706 707 708 09 10 11 12 13 14 15 N SR SSP 1999 SSP
78. 1 SSP SSP Supply Side Platform Ad Network DSP Demand Side Platfoem Ad Exchange
79. 5 109 1 2 a b
80. EC ARPU ARPU 2014 9 2 214 9479
81. 44 2 1999 1 SSP 2 20 1 000 20 3 4
82. 5 7 597 a 1 393 46 938 987 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 Av a 3 000 24 2 500 312 28 20 16 6 2 069 2 000 1 914 16 1 500 12 1 0 1 000 yw 8 200 6 260 228 319 358 4 95 93 92 Q1 Q2 Q3 Q4 Q1 2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 m SR Yahoo Web
83. Yahoo Google Media Accelerating Fund 2015 1 21 Media Accelerating Fund 500 1 1 10 2 1 20 3 1 30 1 2 SSP 3 VOYAGE VENTURES SSP
84. 2 Kauli 2015 4 Kauli 100 1 481 2015 9 Kauli 1 SSP No 1 2 No 1 SR SSP a DSP b c SSP Fluct Kauli
85. Zucks Ad Network 2 632 593 SSP 565 85 5 PC SSP Kauli SR PC SSP IFluct http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 PC Kauli PC 1
86. 100 0 2012 04 100 0 2012 04 VOYAGE VENTURES 100 0 2011 03 20 996 2013 12 22 3 2015 04 SR 3 Yahoo Web 2014 9 469 6 EC 47
87. toC toB SE a jp ANA MS amp C a p NN CyDerAgent EC JUST SYSTEMS a SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 EC ARPU QAU PC QAU Quarterly Active Users 5 ARPU Average Revenue Per User 1
88. SSP Yahoo Twitter Youtube Web 1 A PC X X 2 A X SSP SSP DSP 3 DSP SSP 4
89. MyID M amp A 2001 1 4751 2012 5 72 7 10 000 2004 7 EC 2005 6 2 157 10 000 500 x20 MyID EC 2004 7
90. SSP 1 I 1 1 DSP 2rd A 100
91. SSP Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 1 2011 2 2012 3 mn era art PT im I KNW rr er PETTERS a SR SSP SSP 1 GDN YDN nend DSP SSP SSP DSP 2 SSP 3 SSP 4
92. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 SSP 2 500 6 50 2 055 2 000 40 1707 1 674 6 1 470 1 500 30 24 1 219 22 1 082 952 1 000 855 840 819 836 20 624 517 524 500 33 9323 7 10 3 pilihil 0 0 Q1 Q3 Q1 Q3 Q1 Q3 Ql Q3 FY09 12 FY09 13 FY09 14 FY09 15 SR 25 9 42 39 38 9 3 4 8 79
93. SR 1 1 4 275 23 9 8 14 2 46 7 62 8 SSP Fluct Zucks Ad Network 1 824 836 8
94. 20 22 or 36 36 EE 40 SW Strengths Weaknesses 59 EE EE EE 60 oo 60 62 i 64 LOMO Rc i 65 65 1 65 ee 66 2014 9 i 66 2015 1 ii 67 2014 12 i 67 ss 68 sSh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w 3688 VOYAGE GROU P Shared Research Report 2015 6711_ Yahoo Web 2014 9 499 EC
95. 2014 9 428 100 EC EC 1 000 20 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 40 8 Com com
