[Table_main]

2016 6 30

S1230514080002
021-80105904
wangpeng@stocke.com.cn

[Table_relate]

2016-4-26

2016-3-31

Signal or Noise 2016 2

15 2015

2016-3-26

2.5

[table_research]

Twitch AfreecaTV

1600633600652
2600880300336

http://research.stocke.com.cn

1/30

[table_page]

............................................................................... 4

1.

.................................................................................... 4

2.

........................................................................................................ 5

3.

................................................................................................ 7

............................................................................. 9
1.

........................................................................................................................... 9

2.

......................................................................................................................... 10

3.

......................................................................................................................... 10

............................................................................... 11
1.

2.

Twitch AfreecaTV .............................................................................................................................. 11

1.1.

Twitch UGC .................................................................................................................................. 11

1.2.

AfreecaTV ................................................................................................................................ 13

................................................................................................................. 16

......................................................... 21
1.

..................................................................................................................... 22

2.

................................................................................................................. 25

3.

T-Rex AKB48 .................................................................................................................. 26

4.

NiceTV ................................................................................................................. 27

.................................................................................................... 27

1 ............................................................................................................................................ 4
2 .................................................................................................................... 4
32005-2015 .............................................................................................................................. 5
4 5 ................................................................................................................................. 5
5 ......................................................................................................................................................... 5
6 1996-2015 GDP ................................................................................................................................ 6
7 ............................................................................................................................................................. 6
82014-2018 ............................................................................................................................... 6
92014-2018 ............................................................................................................................... 6
102016 .......................................................................................................................... 7
11 ........................................................................................................................................... 7
12 ...................................................................................................................................................... 7
15 .................................................................................................. 9
16 ................................................................................................................................................... 9
http://research.stocke.com.cn

2/30

[table_page]

17 ......................................................................................................................................... 10
18 ..................................................................................................................................................... 10
19 ......................................................................................................................................................... 11
20 ......................................................................................................................................... 11
21Twitch ........................................................................................................................................ 11
22Twitch ............................................................................................................................................................. 12
23Twitch ............................................................................................................................................................. 12
24Twitch ..................................................................................................................................................................... 13
25AfreecaTV ...................................................................................................................................................... 13
26AfreecaTV .............................................................................................................................................. 14
27AfreecaTV .............................................................................................................................................................. 15
28AfreecaTV ...................................................................................................................................... 15
29 ......................................................................................................................................................... 18
30 TV .......................................................................................................................................................... 19
31 TV .......................................................................................................................................................... 19
32 ......................................................................................................................................................... 20
33 ......................................................................................................................................................... 20
342011 ............................................................................................................................................ 22
352015 ............................................................................................................................................ 22
36 ..................................................................................................................................... 23
37 ............................................................................................................................................................. 24
38 ......................................................................................................................... 24
39 ................................................................................................................................................................. 25
40 ................................................................................................................................................................. 25
41 ..................................................................................................................................................................... 26
1 ................................................................................................................................................. 8
2Afreeca.TV ............................................................................................................................... 14
3 ........................................................................................................................................... 16
4 ........................................................................................................................................... 21
5 ....................................................................................................................................... 21
6 ............................................................................................................................................... 22
7NiceTV ..................................................................................................................................................... 27
8 ........................................................................................................................................................... 28

http://research.stocke.com.cn

3/30

[table_page]

1.
2015 2.5 8000 37%
2015 7100 99%
37 9320 2015
8520 2015 3670
2890 2 5 2014 30%
1

Other

GLOBAL $252M

Dataeye
2
160
140
120
100
80
60
40
20
0

1700 2500 7100 1

http://research.stocke.com.cn

4/30

[table_page]

1 3 1 4 7 2015 2014 6
31

2005 2015 2014 3600 82%2015 7100

97%
DOTA2 2010 2014
1083%
32005-2015
80

120%

70

100%

60

80%
60%

50

40%

40

20%

30

0%

20

-20%

10

-40%

-60%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

YOY

2.

