half your media is wasted. we know which half
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HALF YOUR
MEDIA IS
WASTED
DIA
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ALL MEDIA COUNT Investment Proposal 2012
We know which half
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IN 1 MINUTE (CLICK NUMBERS TO JUMP TO SECTION)
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Brands waste a lot of money on advertising because of poor media data.
That’s a huge opportunity for us
because we can identify media waste better than any other company can.
Our cross-media analytics system is great, advertisers love it,
and other companies in this space have nothing like it.
But we aggravate the media agencies
because our activity is contrary to their business model.
Ironically, exit is likely to be via trade sale to one of the media agency groups,
triggered by raising advertisers’ expectations of them and disrupting their business.
To pull that off, we need to talk to a lot of advertisers, and do so quickly
so are seeking 300K for 10.5%, primarily for marketing, sales and client service.
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READY?
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IF COMPANIES COULD
REACH MORE PEOPLE WITH THEIR ADS, THEY WOULD
MAKE MORE MONEY
BUT THEY HAVE A PROBLEM WITH media
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HALF of their media investment is wasted.*
And we can prove it.
And fail to reach the rest They saturate too few people
with too much advertising
* “Half my advertising is wasted, but I don’t know which half”.
Quotation attributed to both John Wannamaker and Lord Leverhulme in the early 20th century.
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Why are advertisers so wasteful?
Most media are NOT WELL MEASURED in China
The metrics for each media type are INCOMPATIBLE – like
apples and oranges
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BUT IN A MARKET WHERE…
BAD can be GOOD Click here to return to contents page
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55 B US$ spent on ads and media
China’s 2,000 top advertisers
waste US$ 9 to 10 billion.
2011 2014 We’re known us as “the half wasted”
company and have converted 150 to 200 of
China’s top advertisers.
By helping clients confidently re-allocate more than half of their media spend,
our Waste Analysis and related on+offline
analytics services create over US$ 150
million of value for our customers
We also have business coming from other media research,
smaller advertisers, agencies and media owners.
THIS WASTE IS OUR
OPPORTUNITY…
.
THIS is what we are targeting. 9
…AND ALSO THE ESSENCE OF OUR
POSITIONING
And want to MOVE their money to
less wasteful media
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We’ve ALREADY BUILT and are SELLING a Waste Analytics solution.
It is kind of
but looks really cool
C O M
P L I
C A
T E D
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“Ap
ples to
oran
ges”
的意思是把两件完全不同的东西拿来相提并论.
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A SHORT EXPLANATION OF WHAT WE DO:
Audience data from
DiFfEReNt
media used to be incompatible.
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The audience experience is not the same
Measurement technologies for one could not be used for others
So the data for each was incompatible Ɣ ƕ Ƃ
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Because …
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They are physically different
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We fix that.
We M A K E the data about these experiences compatible.
And we do it across more than a D O Z E N media types
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Maybe an analogy will help…
Data from different media are like chemical elements. They do not naturally mix.
But at an A T O M I C level they can be joined together.
At AMC we B R E A K
D O W N media behaviors to an “atomic” level
then
that data in any way a client needs.
N R E C O M B E I
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THE EFFECTS OF OUR INNOVATION ARE IMPRESSIVE BUT NOT NECESSARILY POSITIVE FOR EVERYONE INVOLVED (MORE ABOUT AGENCIES LATER).
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We know:
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HOW MANY PEOPLE SEE AN AD CAMPAIGN
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HOW MANY TIMES THEY SEE IT
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AND WHERE THEY SEE IT
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Therefore we
also know:
HOW MUCH the client is
over-spending
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WHICH media are least and
most wasteful
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THE sites, programs, publications
that are helping or hindering Reach
and Impact (we name names)
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Interested in a REAL EXAMPLE of what
clients actually GET from this?