96. 377 372 1 363 84 83 85 120 261 354 366 383 453 472 QAU 81 90 101 86 90 92 93 98 101 103 104 103 109 ARPU 1 226 1 421 1 537 330 363 355 371 395 409 375 359 360 351 3 579 4 066 7 393 9 800 813 918 1 047 1 288 1 576 1 834 2 069 1 914 2 312 2 427 SSP 917 2 310 4 909 364 498 650 797 961 1 172 1 472 1 304 1 610 1 717 PC 601 1 167 1 987 165 287 338 377 414 512 572 490 524 492 315 1 142 2 922 199 212 312 420 547 661 900 814 1 085 1 225 Fluct imp 712 1 258 2 283 250 224 341 443 470 552 593 669 725 731 eCPM 12 9 18 4 21 5 14 6 22 2 19 1 18 0 20 5 21 3 24 8 19 5 22 2 23 5 917 1 018 1 177 1 200 246 256 283 234 343 283 284 266 273 234 YoY 2 7 21 1 52 6 19 6 0 6 15 7 31 7 37 7 62 5 62 7 55 4 34 4 23 9 16 5 26 2 38 2 5 3 8 6 25 7 36 0 35 5 48 5 44 9 37 2 24 5 6 8 0 1 28 8 21 6 11 8 29 9 38 2 36 2 36 5 26 9 18 2 7 6 4 5 7 3 EC PeX 26 6 20 6 15 9 29 3 30 2 30 8 25 1 23 0 17 7 17 2 11 6 0 2 34 1 23 7 3 0 31 2 60 5 47 7 63 8 35 4 19 2 10 9 33 8 21 7 1 4 266 6 21 5 16 5 9 3 28 6 210 3 328 2 329 5 219 1 73 9 33 4 QAU 11
97. 1 3 3 1 1 1 CEO 1972 10 12 1996 1998 Comdex 1979 2003
98. SR 2014 9 Shared Gxcscarch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 2015 4 adingo 100 0 2008 06 SSP Fluct Zucks 100 0 2011 04 Zucks Ad Network Zucks Affiliate SAICRAFT 100 09 2014 11 intelish 51 096 2015 02 VOYAGE MARKETING 100 096 2007 01 PeX 60 09 2005 11 65 09 2014 12 jp Research Panel Asia Inc 100 0 2009 10
99. 60 0 2005 11 65 0 2014 12 jp Research Panel Asia Inc _ 100 0 2009 10 100 0 2012 04 100 0 2012 04 VOYAGE VENTURES 100 096 2011 03 20 99 6 2013 12 22 3 2015 04 SR 2014 12 FY09 12 FY09 13 FY09 14 FY09 15 74 72 76 84 83 87 94 96 99 101 114 110 106 101 90 92 96 97 102 94 79 76 75 71 72 71 74 74 46 44 47 44 39 37 32 35 38 37 36 34 37 40 257 254 270
100. 710 2015 4 EC ARPU ARPU M amp A sSh ared lesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w
101. DSP N S 5a SSP L N L N S X 2 2 5b N X SSP T Sharedd Mesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 DSP SSP DSP RTB
102. 2015 2 intelish 2015 4 Google DoubleClick Ad Exchange 2 Kauli ARPU 2 SR 4 6 40 29 37 6 2 6 16 5 11 59 4 6 571 1 400 6 50 38 9 38 1 38 3 373 5 37 8 38 56 38 9 37 6 40 1 200 a Rp EE La08 0 995 009 qu 107 1088 1 000
103. CeBIT 1999 1 1999 COO 2002 CEO 2005 2010 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 1972 11 24 1994 2005 dof 2009 dof 2012 2014 12
104. 3 SSP un TA EE EE 9 10 Q1 Q4 SR shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 DSP 8 2014 9
105. 2015 4 Google DoubleClick Ad Exchange 2 Kauli ARPU 2 2 1 21 Media Accelerating Fund 2 9 intelish 4 6 Google DoubleClick Ad Exchange 2 500 20 2 007 2 004 2 000 1810 1909 11 871 333 16 1 500 12 9 20 10 5 0 6 1 000 8 500 4 269 271 231 241 i 200 198 9 6 a 0 01 02 03 04 Ql Q2 Q3 Q4 01 02 03 04 01 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 SR http www sharedresearch jp Copyright C Shared Research Inc All
106. EC 6 7 8 109 PC ARPU EC PexX 1 ARPU 2 2 2 3 26 4 9 2015 2 2015 EC jp OEM
107. jp 2003 Attention gt Tnterest Search Action Share SNS N EC
