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Internet & Digital Media Sector Report

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Internet & Digital Media Sector Report INTERNET & DIGITAL MEDIA SECTOR REPORT Online Marketplaces’ Greatest Moment Q2 2020 EXECUTIVE SUMMARY Q2 2020 Internet & Digital Media Wrap-Up » Internet & Digital Media continues to be a highly active category both in public and private markets — The sector witnessed successful IPOs of Warner Music Group ($1.9 billion raised on June 3rd), Vroom ($465 million raised on June 9th) and Agora ($350 million raised on June 26th) — In the private markets, a total of $14.3 billion in M&A volume and $14.2 billion in financing volume was announced or closed in Q2 2020 — M&A activity was up from the same period on 2019 with 13 transactions announced in the quarter — Financings in 2Q 2020 were down 8% from Q2 2019, while the aggregate dollar amount was down 6% » Q2 M&A activity saw several multi-billion dollar deals as well as numerous transactions close in the $100 – 250 million value range; private equity accounted for ~31% of the buyers — Zynga’s acquisition of Peak and General Atlantic, Warburg Pincus and Ocean Link’s acquisition of 58.com (NYSE:WUBA) represent approximately $10.5 billion of deal value in Q2 2020 — Other notable deals include: Amazon / Zoox (Automated Driving Technology), The Stagwell Group / MDC Partners (Advertising Technology) and Forge Capital / SharesPost (Mobile) » Several large financing rounds took place in Q2 with an aggregate of 721 financings across all stages — Larger financings include: Airbnb ($1 billion), Stripe ($850 million), DoorDash ($400 million) and Robinhood ($280 million) » From a trading perspective three sectors have lead the public trading pack: E-Commerce, Marketplaces and Social Media with year-over-year growth of 33.9%, 29.5% and 18.0%, respectively, and all trading at high 19x – low 20x EBITDA multiples Select Q2 Active Buyers Select Q2 Active Investors 2 GCA OVERVIEW Leading Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services STOCKHOLM MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK LAUSANNE MILAN NEW DELHI OSAKA TEL AVIV SAN FRANCISCO FUKUOKA TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY Global platform: Sector expertise: Exceptional cross- 25 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 500 employees and deep Half of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies San Francisco | New York | Birmingham | Frankfurt | Fukuoka | Ho Chi Minh City | Kyoto | Lausanne | Leeds | London | Manchester | Milan | Mumbai | Munich | Nagoya | New Delhi | Osaka | Paris | Shanghai | Singapore | Stockhom | Taipei | Tel Aviv | Tokyo | Zurich 3 GCA OVERVIEW Strong Sector Expertise Across Internet & Digital Media Team REPRESENTATIVE FOCUS AREAS GCA SECTOR TEAM MARKETPLACE / DIVERSIFIED MARKETING JOHN LAMBROS JOSHUA WEPMAN NEW TECHNOLOGY TECHNOLOGY Managing Director Managing Director New York New York [email protected] [email protected] +1 (212) 999-7083 +1 (212) 999-7092 INTERNET COMMERCE HR TECHNOLOGY INTERNET CONTENT SOCIAL MEDIA KEVIN WALSH THOMAS EGLI Managing Director Managing Director SEARCH & ONLINE GAMING San Francisco Zurich ADVERTISING [email protected] [email protected] +1 (415) 318-3629 +41 43 499 4341 MEDIA / PUBLISHING ENTERTAINMENT SELECTED RECENT TRANSACTIONS Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium, have advised on. 4 GCA OVERVIEW Selected Recent Internet & Digital Media Transactions 5 GCA OVERVIEW Experience in Consumer, E-Commerce and Marketplaces Consumer E-Commerce Marketplaces Online auction Children Audio systems Online optical Kitchen & Online bike Event Stock photo marketplace Insurance diapers retailer for children retail chain home hub retail Streaming marketplace technology marketplace Online mobile Online Luxury watch Multi-channel Online HQ & fashion Insurance Online job Online B2B perfumery manufacturer streetwear pictures Online grocery retailer marketplace classifieds classifieds Online Online travel Online fashion Sensual Online fashion Online bike Online sport education Online career Online agency retail wellness toys retail retail fashion retail portal portal classifieds Online real Experience Online Sports Online pet Online board Digital sports estate Online golf Online gifts specialty sports equipment retailer sports retail content & retail classifieds retail marketplace 6 GCA OVERVIEW Case Study: SISTER’s Investment in The SpringHill Company Transaction Overview The SpringHill Company Overview » On April 3, SISTER announced its $100 million Headquarters: Los Angeles, CA