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Pandora Radio

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By Rachel Blackman

Company

Pandora Radio is an online and mobile personalized radio model that utilizes the Music Genome Project.

The Music Genome Project is an algorithm set by music analysts that matches people to other music they may like based on their taste in artist or song [1]. Essentially, the listener may pick an artist/band, genre, or song and, based on the characteristics and technical elements of their choice, music that has similar traits will be played in accordance in a channel format. Comedy has also recently been added to the Pandora portfolio, so there is the option to explore that realm in the same streaming/radio hybrid system.

Pandora also has a blog section and benefits such as exclusive presale opportunities for concerts as well as premade stations for those who just want to listen to a less narrow selection.

There is a freemium version of the service with advertisements between songs, and a premium subscription service, Pandora One, that costs $4.99 a month for no ads.

Brief History

Pandora Radio is, in many ways, looked at as the originator of the personalized streaming service craze that is so prominent in the world today. Founded in 2000 by Tim Westergren and Jon Kraft, the company began humbly as just the idea of the Music Genome Project.

Come 2005 and beyond, Pandora was fully formed and blew up with popularity[2]. People were discovering music and finding the ease of having it on demand and tailored to their own tastes, a model that every competitor has been utilizing since.

As Spotify exploded and streaming services grew, the attention faded a bit from Pandora, but it is on its way back. At the end of last year, Pandora purchased the concert ticketing entity Ticketfly for $450 million in one of its biggest moves ever[3]. With this merger, Pandora is going to be able to sell tickets through its service, adding to its attraction and uniqueness.

Next, Pandora purchased the streaming service Rdio’s assets for $75 million in efforts to make it into the digital streaming world as direct competition to players like Spotify and Apple Music[4].

The company is currently in a transition period where it is implementing these new acquisitions in order to get ahead of the game in streaming in 2016 and beyond.

New Features

January 28, 2016, Pandora launched a new feature for their app: Browse. Browse recommends and assists people in discovering artists they may like based on their music taste. There is also an analysis level to the feature where listeners can view how many others are enjoying an artist they love, a useful resource for both the creators and the fans. Along with Browse, the app was redesigned to look cleaner and be easier to use[5].

Another exciting and innovative new idea Pandora implemented March 8th is their AMPcast service. AMPcast allows artists to speak to their followers through audio messages they can record on their cell phones and upload to their music channel[6], a valuable form of connection for the artists to their fan base that has not yet been utilized anywhere else.

Live Music

Pandora has been making huge strides in the live music game this year as well. For example, this was their first year as the official streaming partner to the popular and forward-thinking music festival/conference, South By Southwest in Austin, TX. This year, their fittingly named stage Discovery Den hosted hot up-and-coming acts from March 16-19. From hip-hop artists like Kevin Gates and Anderson .Paak to electronic like Louis the Child[7], Pandora was thoughtful and current in its choices and tapped into young, hip audiences in the perfect setting to do so.

April 6th, Pandora announced the lineup for its leap into the hip-hop world via their Pandora Presents: The ATL concert taking place May 5th. Featuring wildly popular rap and hip-hop acts Young Thug, K Camp, and Dej Loaf, Pandora is targeting a key young and musically active audience that they have not been as present with until now[8]

Company structure

The company has been going through some executive changes in 2016, including naming cofounder Tim Westergren as CEO March 28th [9]. Westergren is a musician himself and has always seen the importance in discovering new talent, something Pandora is putting a lot of attention into currently and a concept that will keep them relevant.

Along with this change, there was a restructuring of the upper offices including instating Mike Herring as President and CFO, promoting Sara Clemens from CSO to COO, and putting Chris Phillips in the Chief Product Officer seat [9].

Revenues

Pandora’s 2016 first quarter financial review has not yet been released, but will be made public April 28. Given the numbers from last year, it would appear as though the company is on an upward trend. Their fourth quarter revenue at the end of 2015 was up 25% year-over-year at $336.2 million, and their total revenues for all of 2015 were $1.164 billion, a growth of 26% year-over-year[10]. It is reasonable to expect that this years numbers will be even greater, especially given their acquisitions of Ticketfly and Rdio and their movement into live music.

As for right now, Pandora Media’s stock has gone up 0.04 since its last close with a volume of 9.06m[11].

Finally, Pandora just hit the $2 billion mark on April 18th for artist and songwriter royalties[12].