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23 An AB-Inbev brand
WASTE ANALYTICS FOR
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TV
Online
Newspaper
Outdoor
Bus LCD
Bus shelter Radio
More than 95% of beer
drinkers saw it
The average beer drinker
saw it more than 100 times
SUMMER 2011
CHENGDU
SPENT ABOUT 20,000,000
RMB (US$3 million)
THE CAMPAIGN
SATURATED THE CITY
7 TYPES OF MEDIA USED
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This flat part is waste
Per
cent
age
who
hav
e se
en th
e ca
mpa
ign
at le
ast 1
0 tim
es
Accumulated Reach and Spending (across all media types)
Cumulative cost (000 Rmb)
MORE EXPLANATION ABOUT THE CHART Each dot on the curve is a media vehicle – a website, a newspaper, a TV program etc. In this chart, all media for the campaign are shown. Each vehicle has a price, so when one is added to the campaign, it increases the cost, shown on the horizontal axis. And by adding more vehicles, the campaign may be seen by more people, shown by the vertical axis. But once the ad is already being broadcast in several places, it gets harder and harder to reach fresh audience, so the audience increase for each new vehicle reduces. After a while it’s impossible to get any new audience because we’re close to saturation; almost everyone has already seen the campaign. The dots are ordered according to best value-for-money: the ones which have a large audience compared to their price are shown on the left. Dots on a flat part of the curve are waste.
The client was able to SEE MEDIA WASTE for the first time.
good.
It shows the client’s money is
building more audience
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SO WHAT ?
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With AMC’s data.
THEY DID NOT NEED TO
SPEND 20,000,000 RMB
They could have got the
same result for
12,000,000
We also tell clients lots of other stuff about what sites and
networks and programs they should use and audience
figures and CPM and ROI and blah blah but it all pretty
much revolves around identifying media waste.
And spend the other
8,000,000 where it will
work better
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WE CHARGE
175,000 Rmb (US$27,000) FOR WASTE ANALYTICS FOR ONE CAMPAIGN IN ONE CITY
AB-INBEV HAS SINCE BOUGHT OUR DATA IN SHANGHAI FOR A YEAR @800,000 RMB (US$123,000)
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We can do this
for any ad campaign
in any city
across any mix of media.
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WE ARE THE ONLY COMPANY THAT CAN DO THIS STUFF
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EVEN THE MEDIA AGENCIES CAN’T DO IT
So they don’t like us [IF YOU’RE GETTING IMPATIENT, CLICK HERE TO FIND OUT WHY]
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Is that it?
YOU MAY BE WONDERING :
NOT QUITE.
THE INNOVATIONS THAT ENABLE US TO IDENTIFY MEDIA WASTE YIELD 5 TYPES OF PRODUCTS & SERVICES.
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[UGLY DIAGRAM ON NEXT SLIDE]
Click here to skip it
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SIMULATION 1
DAILY INDIVIDUAL
MEDIA DATA
CLIENT’S MEDIA PLAN
OFFLINE MEDIA
BEHAVIOUR (SURVEY)
MEDIA EQUALIZING
FACTORS
SIMULATION 2
RATE CARD & CLIENT’S
DISCOUNT INFO
2. WASTE
ANALYTICS
ONLINE MEDIA BEHAVIOUR
(PLUG-IN)
CONSUMER OBSERVATION
PUBLISHED STUDIES
SITE INSPECTIONS
3. CAMPAIGN PLANNING
1. AUDIENCE
STATS
4. AD & BRAND
TRACKING
MEDIA- NEUTRAL TRAFFIC
DATA
PROPRIETARY PLANNING SOFTWARE
5. CUSTOMIZED
RESEARCH
PROPRIETARY
DATA COLLECTION
SYSTEM
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Looks like a lot.
Not just media waste.
So why do we keep going on about media waste ?
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Because it’s sexy and helps us look unique
AMC
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NUMBER OF MEDIA TYPES THAT CAN BE INTEGRATED
BR
AN
D S
TREN
GTH
(
Aw
aren
ess
x R
epu
tati
on
) THE TROUBLE IS, ALL MEDIA
RESEARCH COMPANIES SAY
THEY’RE UNIQUE.
Don’t they?