108. 508 4 69 394 3 69 SBI 340 3 19 243 2 2 214 1 9 11 058 100 0 SR 2015 2 6 11 059 1 6 98 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 66 69 3688 VOYAGE GROU P Shared Research Report 2015 6 11 FF 2015 1 4Y adingo 100 0 2008 06 SSPIFluct Zucks 100 0 2011 04 Zucks Ad Network Zucks Affiliate SAICRAFT 100 0 2014 11 intelish 51 096 2015 02 VOYAGE MARKETING 100 0 2007 01 PeX
109. hared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 FY09 12 FY09 13 FY09 14 FY09 15 FY09 13 FY09 14 FY09 15 FY09 15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 8 139 9 858 15 046 18 000 2 123 2 356 2 552 2 825 3 451 3 833 3 965 3 797 4 275 4 465 48 6 YoY 2 7 21 1 52 6 19 6 0 6 15 7 31 7 37 7 62 5 62 7 55 4 34 4 23 9 16 5 4 846 6 014 9 085 1 311 1 478 1 541 1 682 1 992 2 294 2 465 2 334 2 612 2 786 59 5 61 0 60 4 61 7 62 7 60 4 59 6 57 7 59 8 62 2 61 5 61 1 62 4 3 292 3 844 5 962 812 878 1 011 1 143 1 459 1 540 1 500 1 463 1 663 1 679 40 5 39 0 39 6 38 3 37 3 39 6 40 4 42 39 40 29 37 8 38 5 38 9 37 6 3 290 3 307 4 081 805 647 860 995 1 013 994 1 037 1 038 1 101 1 108 YoY 0 5 23 4 1 8 22 7 1 7 26 4 25 9 53 6 20 5 4 2 8 7 11 5 40 4 33 6 27 1 37 9 27 5 33 7 35 2 29 4 25 9 26 1 27 3 25 8 24 8 2 536 1 881 2 300 8 231 150 147 446 546 464 425 561 571 49 2 YoY 99 6 24 423 2 250 6 22 3 5 681 4 136 3 208 4 188 8 25 9 4 6 0 0 5 4 12 5 12 8 0 4 9 8 5 9 5 2 12 9 14 2 11 7 11 2 13 1 12 8 2 7 1
110. w Ni 400 400 350 300 250 200 150 107 99 100 78 84 83 i 0 3 30 01 02 03 Q4 1 02 03 04 Ql Q2 Q3 Q4 1 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 SR 350 300 250 200 150 85 100 50 0 1 2 500 20 2 007 2 004 2 000 Te10 1 909 1 871 3233 16 1500 12 1 122 9 12 0 10 5 10 6 1 000 8 500 4 3 269 271 200 198 231 241 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 SR 1 PC QAU Quarterly Active Users 2 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 QAU
111. 17 9 SSP Fluct SSP 565 1 225 85 5 SSP PC 3 89 492 SSP Fluct Zucks Ad Network 2015 1 SSP Fluct PC SSP Fluct PC PC PC 1 2015 2 intelish
112. 2007 2009 1 4689 2008 1009 adingo 3 000 2010 7 Yahoo Japan Google 562 2010 9 1 000 2012 SSP Fluct SSP Fluct
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115. 5 5 6 5 1 3 3 2 7 3 3 28 3 4 4 8 35 43 1 a 19 10 19 2 5 6 7 10 25 3 10 13 10 2 5 ll 7 2 32 4 529 1 891 2 300 529 448 555 439 448 596 570 YoY 13 093 5 257 3 21 7 15 2 32 9 2 8 0 0 5 4 12 6 12 8 18 7 13 0 14 5 11 1 11 8 13 9 12 8 lt 21 19 19 14 7 3 3 02 201 776 201 169 210 170 r227 4231 203 589 5 39 4 41 3 39 4 37 7 38 8 38 1 51 1 38 9 36 3 32 0 10 0 6 2 10 8 9 15 152 310 1 114 1 350 310 273 328 286 225 371 371 YoY 259 8 27 2 35 8 12 9 1 9 3 1 7 4 7 5 11 