Overview/Looking to the Future

Pandora is making big moves towards being a powerful player through their innovative new streaming updates, their live music target on hip-hop in particular, and their company restructuring. It should be fascinating to watch how effective their strategies prove to be in execution.

Sources

[1] “About The Music Genome Project®.” (n.d.): n. pag. Retrieved 25 Apr. 2016.

[2] “Origin Story: The Founding of Pandora Radio.” Startup Grind. N.p., n.d. Retrieved 25 Apr. 2016.

[3] Sisario, Ben. “Pandora Buys Ticketfly, a Competitor to Ticketmaster.” The New York Times. The New York Times, 2015. Retrieved 25 Apr. 2016.

[4] “Pandora’s Rdio Acquisition Sets Stage for Epic Streaming Music Battle.” Variety. N.p., 2015. Retrieved 25 Apr. 2016.

[5] “Pandora Debuts New Personalized Destination to Discover Music.” Press Release Distribution, EDGAR Filing, XBRL, Regulatory Filings. N.p., n.d. Retrieved 25 Apr. 2016.

[6] Lunden, Ingrid. “Pandora Raises Its Social Media Game with AMPcast, DIY Audio Messaging For artists.” TechCrunch. N.p., 2016. Retrieved 25 Apr. 2016.

[7] “Pandora Reveals Initial Lineup in Its First Year as the Official SXSW Streaming Partner – NASDAQ.com.” NASDAQ.com. N.p., n.d. Retrieved 25 Apr. 2016.

[8] “Young Thug, K Camp & DeJ Loaf To Perform At Pandora ATL Concert.” Vibe. N.p., 2016. Retrieved 25 Apr. 2016.

[9] “Pandora Brings Back Founder Tim Westergren As Newest CEO.” Forbes. Forbes Magazine, n.d. Retrieved 25 Apr. 2016.

[10] “Pandora Reports Q4 and Full Year 2015 Financial Results.” Press Release Distribution, EDGAR Filing, XBRL, Regulatory Filings. N.p., n.d. Retrieved 25 Apr. 2016.

[11] “Pandora Media Inc.” P Stock Quote. N.p., n.d. Retrieved 25 Apr. 2016.

[12] “Pandora Hits $2 Billion in All-Time Royalties for Artists and Songwriters.” Press Release Distribution, EDGAR Filing, XBRL, Regulatory Filings. N.p., n.d. Retrieved 25 Apr. 2016.

[13] Dufree, Rachel. “Pandora and Ticketfly Join Forces to Create the World’s Most Powerful Music Platform.” Ticketfly. N.p., n.d. Web. 25 Apr. 2016.

[14] “Rdio Adds Free Streaming With Nearly 500 Live Broadcast Stations – Next Geekers.” Next Geekers. N.p., 2015. Web. 25 Apr. 2016.

[15] “Discovery Den at SXSW 2016: Four Days of Your New Favorite Music.” South by Southwest 2016 Music, Film and Interactive Festivals. N.p., 2016. Web. 25 Apr. 2016.

NETFLIX

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by BESS HOWELL

Corporate Headquarters [3]

100 Winchester Circle Los Gatos, CA 95032

+1 (408) 540-3700

http://netflix.com/

Leadership [1]

reed

– Reed Hastings: Founder and CEO

 

david_wells

David Wells: Chief Financial Officer

 

Kelly_Bennett_130_195

Kelly Bennett: Chief Marketing Officer

 

jonathanfriedland[1]

Jonathan Friedland: Chief Communications Officer

tawnicranz

Tawni Cranz: Chief Talent Officer

 

ted

Ted Sarandos: Chief Content Officer

 

 

 

 

 

 

 

 

 

 

 

 

History [2]

print-2

Courtesy of 3dprint.com

In 1997, Reed Hastings and partner Marc Randolph founded Netflix. Initially, the company was founded to offer online movie rentals. Consumers were able to pick from a selection of titles and have them delivered to their homes. Two years later, Netflix became a subscription-based service, providing customers with unlimited movie rentals for a monthly rate. In 2002, Netflix became a publicly traded company on NASDQ. In 2007, Netflix introduced its extremely popular movie and television streaming service. International expansion began in 2012, Netflix becoming available in Latin America and the Caribbean. Netflix introduced original content in 2013, including the award-winning shows “House of Cards” and “Orange is the New Black.” Now with over 60 million global subscribers, Netflix is a notable name and pioneer in the television industry.