2003 11 99

4 5

http://research.stocke.com.cn

5/30

[table_page]

1996-2015 GDP
2008

6 1996-2015 GDP

7
16
14
12
10
8
6
4
2
0

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

800000
700000
600000
500000
400000
300000
200000
100000
0

GDP

GDP

Wind

2016

2016 1
82014-2018

92014-2018

60%

2.5

50%

1.2
1

1.5
2

40%

1.5

30%

20%

0.5

10%

0.8
1

0.4
0.5
0.2

0%
2014

2015

2016

2017

2018

0
2014

0.6

2015
2016

2017

2018

200 3.1

2015 270 3.1 20.7

300 500

http://research.stocke.com.cn

6/30

[table_page]

102016

11
280
270
260
250
240
230
220
210
200
2014

2015

57.6%53% 2012
1000

3.

12

http://research.stocke.com.cn

7/30

[table_page]

2001

2004

PLUGamestv

PLU PPS 05 PLU4

2011

LOLDota2

2011

PLU CF CFTV

132013-2015 85%
30

14 50%

26

14

25

12

20
15

15

16

10

10

14

8
6

10

4
5

2
0

0
2013

DataEye

http://research.stocke.com.cn

2013

2015

2015

DataEye

8/30

[table_page]

15

1.

GTV

16

http://research.stocke.com.cn

9/30

[table_page]

2004

2013 8 8

2.

2005

PLU

17

18

3.

http://research.stocke.com.cn

10/30

[table_page]

19

20

1. Twitch AfreecaTV
2006

Twitch AfreecaTV
1.1. Twitch UGC
Twitch
RTS
MOBA
UGC 2011 Twitch 5000
Twitch 5500 130 100
106 Twitch 6400+ 1200 Twitch UGC
Twitch
Twitch UGC
2014 8 25 9.7 Twitch
21Twitch

2007.3.19

2011.6.6

2014.2.10

2014.8.5

2014.8.26

Justin.tv

TwitchTV,

Justin.tv

Justin.tv, Inc

Justin.tv

Twitch

Amazon
9.7
Twitch

Twitch
Interactive, Inc

http://research.stocke.com.cn

11/30

[table_page]

Twitch
Turbo 9 /

5 /
Twitch

22Twitch

Twitch Turbo
Turbo VIP
Twitch Twitch
Twitch Twitch

Twitch Twitch UGC

Twitch UGC
AmazKolentoKrippTrump
23Twitch

http://research.stocke.com.cn

12/30

[table_page]

24Twitch

1.2. AfreecaTV
AfreecaTV 3500
20 /
/AfreecaTV
AfreecaTV Nowcom 1994
2007 WinsTech
2013 AfreecaTV PC

25AfreecaTV

http://research.stocke.com.cn

13/30

[table_page]

AfreecaTV 1QuickView
22RMB/ Banner

AfreecaTV
2

26AfreecaTV

2Afreeca.TV

1.2.
60%

3. 5

0.56RMB/
Best 70%

1.

0.56RMB/

2.
1.50 QuickView
//

7 2.
Afreeca

http://research.stocke.com.cn

14/30

[table_page]

27AfreecaTV

Afreeca.TV

Afreeca.TV Afreeca.TV 60%

28AfreecaTV

http://research.stocke.com.cn

15/30

[table_page]

AfreecaTV
Twitch AfreecaTV

2.

2015 Q3 14.9 14.18 95.1%

TV

TV

2014 1 1

2014 11 24

2014 1 20

2015 2 1

http://research.stocke.com.cn

16/30

[table_page]

UGC Twitch+

UGC Twitch+

PGC
Afreeca

UGC

Afreeca

TV

TV

A 2000 B

A 3
2015 YY 7

1 4

B 6.5

"""duang"""

"""""",""

"",""

YY

60% 8%

32%

B PDD

DopaMiss

""

http://research.stocke.com.cn

"",""""

17/30

CPL
,

[table_page]

EDG

Faker

ROX Tigers

YY

YY Miss
Web

29

TV UGC

ACFUN ACFUN.com 10
Afreeca TV Twitch UGC
UGC

http://research.stocke.com.cn

18/30

[table_page]