0 7 9 8 6 7 2 5 9 8 7 8 3 FY09 12 FY09 13 FY09 14 FY09 15 FY09 13 FY09 14 FY09 15 PlcD el ey2 Q3 Q4 Ql ey2 Q3 Q4 Ql Ce 2 8 139 9 858 15 046 18 000 2 123 2 356 2 552 2 825 3 451 3 833 3 965 3 797 4 275 4 465 4 356 5 499 7 597 8 000 1 219 1 385 1 391 1 503 1 810 2 007 1 909 1 871 1 933 2 004 3 979 5 127 6 234 1 135 1 302 1 306 1 383 1 549 1 653 1 543 1 488 1 479 1 532 EC PeX 2 773 3 509 4 233 800 894 908 907 1 000 1 100 1 069 1 064 1 116 1 098 1 207 1 618 2 001 335 408 398 476 549 553 474 424 363 433
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119. 51 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY09 12 FY09 13 FY09 14 FY09 15 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 SSP 1 600 400 SSP e YoY 1 200 300 800 200 400 100 420 HE 9 22 0 26 43 7 0 01 03 Ql Q3 Ql Q3 01 03 FY09 12 FY09 13 FY09 14 FY09 15 SR TI i 1 DSP Demand Side Platform DMP Supply Data ite Platform Management gs Platform SR
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138. YoY 2 7 21 1 52 6 82 6 17 0 26 2 38 2 5 3 13 6 81 8 32 6 11 0 15 5 2 0 2 536 1 881 2 300 2 200 242 413 938 860 970 223 275 987 1 470 1 280 462 152 45 30 50 0 0 5 4 12 5 12 8 12 5 5 5 7 5 12 3 10 8 6 2 6 8 13 4 15 0 50 4 14 9 3 8 2 5 YoY 250 6 22 3 17 0 70 7 127 3 8 3 3 4 23 6 258 5 48 9 29 6 2015 9 9 800 32 6 1 470 48 9 1
139. 0 7 3 9 24 23 35 1 5 5 6 5 1 3 3 2 7 7 3 28 3 4 4 8 35 43 1 19 10 19 2 5 6 10 25 3 10 13 10 2 5 14 7 2 32 4 529 1 891 2 300 529 448 555 439 448 596 570 50 7 YoY 13 093 5 257 3 21 7 15 2 32 9 2 8 0 0 5 4 12 6 12 8 18 7 13 0 14 5 11 1 11 8 13 9 12 8 21 19 11 19 14 7 3 3 11 102 201 776 201 169 210 170 227 231 203 589 56 39 4 41 3 39 4 37 7 38 8 38 1 51 1 38 9 36 3 32 0 10 0 6 10 8 9 15 152 310 1 114 1 350 310 273 328 286 225 371 371 55 0 YoY 259 8 27 2 35 8 12 9 1 9 3 1 7 4 7 5 11 0 7 9 8 6 7 2 5 9 8 7 8 3 FY09 12 FY09 13 FY09 14 FY09 15 FYTTEE FY09 14 FY09 15 a Ql Q2 Q3 Q4 Ql Q2 Q3 er Ql Q2 8 139 9 858 15 046 18 000 2 123 2 356 2 552 2 825 3 451 3 833 3 965 3 797 4 275 4 465 48 6 4 356 5 499 7 597 8 000 1 219 1 385 1 391 1 503 1 810 2 007 1 909 1 871 1 933 2 004 49 2 3 979 5 127 6 234 1 135 1302 1 306 1 383 1 549 1 653 1 543 1488 1 479 1 532 EC PeX 2 773 3 509 4 233 800 894 908 907 1 000 1 100 1 069 1 064 1 116 1 098 1 207 1 618 2 001 335 408 39