 

Financials [7]

Netflix’s 2015 first quarter earning results were extremely mixed, but in the end left investors happy and the company optimistic about the future [6]. Netflix reached the analyst forecasted revenue of 1.57 billion dollars, but per share earnings dropped to 38 cents. Although Netflix surpassed the previous year’s revenue, EPS dropped over 50 cents from 2014. This can be partially attributed to the Q1 net income, at 23.7 million, which decreased 55.4% from one year ago [9]. This loss is a result of the strong U.S. dollar, which greatly lowered international revenue. Without loses due to the foreign exchange rate, the per-share earnings would have been recorded at 77 cents [8]. Netflix stock increased over 18%, reaching an all time high of $530 dollars. Analysts believe this is due to the massive subscriber growth, which increased by 4.9 million in the first quarter of 2015 for a total of 62.3 million [5], 500,000 more than the company had expected. Stocks may not stay at the high price they reached, as CEO Reed Hastings proposed a stock split in the near future. If the stock split does not happen however, FBR & Co analyst Barton Crockett predicts that Netflix shares could reach $900 within the next year [4]. With a loyal consumer base, growing subscribers, and plans for global expansion, there is not much in the company’s way for it’s numbers to only go up.

 

Global Expansion

Global expansion has become a huge part of the Netflix business model. As subscriber growth slows in the United States, the company looks to other markets in order to both raise revenue and increase opportunities [12]. Currently operating in over 50 countries, Netflix announced in January that they planned to launch the service in 200 countries by 2016 [13], with the hopes of going global by 2020 [11]. Although the company currently loses money in it’s international business, they predict it to be profitable by 2017. Despite these loses, Netflix is extremely well received in its abroad markets. It was released in early April that less than a year after being launched in Europe, Netflix buttons are being added to remote controls that will be shipped all over the continent [16]. Already in 2015, Netflix has become available in Cuba [15], Australia, and New Zealand [10], and is set to launch in Japan this coming fall [14]. The company is also looking into the possibility of launching in China. Global expansion means the opportunity of having content viewed over the entire world, which will open Netflix up to many opportunities for both licensing and producing even more material[12].

 

Netflix Originals and Exclusives

In a consumer survey released yesterday that was conducted by FBR & Co, Netflix users said that they prefer the Internet streaming service to television [22]. Much of this has to do with the original content Netflix has been producing in the last few years. On February 27th the company released the third season of its award winning original, “House of Cards,” which received global attention. It was released on April 2nd that the show’s fourth season would air sometime in 2016 [23]. March 6th marked the premier of “Unbreakable Kimmy Schmidt,” and on March 20th their new dramatic thriller “Bloodline” was released. On April 10th Netflix aired Marvel’s “Daredevil,” the first of a five series-deal [18]. The company also released the teaser for the fourth season of “Orange Is The New Black” two days ago [17]. For the rest of 2015, Netflix plans on releasing five more original series [18], as well as five additional original programs geared towards children [26].

At the Sundance Film Festival in January, Netflix made a deal with the notable Duplass brothers [24]. Netflix will finance four films produced by the team, which will go to directly to the service after a short theatrical window. This partnership paid off at SXSW this March when Netflix obtained the exclusive global rights to the film “6 Years,” Which was produced by the Duplass brothers [25] This film was not part of the deal signed in January, and thus was an extra acquisition for the company.

Netflix recently introduced its intentions for multiple new documentary projects. Teaming up with Silverback Films, the company that created “Planet Earth,” Netflix plans to produce an eight-part natural history series entitled “Our Planet.” [20] This four-year project is set to air in 2019. On March 4th, the company also announced a planned partnership with Leonardo DiCaprio and production company Appian Way to create a series of Netflix exclusive documentary projects [21]. DiCaprio will produce all of the projects, which will concern the environment and conservation.

 

Promotions

Already in the first quarter of 2015, Netflix has partnered with various tech companies to help promote the brand and increase subscribers. On March 25th T-Mobile announced that if customers buy a Samsung Galaxy S6 phone, they will get a free one-year subscription to Netflix [27]. The logic behind this partnership is to both drive the sales of S6 phones at T-Mobile, and create more potential long-term subscribers for Netflix. Separate from T-Mobile, Samsung enticed consumers in Australia earlier this month to buy from a series of new 4K smart TVs by offering six free months of Netflix [28]. This partnership came just weeks after the streaming service launched in Australia.

Netflix also came out with it’s first set of “Netflix Recommended TVs,” part of a program that the company launched in early 2015 to help integrate itself better with smart TVs. The recommendation is meant to promote the TV’s easy Internet access capabilities and help Netflix become more easily accessed through the television rather than the computer. The TVs will come from companies like Sony, LG, TCL, and Insignia, and will include the Netflix logo when in retail [29].