investment in The SpringHill Company Founded: 2015 » SISTER invested alongside the financial services companies Guggenheim Investments and UC Description: Provider of media content intended to create compelling stories Investments, as well as Jason Stein’s SC for television, features and digital. The company offers different Holdings feature films, webseries, television series and short films, enabling users to get an altogether different experience while » The company’s new board will include SISTER’s enjoying their favorite shows. The SpringHill Company was co- founder Elisabeth Murdoch, Serena Williams, founded by NBA star LeBron James and his business consortium Apollo Global Management’s co-founder Marc in 2015. Rowan, investment banker Paul Wachter, Live Nation CEO Michael Rapino and Boston Red Sox chairman Tom Werner Production Partners Content Offering Overview Television What’s My Million Dollar The Wall Warriors of Student Athlete Shut Up & Name Mile Teams compete in Liberty City Explores the Dribble The story of Everyday athletes trivia for cash Series covering a business of college History of the NBA Selected Transaction Commentary Muhammad Ali compete in the prizes Miami youth sports and its impact on mile for $1 million football program pop culture I’ve always wanted to use the Together with our new partners “platform of basketball to empower “and incredible team, we are Feature Films those around me. Now I’m building a consumer and incredibly excited about the entertainment business that’s opportunity to build a company committed to diversity, that’s “ that empowers“ creators, unafraid to stand up for what we consumers and everything it believe in and that’s resonating touches. with our community. More Than A Game I Am Giant Covers LeBron James’ high school basketball team in Akron Chronicles Victor Cruz’s improbable rise to football stardom, Ohio, detailing the story of five friends chasing victory and the life-shattering injury that derailed his career and his LeBron James, Maverick Carter, James’ path to superstardom dramatic attempt at a comeback Co-Founder, SpringHill Co-Founder, SpringHill Notes: Sources: Pitchbook, LinkedIn, Press Releases, Company Website. 7 GCA OVERVIEW Case Study: Great Hill’s Acquisition of Storyblocks Transaction Overview Storyblocks Company Overview » On June 25, Great Hill Partners announced its Headquarters: Arlington, VA acquisition of Storyblocks, the first and largest Founded: 2009 subscription-based stock media company Description: Operator of an online marketplace intended to provide high- » GCA served as exclusive financial advisor to quality stock media at a fraction of the cost. The company’s Great Hill Partners platform provides creators with royalty-free HD videos, » The partnership will allow Storyblocks to templates, images, music and sound effects through a flat-rate accelerate its mission of modernizing the model. Users can subscribe individually to the company’s video, creative process to better support affordable, audio or image libraries or subscribe to a bundle of the three. efficient video creation and to extend its current capabilities and product offerings Premium Enterprise Customers Platform Overview Video » Royalty-free library of millions of HD and 4K videos, all hand selected from industry-leading videographers Audio » Constantly expanding library of music, sound effects and loops, Selected Transaction Commentary which creators can download and use royalty-free We have seen dramatic changes Flexible, affordable, high-quality “to workflows for customers ranging “content has become a prerequisite Images from freelancers to major for individuals and creative teams » Library containing millions of stock vectors, illustrations and production studios... We are looking to leverage social media photos excited to partner with the Great and video platforms. Storyblocks is Hill team because we share the uniquely positioned as a dynamic “ belief that“ creatives are hungry for category leader to serve creatives Enterprise a new model to meet these new as the industry continues to » Enterprise Unlimited plans enable creative groups to license as needs. evolve. much media as they require for a flat cost with access to account TJ Leonard, Michael Kumin, representatives and service teams CEO, Storyblocks Partner, Great Hill Notes: Sources: Pitchbook, LinkedIn, Press Releases, Company Website. 8 SECTION I GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST 9 The coronavirus will provide a long-term boost for online retailers …” GCA anticipates a strong increase
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