140. 2 12 4 10 1 8 2 13 1 13 2 14 0 12 8 11 8 11 0 5 0 7 8 ARPU 15 9 8 2 1 5 20 0 22 1 20 3 19 7 12 5 5 7 3 1 9 0 14 0 13 6 81 8 32 6 20 4 2 8 28 1 52 0 93 8 99 7 97 7 48 6 46 7 32 4 SSP 152 0 112 5 84 6 136 9 201 8 171 5 163 8 135 2 126 4 63 6 67 6 46 5 PC 94 1 70 2 3 7 70 7 164 2 181 5 150 7 78 5 69 0 29 8 26 7 3 8 262 2 155 8 666 8 398 0 256 9 163 0 174 6 211 9 188 8 94 0 98 4 85 4 Fluct imp 76 7 81 5 258 1 80 8 45 9 55 7 87 8 146 2 73 9 51 0 54 3 32 5 eCPM 42 6 17 1 48 4 31 0 106 8 74 4 40 5 4 5 30 2 8 3 8 6 10 5 11 0 15 5 43 8 7 6 9 6 6 6 39 7 10 7 0 5 13 7 20 4 17 3 2 536 1 881 2 300 8 231 150 147 446 546 464 425 561 571 242 413 938 860 42 176 73 121 269 271 200 198 231 241 223 275 987 1 470 13 93 92 78 196 304 260 228 319 358 462 2 45 30 47 38 15 51 19 29 3 0 12 28 0 0 5 4 12 59 12 89 0 4 9 8 5 9 5 2 12 9 14 2 11 7 11 2 13 19 12 89 5 5 7 5 12 3 10 8 3 5 12 7 5 3 8 0 14 9 13 5 10 5 10 6 11 9 12 0
141. 2 215 425 510 498 167 222 321 7 0 2 0 0 0 6 2 6 5 433 316 363 539 566 578 591 685 657 662 152 142 194 142 136 157 158 194 186 208 137 213 210 213 198 174 189 210 201 212 726 1 151 1 830 1 151 1 481 1 754 2 148 1 830 1 721 1 772 535 987 1 658 987 1 316 1 582 1 977 1 658 1 539 1 538 19 26 13 26 26 26 26 13 13 13 210 190 185 190 191 198 197 185 195 247 1 015 1 506 2 234 1 506 1 814 2 085 2 494 2 234 2 108 2 191 5 786 6 445 9 963 6 445 6 930 7 916 8 774 9 963 9 607 10 280 2 980 4 000 4 963 4 000 4 190 4 552 4 777 4 963 4 336 4 620 386 422 603 422 483 533 558 603 676 691 400 100 400 400 400 400 100 100 100 1 319 258 210 258 236 233 231 210 167 118 1 944 2 284 2 577 2 284 2 387 2 456 2 516 2 577 2 611 2 654 138 740 138 151 379 472 740 229 436 330 498 732 498 534 551 600 732 554 620 395 573 602 573 542 623 722 602 557 538 264 293 83 293 239 176 121 83 71 58 50 50 51 50 51 51 51 51 51 51 81 230 383 383 85 230 252 396 551 85 436 429 3 375 4 57
142. 3 5 564 4 573 4 732 5 175 5 499 5 564 4 893 5 158 2 410 1 872 4 398 1 872 2 198 2 741 3 275 4 398 4 713 5 122 1 961 1 121 3 391 1 121 1 396 1 775 2 062 3 391 3 760 4 185 373 373 925 373 373 373 373 925 925 952 353 377 605 377 377 353 353 605 905 932 1 327 1 602 1 562 1 602 1 878 1 050 1 336 1 562 1 931 2 301 91 1 231 1 231 1 231 207 506 770 506 554 716 974 770 708 688 211 495 756 495 535 703 962 756 688 676 4 10 14 0 18 13 12 14 20 12 2 1 2 2 1 1 1 1 242 244 236 244 246 248 238 236 245 249 5 786 6 445 9 963 6 445 6 930 7 916 8 774 9 963 9 607 10 280 181 220 236 129 140 164 140 26 52 39 47 44 11 12 7 12 2 2 2 2 1 587 1 135 1 357 1 135 1 542 1 444 1193 1 357 1 486 1 550 583 951 393 951 875 810 751 393 337 276 2 619 1 892 4 692 1 892 1 649 2 466 3 192 4 692 4 349 4 914 37 51 32 65 35 64 38 26 36 95 36 91 34 02 34 69 15 34 16 61 20 32 15 67 9 56 12 51 16 34 16 51 14 97 12 44 11 97 12 09 12 56 13 96 13 65 13 97 37 88 36 82 44 00 41 84 33 96 35 46 36 71 37 23