 

Overview

Netflix is truly an innovator in the television industry. CEO Reed Hastings said in a recent interview that “Internet TV is going to replace linear TV” within 20 years [30]. At the current rate Netflix is going, that could likely be possible. Netflix has excellent financials, global prospects, a loyal and growing subscriber base, notable content, and forward thinking business strategies. There is no reason why they should not be able to reach their goals in coming years.

Sources

[1] Officers and Directors, Netflix International Relations, Retrieved: April 15, 2015

[2] Company Timeline, Netflix Media Center, Retrieved: April 15, 2015

[3] Netflix Corporate Headquarters, Corporate Offices and Headquarters, Retrieved April 15, 2015

[4] Netflix stocks top $500 for the first time ever. Next stop = $900?, CNN Money, Retrieved April 16, 2015

[5] Netflix shares explode after unexpected subscriber growth, Business Insider, Retrieved April 16, 2017

[6] Netflix adds nearly 5 million subscribers in first quarter, USA Today, Retrieved April 15, 2015

[7] Letter to Shareholders, Netflix International Relations, Retrieved April 16, 2015

[8] Why Investors Are So In Love With Netflix Right Now, Time, Retrieved April 16, 2015

[9] Netflix Shares Soar On Q1 Report Showing Strong Sub Growth And Stock Split Plans, Deadline, Retrieved April 16, 2015

[10] Netflix Goes Live In Australia And New Zealand, Its First Launches In Asia Pacific, Tech Crunch, Retrieved April 16, 2015

[11] Analysts giddy at Netflix plans for international expansion, Market Watch, Retrieved April 16, 2015

[12] Netflix Accelerates Ambitious Global Expansion as U.S. Growth Slows, The New York Times, Retrieved April 15, 2015

[13] Netflix Steps Up Foreign Expansion, Wall Street Journal, Retrieved April 16, 2015

[14] Netflix To Launch In Japan This Fall, Netflix Media Center, Retrieved April 15, 2015

[15] Netflix Is Available In Cuba, Netflix Media Center, Retrieved April 15, 2015

[16] Major Consumer Electronics Manufacturers Add Netflix Button To Remote Controls Across Europe, Netflix Media Center, Retrieved April 15, 2015

[17] Netflix Renews Orange Is the New Black for Season 4, Releases New Clip, Time, Retrieved April 16, 2017

[18] 7 New Netflix Original Premiering This Year, Cheat Sheet, Retrieved April 15, 2015

[19] In 2015, Must-See TV Will Often Be Netflix Exclusives, Daily Finance, Retrieved April 15, 2017

[20] ‘Our Planet’ Set At Netflix; 8-Part Follow-up To ‘Planet Earth’ Series, Deadline, Retrieved April 16, 2015

[21] NETFLIX AND LEONARDO DICAPRIO TO PARTNER ON UPCOMING DOCUMENTARY PROJECTS, Netflix Media Center, Retrieved April 15, 2015

[22] Is Netflix More Popular Than TV?, CBS Money Watch, Retrieved April 16, 2015

[23] ‘House Of Cards’ Season 4 Will Air In 2016, Huffington Post, Retrieved April 15, 2015

[24] Netflix Makes 4-Pic Pact With Duplass Brothers – Sundance, Deadline, Retrieved April 15, 2015

[25] Netflix Nabs Global Rights For Drama ‘6 Years’ At SXSW 2015, Deadline, Retrieved April 15, 2015

[26] NETFLIX EXPANDS ITS PORTFOLIO OF ORIGINAL AND EXCLUSIVE TV SERIES WITH FIVE NEW SHOWS FOR KIDS OF ALL AGES, Netflix Media Center, Retrieved April 15, 2015

[27] T-Mobile Offers One Free Year Of Netflix For Buying A Samsung Galaxy S6, Forbes, Retrieved April 15, 2015

[28] Samsung releases new 4K smart TVs in Australia, offers six months free Netflix, Sunday Morning Herald: Digital Life, Retrieved April 16, 2015

[29] Netflix Announces First ‘Recommended TV’ Partners, Variety, Retrieved April 15, 2015

[17] Netflix Doesn’t Want to Kill HBO. It Wants to Kill TV, re/code, Retrieved April 16, 2017

Twitter

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By Sona Kim
Twitter Logo

Twitter Logo [1]