AMC China’s media
research & data market = 1.4 B Rmb
(US$215 million).
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So what do we mean by
unique
?
{ }
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Click HERE for a more legible version
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We built the tools to solve this problem because they didn’t exist before
my炒媒体 (“My Fried Media” our data collection
software ) WITH FULL CONTROL OVER THE CODE WE CAN DELIVER FASTER, CHEAPER AND MAKE IT DO PRETTY MUCH WHATEVER WE WANT WITH MINIMAL RISK OF DATA LEAKAGE OR THEFT
data simulation algorithms USING A DETAILED MEDIA HABITS PROFILE FOR EACH RESPONDENT, WE ACCURATELY SIMULATE THEIR DAILY MEDIA USAGE ACROSS THOUSANDS OF MEDIA CONTACT POINTS.
e.p.g. crawler A WEB ROBOT WHICH VISITS EVERY TV STATION’S WEBSITE, READS THEIR DAILY PROGRAMMING INFORMATION AND CONSTRUCTS A UNIFIED ELECTRONIC PROGRAM GUIDE.
online activity recorder WE CAPTURE SITES THAT A PERSON VISITS, HOW OFTEN AND HOW LONG
THEY STAY. BECAUSE IT’S FROM THE SAME RESPONDENTS, OUR ONLINE DATA IS FULLY COMPATIBLE WITH TV DATA.
applbox (our cross media planning software) DEFINE YOUR TARGET, SET CAMPAIGN SCOPE, CHOOSE YOUR FORMATS.
APPLBOX HELPS YOU EVALUATE AND OPTIMIZE MORE THAN 15,000 MEDIA VEHICLES ACROSS 13 MEDIA TYPES AND KNOW – INSTANTLY – THE CROSS
MEDIA REACH FOR ANY CAMPAIGN CONFIGURATION.
lots of other things DATABASES OF MEDIA SPECS, OWNERS, PRICES. HOURS AND HOURS OF
VIDEO FOOTAGE. THOUSANDS OF PHOTOS OF BILLBOARDS, BUS-RIDERS, SHOPPERS, SUBWAY RIDERS – PEOPLE USING ALL KINDS OF MEDIA.
Applbox user interface
My炒媒体
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AND WE HAVE A UNIFYING PHILOSOPHY OF HOW ALL THIS MEDIA STUFF FITS TOGETHER
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What makes us unique is that we have a
SUPERIOR PRODUCT
Which is why a former senior planner at Carat recently said…
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“THERE’S NOTHING THAT EVEN COMES CLOSE TO
AMC’S SYSTEM AT ANY
OF THE AGENCIES. IT
SHOULD BE ON ALL
THEIR DESKTOPS.”
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Then why
isn’t it?
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Because: MEDIA AGENCIES ARE NOT STRUCTURED TO WORK ACROSS MEDIA
(UNLIKE US)
1
TV DEPARTMENT
ONLINE DEPARTMENT
OUTDOOR DEPARTMENT
PRINT DEPARTMENT
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Silos
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OUR MEDIA-NEUTRAL DATA FACILITATES A SHIFT WHICH
ADVERTISERS WANT BUT WHICH AGENCIES ARE NOT
GEARED FOR.
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Resistance to
Trends
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THE MORE AGENCIES SPEND (WASTED OR NOT) THE MORE
THEY MAKE.
3
A BONUS PAID BY CLIENT TO AGENCY IF A
CAMPAIGN ATTAINS IT’S TARGETS FOR
COMMUNICATION AND POSSIBLY SALES
TYPICALLY 2% TO 5% OF ALL MONEY
SPENT IN MEDIA, WHETHER WASTED
OR NOT.
VARIES GREATLY (UP TO
10% IS COMMON). PAID
BY THE MEDIA VENDOR
TO THE AGENCY OR
MEDIA BUYER. USUALLY
THIS IS UNDECLARED
AND NOT REFUNDED TO
CLIENTS.