30 TV

TV

2014
TV
WCA TI5DOTA2
NEST2015

31 TV

http://research.stocke.com.cn

19/30

[table_page]

32

2015 2 1

33

2014 100

http://research.stocke.com.cn

20/30

[table_page]

CPM

Twitch

AfreecaTV

AfreecaTV

YY

AcFun

TV

2014
Esportsfrance 2011 SKY 22000 2015
LOL xiao8 1,661,899.30 900,195 / CAGR 152.9%
http://research.stocke.com.cn

21/30

[table_page]

342011

352015

ID

ID

Sky

WE

22000

UNiVeRsE

Saahil Arora

Dota2

1,963,128.34

Fly100%

EHOME

10000

ppd

Peter Dager

Dota2

1,960,272.99

Infi

Tyloo

10000

Aoi_2000

Kurtis Ling

Dota2

1,879,836.74

TH000

Tyloo

8000

Fear

Clinton Loomis

Dota2

1,735,073.54

Sai

EHOME

4000

xiaoS

Zhang, Ning

Dota2

1,661,899.30

ReMinD

EHOME

4000

SumaiL

Sumail Hassan

Dota2

1,639,867.04

Soju

EHOME

4000

Hao

Chen, Zhihao

Dota2

1,562,731.30

TeD

WE

3000

Banana

Jiao, Wang

Dota2

1,211,242.57

Like

WE

3000

SanSheng

Wang, Zhaohui

Dota2

1,205,266.74

10

Wulin

E3

2000

10

Mu

Zhang, Pan

Dota2

1,193,803.52

7 1200 2000

1.

2014

(/)

LOL

2000

Miss

LOL

1700

white

LOL

1500

LOL

1500

LOL

1500

dopa

LOL

1500

LOL

1200

JY

LOL

1000

LOL

1000

LOL

1000

http://research.stocke.com.cn

22/30

[table_page]

PDD

LOL

1000

Burning

DOTA2

1000

Pis

DOTA2

1000

YYF

DOTA2

1000

zhou

DOTA2

900

Longdd

DOTA2

900

LOL

800

2009

DOTA2

800

LOL

700

LOL

500

36

MISS 90%

17173 74%
12% 5% 3% 2%

http://research.stocke.com.cn

23/30

[table_page]

37

5%

3%

2%

5%

12%

74%

17173

38

1

2
3
4

/

http://research.stocke.com.cn

24/30

[table_page]

39

TV
Nice TV
T-Rex

2.
TV 2013

40

http://research.stocke.com.cn

25/30

[table_page]

15

OGN

CJ OGN LCK OGN OGN

LCK RIOT
LPL CJ OGN OGN

20
30 12

3. T-Rex AKB48
+ IP+T-REX APP
T-Rex

1
+T-REX
----

+JY

IP
41

http://research.stocke.com.cn

26/30

[table_page]

2 IP T-REX
40 T-REX IP PGC

3T-REX APP
T-REX
APP FUN

T-REX

4. NiceTV
NEOTV Nice TV

7NiceTV

Miss

Miss

TV

TV

Miss

Miss

5 MISS NiceTV
5 MISS MISS 4 NiceTV
5
150
5
5
MISS 4

http://research.stocke.com.cn

27/30

[table_page]

1
6006336006522600880300336
8

2015

2015

2016

PE

Q1PE

61029.69

44.16

40.1

179

7461.67

-512.38

-412.82

121

7466.22

48.62

72.34

93.04

24817.07

115.37

81.88

134

600633.SH

2015 NESTZEGIET

CELC
TV

PLU

21% PLU

2015 2 PLU

600652.SH

longzhu.com

(KeSPA)NICE TV
PLU
, Faker
KeSPA
Miss

600880.SH

12

20 30

300336.SZ

http://research.stocke.com.cn

28/30

[table_page]

OGN

http://research.stocke.com.cn

29/30

[table_page]

6 300
1 300 20
2 300 1020
3 300 1010
4 300 10

6 300
1 300 10%
2 300 10%10%
3 300 10%

Z39833000

1111 16
200120
(8621)80108518
(8621)80106010
http://research.stocke.com.cn

http://research.stocke.com.cn

30/30