1355 Market Street
Suite 900
San Francisco, CA 94103

Executives:

costolo

Dick Costolo – CEO [2]

rowghani3

Ali Rowghani – COO [3]

gupta

Mike Gupta – CFO [4]

bain

Adam Bain – President of Global                     Revenue [5]

 

Company Profile

Twitter is a micro blogging and social networking platform where users can read and send tweets limited to 140 characters. It is currently the tenth most popular website worldwide and boasted 232 million users in this quarter alone. Over 500 million Tweets are sent everyday and 76% of active users are on mobile. [6] Looking at a US demographic, 16% of US adults use Twitter and one in ten adults get their news from Twitter. [7]

Twitter Demographics

Twitter Demographics [19]

History

Twitter was initially part of a podcasting firm called Odeo and became its own company in 2007. The company expanded its user base immensely during the 2007 SXSW Conference after successfully placing two plasma screens that streamed Twitter messages. [8] In 2010, Twitter announced that they would offer paid advertising, or “promoted tweets” which has become a major revenue stream for the company.

Sponsored Ad Example [20]

Financial Snapshot

According to newly filed financial documents, Twitter has a net loss $133.8 million this year compared to a $70.7 million loss in 2012. However, their advertising profits are quickly rising as the company collected $168.6 million in third quarter, for a total of $422 million in total revenue. [9] Twitter’s research and development costs are also growing immensely as the company believes these investments will turn into profit. R&D costs have increased a whopping 153% from last year alone.

Advertisements accounted for 85% of revenue in 2012 and this has increased to 89% in 2013. Another form of revenue for the company is data licensing, which allows clients to access user tweets and data. Twitter has made $47.3 million from selling user data in 2013, which is a 36.3% increase from last year. [10]

Nielsen TV Ratings

Twitter Social TV Stats [21]

In October 2013, Nielsen and Twitter announced a metrics system to gauge which television shows are popular. Initial research showed that for every 1,000 tweets, 50,000 people would see those tweets. There has also been a marked increase of live conversations about television on Twitter. Last quarter alone, 19 million people wrote over 260 million Tweets about live TV, which marked a 38% increase. According to an executive at Universal, “the potential value of Nielsen Twitter TV Ratings is that is provides a pathway for an advertiser to turn audience energy into brand momentum”. [11]

Vine

Vine is a video sharing mobile platform acquired by Twitter in 2012. The company launched the application in the first quarter of this year and Vine quickly became the top video sharing application. It is the fastest growing app in 2013 with a 403% growth rate. [12]

Vine Popularity [22]

Vine Popularity [22]

More notably, Dunkin Donuts aired the first Vine as a TV commercial in September during a preseason NFL game. This marks the first wave of integrative social media and television and will surely be a growth sector for Vine as other brands have begun to launch Vine campaigns, such as Nissan. [13]

Twitter and the News

One of the reasons for Twitter’s success is their ability to facilitate real time information, especially with breaking news. As a result, Twitter recently rolled out push notifications in November 2013 for breaking news. However, a random group of Twitter users received a push notification when they neither followed the @BreakingNews account or signed up for push notifications. [14]

Breaking News Push Notification [23]

Breaking News Push Notification [23]

Twitter has also expanded an account specifically for breaking news called @EventParrot, which is a new service that allows for personalized notifications. This is a very recent feature but it shows that Twitter is recognizing their strength as an immediate news outlet.

Spammers and Hackers

As an online platform, Twitter faces problems from spammers and hackers. The company estimates that over 11 million accounts are spam accounts. They announced in their initial filing that they were aware that a rise in users will also result in more spam accounts and that they will continue to terminate spam accounts as they find them. This year alone, there have been several prolific incidents of cyber hacking. Earlier this year, the company announced that over a quarter of a million users’ information may have been compromised. In another disturbing incident, the Syrian Electronic Army briefly gained control of one of Twitter’s domains. [15]

Competitors

Twitter’s major competitors include other technology giants such as Facebook and LinkedIn. While Twitter may have millions of other users, Facebook has over times more. Twitter gains almost $3 in revenue per user but this pales in comparison to LinkedIn’s $8. However, the market value of each Twitter user is $134.47. [16]

Average Revenue from Each User (USD$) [24]

Average Revenue from Each User (USD$) [24]

IPO – $TWTR

Top 10 Internet IPOs [25]