Non-aligned
interests
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SO GENERALLY,
IF THE CLIENT SPENDS LESS
THE AGENCY MAKES LESS
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AND WHERE WE ARE GOING
WHERE WE’VE BEEN
WHERE WE ARE NOW
WHICH GOES SOME WAY TO EXPLAINING
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51 * Multinational consumer products company has requested anonymity concerning this trial
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but we have to be nice to them because
one of those lucky agencies
is likely to be…
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Mr. Right
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Yes, that’s our most likely
exit
strategy:
Acquisition by a media agency group
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[Failing that, by a market research company or group. We’re telling the agency story because it’s more likely.]
Mostly by Ipsos
They pay 5-6 times earnings (more for AdMaster, it is said)
Mostly by WPP
Most of these deals: 80-120 staff, US$3-5 million revenue 10%-20% profit is normal
Complete or partial acquisition of comparable businesses Deals in Media/Marketing Services in China 2009-2011
Media agency group
Research agency
Other acquirers
WPP Group Companies
Other Media groups
Other Research
Ipsos
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THE PROBLEM RIGHT NOW WITH THIS EXIT STRATEGY IS…
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THE AGENCIES USUALLY ignore US.
[OUR DATA MAKES THEM LOOK BAD AND WE DISRUPT THEIR BUSINESS MODEL]
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SOLUTION IS…
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Positioning AMC in the minds of
advertisers as an impartial and
uniquely trustworthy judge of
agency performance.
Giving advertisers the expectation they
should demand more from
their agency.
Showing advertisers how much their
agency wastes and that AMC knows
how to spend the money
better
1
2
3
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THAT ONE OF THEM SEEKS TO CONTROL US BY ACQUISITION
Which takes us to a tipping point where…
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or an inflection point where…
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WE ARE NOW IN TRIAL
WITH ONE SUCH
ADVERTISER
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AND DOING WORK, TRIALS OR IN DISCUSSIONS WITH OTHERS
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Of course, we are optimistic. But the timing of an inflection point, especially if it pivots on a few clients, is
So, in parallel, we push towards a tipping point
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But unless we get investment, our current
won’t get us to a tipping point very soon
PIPELINE (mid range) Where we Without With
are now investment investment
Client Stage Q1 2012 EOY 2012 EOY 2012
Have talked, met. Interest uncertain 13 17 107
Multiple meetings. Proposal likely 7 16 185
Proposal issued 3 8 178
Contracted, completed or W.I.P 1 3 54
Anticipated Revenue (US$) $218,000 $1,214,000
Notes: Now working with AB-Inbev and in discussions with Coke, Adidas, AdChina, Posterscope, Millward Brown We are also in a full-scale trial with another major advertiser that has requested anonymity In the “with investment” scenario: 1) Average deal value is ~US$50,000 2) Hire four sales people 3) Approx. US$285,000 spend on Sales & Marketing in 2012
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So we need to talk to
A D V E R T I S E R S
Of which there are
T H O U S A N D S
And we need to get our message to them
AGAIN and AGAIN and AGAIN Click here to return to contents page 67
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In other words, our brand needs to be much
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0
2
4
6
8
10
12
0 100 200 300 400 500 600
Ave
rage
dat
a co
llect
ion
co
st p
er p
roje
ct (
00
0 U
S$)
Number of projects and YEAR
1
Not just because it means more customers. It’s also because we
our media data and have lower production costs. So our profitability and…
-USE RE
2011 2012 2013 2014
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But that still leaves us with a problem.
How hard can that be to solve?