143. 3688 VOYAGE GROU P Shared Research Report 2015 6 11 2015 9 1 2015 1 28 4 275 23 9 561 25 9 596 32 9 371 35 8 5 000 RE 75 3 965 4 000 60 3000 2 356 592 2 1 834 i 45 2 111 2 037 1 938 2 051 2 123 me _ 1 576 2000 30 1 022 8g93 Ns 847 813 ve 4 1 000 oe 1810 2007 1909 1871 1933 15 EE 0 a a 0 mm EE EE ES I 0 1 000 15 01 02 03 04 01 02 03 Q4 01 02 03 04 01 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 mww e 800 20 600 561 15 6 464 gt Ff 400 a 319 10 Z 231 297 228 93 190 0 200 8 5 269 271 8 92 231 127 Se 76 200 198 0 0 6 200 7 5 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 mm
144. 400 e YoY 725 731 0 669 350 593 600 5 552 300 500 3 470 250 400 200 341 284 a 300 5 250 150 200 808 100 124 4 6 5 2o 54 100 70 926 50 01 02 03 Q4 01 02 03 04 01 02 03 04 01 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 SR eCPM 100 SSP 10 15 DSP 15 30 DSP 15 20 80 85 15 30 2014 6 DSP 6094 Shared eseaTCh http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 50 50 SSP eCPM SSP
145. 44 69 3688 VOYAGE GROU P Shared Research Report 2015 6711 3 4 5 DSP 6 SSP DSP SSP
146. 5 12 7 5 3 8 0 14 9 13 5 10 5 10 6 11 9 12 0 6 2 6 8 13 4 15 0 1 6 10 2 8 8 6 0 12 4 16 6 12 6 11 9 13 8 14 8 50 4 14 9 3 8 2 5 19 2 15 0 5 2 21 9 5 5 10 3 1 2 0 1 4 4 12 0 SR sSh ared lesearch lp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 2015 9 2 2015 4 22 5 000 4275 4465 75 3833 3 797 mm EE 4 000 oe 60 2 825 4 _ 2 428 3 000 2 356 592 a a 45 2111 2037 11938 2051 2 123 mm Em 1 576 En mL 1288 1 2 000 m _ 30 a a A a Rd a 1 000 1810 2007 1909 1871 1933 2004 15 00 M0 0 NN a 0 a EE rE eT 0 1 000 15 01 02 03 04 01 02 03 04 01 02 03 04 01 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 800 20 571 600 561 15
147. 5 831 6 280 7 729 7 499 8 089 3 203 2 843 5 085 2 843 2 524 3 275 3 944 5 085 4 686 5 191 870 1 156 1 535 1 156 1 539 1 675 1 536 1 535 1 652 1 743 104 401 425 401 486 302 215 425 510 498 593 538 683 538 566 578 585 683 651 657 152 142 194 142 136 157 158 194 186 208 137 213 210 213 198 174 189 210 201 212 726 1 151 1 830 1 151 1 481 1 754 2 148 1 830 1 721 1 772 535 987 1 658 987 1 316 1 582 1 977 1 658 1 539 1 538 5 786 6 445 9 963 6 445 6 930 7 916 8 774 9 963 9 607 10 280 2 980 4 000 4 963 4 000 4 190 4 552 4 777 4 963 4 336 4 620 386 422 603 422 483 533 558 603 676 691 319 658 310 658 636 633 631 310 267 218 1 944 2 284 2 577 2 284 2 387 2 456 2 516 2 577 2 611 2 654 330 635 1 472 635 685 930 1 071 1 472 783 1 057 395 573 602 573 542 623 722 602 557 538 264 293 83 293 239 176 121 83 71 58 131 280 519 280 303 447 601 519 486 480 2 410 1 872 4 398 1 872 2 198 2 741 3 275 4 398 4 713 5 122 1 961 1 121 3 391 1 121 1 396 1 775 2 062 3 391 3 760 4 185