The major story for Twitter this quarter is their initial public offering. Goldman Sachs was announced as the lead underwriter on the deal and the company raised $1.8 billion from the IPO. As a result of the 70 million shares that Twitter issued, the company’s market value grew to a little over $13 billion. Twitter stock opened at $26 and rose rapidly on its first trading day and has settled to a low $40 range currently. [17] Twitter’s IPO marks the second largest Internet IPO after Facebook. The company opted to file its IPO on the NYSE, as NASDAQ is heavier with technology companies and is trading under the ticker name TWTR. Currently, analysts anticipate that Twitter will become profitable by 2015 as advertising revenue streams increase. [18] There has been some worry that Twitter is not profitable as it has posted net losses for the past three years. However, investors believe that Twitter has opted to go public earlier in its growth curve and has more opportunity to become profitable in the coming years.

Twitter’s Future

Expect Twitter Revenues [26]

As Twitter begins its first foray as a public company, there are many doubts that Twitter is just a fad and that their IPO will be overhyped and overvalued just like Facebook’s. However, based on growth expectations and expansions into news, Nielsen ratings and popular applications such as Vine, Twitter will surely be profitable by 2015. As social media becomes more measurable, Twitter stands to bring in higher revenue streams as advertisers begin to recognize the power of this social media platform.

Sources:

1. Twitter Logo Picture – http://mybroadband.co.za/vb/attachment.php?attachmentid=17977&d=1347540360

2-5. Executive Profiles and Pictures – https://about.twitter.com/company/leadership

6. Twitter User Stats – https://about.twitter.com/company

7. Twitter News User Stats – http://www.journalism.org/2013/11/04/twitter-news-consumers-young-mobile-and-educated/

8. Twitter History – http://jobsearchtech.about.com/od/companyprofiles/p/Twitter-Company-Profile.htm

9. Twitter Financial Costs – http://money.cnn.com/2013/11/06/technology/social/twitter-ipo-price/

10. Twitter Spending Costs – http://techcrunch.com/2013/10/15/twitter-doubles-its-q3-revenue-but-its-aggregate-2013-loss-has-widened-to-133-8m/

11. Nielsen and Twitter Ratings – http://www.nielsen.com/us/en/press-room/2013/nielsen-launches-nielsen-twitter-tv-ratings.html

12.  Vine Growth – http://www.b2bmarketing.net/news/archive/mobile-new-vine-named-fasting-growing-app-2013

13. Dunkin Vine Campaign – http://www.adweek.com/news/advertising-branding/dunkin-donuts-launching-first-tv-ad-made-entirely-vine-152267

14. Twitter Push Notifications – http://www.digitaltrends.com/social-media/twitter-tests-waters-breaking-news-push-notifications/

15. Twitter Hacks – http://www.marketwatch.com/story/10-things-twitter-wont-tell-you-2013-10-25?pagenumber=8

16. Twitter Competitors – http://www.trefis.com/stock/twtr/articles/215695/how-does-twitter-stack-up-against-facebook-and-linkedin/2013-11-18?from=filmstrip%3Atop

17. Twitter IPO Factsheet – http://abcnews.go.com/Technology/wireStory/interesting-numbers-twitters-ipo-20824494

18. Twitter IPO Info – http://www.bloomberg.com/news/2013-11-06/twitter-raises-1-82-billion-pricing-ipo-above-offering-range.html

19. Twitter News Demographics- http://www.journalism.org/2013/11/04/twitter-news-consumers-young-mobile-and-educated/

20. Sponsored Ad Image – http://www.rebelcmc.com/wp-content/uploads/2013/09/4573997468_222cebf8ff.jpg

21. Twitter Social TV Image- http://www.mediabistro.com/alltwitter/files/2012/12/twitter-social-tv.png

22. Vine Popularity Image – http://www.b2bmarketing.net/news/archive/mobile-new-vine-named-fasting-growing-app-2013

23. Breaking News Push Notification Push – http://www.digitaltrends.com/social-media/twitter-tests-waters-breaking-news-push-notifications/

24. Competitor Revenue per Customer Graph – http://www.trefis.com/stock/twtr/articles/215695/how-does-twitter-stack-up-against-facebook-and-linkedin/2013-11-18?from=filmstrip%3Atop

25. Top Internet IPO Image – http://s.wsj.net/public/resources/MWimages/MW-BO775_top_ip_MG_20131107095949.jpg

26. Twitter Expected Revenue Graph – http://www.trefis.com/stock/izea/articles/215754/twitters-long-hard-path-to-profitability/2013-11-19?from=artPopin