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SO MUCH TO DO, SO LITTLE TIME. WE NEED HELP
WHICH BRINGS US TO
INVESTMENT
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For this ANGEL round, we are seeking
US$ 300,000
or HKD equivalent
in exchange for
10.5 %
post money
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WHY WHY WHY a US$2.86m valuation? Co
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1. Major R&D is finished
• Proprietary data collection process
• Proprietary data collection software
• Proprietary media planning software
2. Proven market need
3. Acceptable price point
4. Product is being sold to or in trial with leading advertisers
5. Higher profit than industry average
6. Transformational, not incremental, to acquirer’s business
7. Only modestly above our 2008 seed valuation of US$1.58M
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SALARIES SALES & DATA ADMIN & R&D MARKETING CAPEX
AS A GENERAL INDICATION OF
how we’ll use the money EACH FULL BUNDLE BELOW IS 10% OF THE TOTAL SOUGHT
26%
50%
16%
3% 5%
Adv-Large
Adv-Med
Adv-Small
Agencies
Owners
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WHAT WE WILL SELL REVENUE (M US$) WHO WE WILL SELL TO
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8.5
1.2
0.05
in 2014
in 2013
in 2012
in 2011
Waste
Tracking
Planning
Custom
Aud.Stats
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MID-RANGE
P&L (USD 000's)31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Total Sales Revenue54 100% 1,214 100% 8,461 100% 23,840 100%
Business Tax (3) -6% (58) -5% (403) -5% (1,135) -5%
Total Cost of Sales(10) -18% (173) -14% (869) -10% (1,613) -7%
Gross Profit 41 76% 983 81% 7,189 85% 21,092 88%
Total Sales and Marketing Expenses(18) -34% (285) -23% (1,187) -14% (2,094) -9%
Total Research and Development Expenses(5) -10% (77) -6% (213) -3% (233) -1%
Total General and Adminstrative Expenses(103) -190% (527) -43% (1,939) -23% (2,786) -12%
Total Operating Expenses(127) -233% (889) -73% (3,338) -39% (5,113) -21%
Income from Operations(85) -157% 94 8% 3,851 46% 15,979 67%
Income Tax - 0% (24) -2% (963) -11% (3,995) -17%
Net Profit (85) -157% 71 6% 2,888 34% 11,984 50%
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[We can send more numbers if you’re interested]
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We can’t guarantee that
YOU’LL GET REALLY RICH because this, like all investment, involves risk.
BUT… IF our revenue is US$20 million at end of 2014 and IF we’re at 45% profitability and IF we do a trade sale at 6x earnings and IF you buy 3.5% of AMC for US$100,000 in this round and IF there’s no further dilution…
YES, THOSE ARE BIG IFS, BUT YOU WOULDN’T BE AN ANGEL IF YOU DIDN’T HAVE THE STOMACH FOR IT, RIGHT?
…you get something like
US$1.89
MILLION
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For this round, we’ll issue new shares in our parent company,
AMC HK Ltd, at a price of HK$181.50 each. Our ownership structure will change from: this to something like THIS
Shares Percent Shares Percent
Mike Underhill 59,190 53.8% 59,190 48.2%
Other Founders 11,310 10.3% 11,310 9.2%
Seed investors 17,881 16.3% 17,881 14.5%
Employee Stock Options 8,325 7.6% 8,325 6.8%
Option Pool (counted as issued) 13,294 12.1% 13,294 10.8%
New shares pursuant to this Offer ~ ~ 12,893 10.5%
Total issued 110,000 100.0% 122,893 100.0%
[Un-issued shares] 890,000 ~ 877,107 ~
Pre-Offer Post-Offer
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ONCE THAT’S DONE, WE’LL GET ON WITH…
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AGGRAVATING MEDIA AGENCIES AND DELIGHTING ADVERTISERS
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Mike Underhill. Founder & CEO 16 years in China researching advertising, media and brands. Founded AMC in 2007. Formerly GM China for advertising and media research agency Ipsos-ASI. Also TNS, Research International. BA. – Psychology, BCA. – Marketing
Black Huang. IT Development Nine years IT development experience. Formerly qunar.com, Asiacom, Ezcross. Architect of AMC’s cross-media planning system. Two years working with AMC. BSc. – Mechanical Engineering.
Hongsheng Xu. Data Processing Six years media panel data management experience. Formerly with CTR home panels. Three years with AMC BSc. – Information Systems
We are
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Email [email protected] or call +86 138105 90017 for
investment information or to…
take our revolutionary planning software for a spin
see a real case study in which a client saves millions
experience our media survey – where most of AMC’s source data comes from