148. 59 16 5 9 3 28 6 210 3 328 2 329 5 219 1 73 9 33 4 QAU 11 2 12 4 10 1 8 2 13 1 13 2 14 0 12 8 11 8 110 5 0 7 8 ARPU 15 9 8 2 1 5 20 0 22 1 20 3 19 7 12 5 5 7 3 1 9 0 14 0 13 6 81 8 32 6 20 4 2 8 28 1 52 0 93 8 99 7 97 7 48 6 46 7 32 4 SSP 152 0 112 5 84 6 136 9 201 8 171 5 163 8 135 2 126 4 63 6 67 6 46 5 PC 94 1 70 2 3 7 70 7 164 2 181 5 150 7 78 5 69 0 29 8 26 7 3 8 262 2 155 8 666 8 398 0 256 9 163 0 174 6 211 9 188 8 94 0 98 4 85 4 Fluct mp 76 7 81 5 258 1 80 8 45 9 55 7 87 8 146 2 73 9 51 0 54 3 32 5 eCPM 42 6 17 1 48 4 31 0 106 8 74 4 40 5 4 5 30 2 8 3 8 6 10 5 11 0 15 5 43 8 7 6 9 6 6 6 39 7 10 7 0 5 13 7 20 4 17 3 2 536 1 881 2 300 8 231 150 147 446 546 464 425 561 571 49 2 242 413 938 860 42 176 73 121 269 271 200 198 231 241 54 8 223 275 987 1 470 13 93 92 78 196 304 260 228 319 358 46 1 462 152 45 30 47 38 15 51 19 29 3 0 12 28 53 8 0 0 5 4 12 5 12 8 0 4 9 8 5 9 5 2 12 9 14 2 11 7 11 2 13 1 12 8 5 5 7 5 12 3 10 8 3
149. 6 464 425 561 571 YoY 99 696 24 423 2 250 6 22 396 91 896 2 821 4 261 896 2 423 99 5 681 4 136 396 208 496 188 8 25 996 4 696 0 0 5 496 12 59 12 89 0 4 9 8 5 996 5 296 12 99 6 14 296 11 796 11 296 13 196 12 8 2 10 3 9 24 23 35 sb 5 5 6 3 3 2 7 19 10 5 6 10 25 8 6 14 2 5 14 X 2 32 4 529 1 891 2 300 448 555 439 448 596 570 YoY 13 093 5 257 3 21 7 15 206 3 29 0 0 5 4 12 6 12 8 13 0 14 5 11 1 11 8 13 9 12 8 21 19 11 14 7 3 3 11 589 5 39 496 41 3 37 7 38 89 6 38 1 51 1 38 9 36 3 32 0 10 6 2 10 8 9 15 152 310 1 114 1 350 273 328 286 225 371 371 YoY 259 8 27 296 35 8 12 99 1 996 3 196 7 496 7 596 7 996 8 69 7 296 5 996 8 7 8 3 a 13 4 13 4 11 1 10 6 10 6 10 6 11 1 11 1 11 3 12 9 10 6 10 4 10 5 10 6 11 1 11 1 11 1 BPS 100 366 157 376 185 236 288 376 404 432 EPS ES 24 0 104 8 122 1 26 3 31 3 27 1 20 1 33 6 33 1 EPS 92 9 30 0 29 4 DPS EE I 4 770 4 939 7 729 4 939 5 116
150. 8 476 549 553 474 424 363 433 377 372 1 363 84 83 85 120 261 354 366 383 453 472 QAU 81 90 101 86 90 92 93 98 101 103 104 103 109 ARPU 1 226 1 421 1 537 330 363 355 371 395 409 375 359 360 351 3 579 4 066 7 393 9 800 813 918 1 047 1 288 1 576 1 834 2 069 1 914 2 312 2 427 48 4 SSP 917 2 310 4909 364 498 650 797 961 1 172 1 472 1 304 1 610 1 717 PC 601 1167 1 987 165 287 338 377 414 512 572 490 524 492 315 1 142 2 922 199 212 312 420 547 661 900 814 1 085 1 225 Fluct imp 712 1 258 2 283 250 224 341 443 470 552 593 669 725 731 eCPM 12 9 18 4 21 5 14 6 22 2 191 18 0 20 5 21 3 24 8 19 5 22 2 23 5 917 1 018 1 177 1200 246 256 283 234 343 283 284 266 273 234 42 3 YoY 2 7 21 1 52 6 19 6 0 6 15 7 31 7 37 7 62 5 62 7 55 4 34 4 23 9 16 5 26 2 38 2 5 3 8 6 25 7 36 0 35 5 48 5 44 9 37 2 24 5 6 8 0 1 28 8 21 6 11 8 29 9 38 2 36 2 36 5 26 9 18 2 7 6 4 5 7 3 EC PeX 26 6 20 6 15 9 29 3 30 2 30 8 25 1 23 0 17 7 17 2 11 6 0 2 34 1 23 7 3 0 31 2 60 5 47 7 63 8 35 4 19 2 10 9 33 8 21 7 1 4 266 6 21
