Audience Fragmentation

Here are a couple of charts from Imran again, showing Audience trends for big portals: “While portals were once the dominant source of news and information, Yahoo!, AOL, and Microsoft only accounted for ~29% of total minutes spent online in
August 2007 vs. 42% in 2002. A similar trend can be seen in page views as August page views on the top 3 portals declined 18% from August 2004 vs. 21% total internet growth in page views. We note that some of these losses can be attributed to
losses in dial-up subs. We believe portals will become more significant players in ad networks as they turn to networks to grow their user reach, leverage user information through behavioral targeting, and leverage their existing capabilities to sell, place, and analyze display ads.”