151. P ADNW SR 2 500 20 2 007 2 000 1810 EE i Es 16 0 0 11 3 1 5 12 ll 9 1 500 105 6 1 000 8 0 UN 269 271 231 9 200 198 127 9 4 0 a Eo 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ql Q2 Q3 04 FY09 12 FY09 13 FY09714 FY09 15 m http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 1 933 6 8 231 14 2 EC PeX 1 479 4 5
152. Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6711 2 2 004 0 19 240 11 2 EC PeX EC PeX 2 100 80 60 5 020 1 800 60 1 500 40 gt 200 1 01 1 016 2 015 1 003 945 900 0 600 20 300 40 0 690 691 697 694 800 894 908 907 000 1100 1069 1064 1116 1098 i 0 QL Q2 Q3 Q4 01 02 03 04 01 02 03 04 01 02 03 04 FY09 12 FY09 13 FY09 14 FY09 15 EC PeX Ne YoY EC PeX YoY SR QAU 6 ARPU QAU Quarterly Active User
153. SP Fluct 1 eCPM imp imp imp Media Accelerating Fund 2015 1 21 Media Accelerating Fund SSP gt 4 Media Accelerating Fund SS
154. VOYAGE GROUP SR http www sharedresearch jD Copyright C Shared Research Inc All Rights Reserved Shared Research Report 2015 6 11 a FY09 12 FY09 13 FY09 14 FY09 15 FY09 13 FY09 14 FY09 15 Ql ey2 Q3 Q4 Ql ey2 Q3 Q4 el er2 8 139 9 858 15 046 18 000 2 123 2 356 2 552 2 825 3 451 3 833 3 965 3 797 4 275 4 465 YoY 2 7 21 1 52 6 19 6 0 6 15 7 31 7 37 7 62 5 62 7 55 4 34 4 23 9 16 5 4 846 6 014 9 085 1 311 1 478 1 541 1 682 1 992 2 294 2 465 2 334 2 612 2 786 59 5 61 0 60 4 61 7 62 7 60 4 59 6 57 7 59 8 62 2 61 5 61 1 62 4 3 292 3 844 5 962 812 878 1 011 1 143 1 459 1 540 1 500 1 463 1 663 1 679 40 5 39 0 39 6 38 3 37 3 39 6 40 4 42 3 40 2 37 8 38 5 38 9 37 6 3 290 3 307 4 081 805 647 860 995 1 013 994 1 037 1 038 1 101 1 108 YoY 0 5 23 4 1 8 22 7 1 7 26 4 25 9 53 6 20 5 4 2 8 7 11 5 40 4 33 6 27 1 37 9 27 5 33 7 35 2 29 4 25 9 26 1 27 3 25 8 24 8 2 536 1 881 2 300 8 231 150 147 446 546 464 425 561 571 YoY 99 6 24 423 2 250 6 22 3 5 681 4 136 3 208 4 188 8 25 9 4 6 0 0 5 4 12 5 12 8 0 4 9 8 5 9 5 2 12 9 14 2 11 7 11 2 13 1 12 8 2 lt 7 10 7 3 9 24 23 35 1
155. ch Report 2015 6 11 Amazon iTunes PeX 2 Amazon PeX 500 472 450 8 mw
156. earch Report 2015 6 11 Zucks Ad Network nend a PC nend SSP RTB 1 800 180 1 600 6 160 1 400 MM 1 200 eh 100 1 000 80 800 60 600 gt 40 400 80 20 all 0 20 Jan 12 Jan 13 Jan 14 Jan 15 9Y SR Zucks Ad Net
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158. ght C Shared Research Inc All Rights Reserved 3688 VOYAGE GROU P Shared Research Report 2015 6 11 350 70 300 60 250 50 200 40 150 30 105 100 a 20 26 0 0 CY12 CY13 CY14 CY15 CY16 CY17 mm PC CPM RTB mm RTB SR SSP
159. hared Research Report 2015 6 11 FY09 13 FY09 14 SSP 2 310 27 SSP 4 909 66 SR SSP 100 adingo SSP Fluct Fluct PC SSP 20 PC 30 SSP x x 100 x 100 eCPM effective Cost per Mille 1000 800
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