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GLGi:CableTVandBroadbandVideoWillRichmondCouncilMemberBiography

WillRichmondisPresidentandFounderofBroadbandDirectionsLLC,aleadingmarketintelligenceandconsultingfirmwhichspecializesinbroadband-deliveredvideo.Manyoftheworld’slargestmediaandtechnologycompaniessubscribetoBroadbandVideoFocus,thefirm’smarketintelligenceservice.Mr.Richmondhasworkedinthebroadband,cableTV,content,networkinfrastructureandsoftwareindustriesforover15years.Duringthemid-1990shewastheVPofBusinessDevelopmentatContinentalCablevision,thenthe3rdlargestcableTVoperatorintheU.S.,wherehewasaco-founderofContinental’spioneeringhigh-speedInternetservice.Since2003,Mr.Richmondhasworkedwithmanyearly-stageandestablishedcompaniesinthebroadbandvideoindustry.Heisanacknowledgedthought-leaderinthisareaandisfrequentlycalledonbyindustryexecutives,investors,journalistsandotherstoprovidehisinsights.Mr.RichmondisagraduateofCornellUniversityandHarvardBusinessSchool.

TopicsHowisbroadbandvideochangingthetraditionalvideodistributionvaluechain?Whatarethekeyplayersinvariousmediasegmentscurrentlydoingwithbroadbandvideo?Whatarethemajortrendsandtechnologiesimpactingthemarket?Whichbusinessmodelsareworkingandwhataretheirchallengesandopportunities?AboutGLGInstituteGLGInstitute(GLGiSM)isaprofessionalorganizationfocusedoneducatingbusinessandinvestmentprofessionalsthroughin-personmeetings.ItisdesignedtorevolutionizetheprofessionaleducationmarketbyputtingthepowerofprogrammingintothehandsoftheGLGcommunity.GLGihostshundredsofSeminarsworldwideeachyear.GLGiclientsreceivetwoseatstoallSeminarsinallPracticeAreas.GLGi’swebsiteenablesclientsto:ProposeSeminartopics,agendaitemsandlocationsViewandRSVPtoscheduledandproposedSeminarsReceiveadailybriefingwithnewpostsonyourfavoritetickers,subjectareasandfromtrustedCouncilMembersShareSeminardetailswithcolleaguesorfriendsGersonLehrmanGroupContactsJohnArohnsonVicePresident,TMTGersonLehrmanGroup850ThirdAvenue,9thFloorNewYork,NY10022212-984-3673AaronLibermanManagingDirector,SalesandMarketingGersonLehrmanGroup850ThirdAvenue,9thFloorNewYork,NY10022212-984-3684

CarlyPisarriProcessManagerGersonLehrmanGroup850ThirdAvenue,9thFloorNewYork,NY10022212-750-1435

IMPORTANTGLGINSTITUTEDISCLAIMER–Bymakingcontactwiththis/theseCouncilMembersandparticipatinginthisevent,youspecificallyacknowledge,understandandagreethatyoumustnotseekoutmaterialnon-publicorconfidentialinformationfromCouncilMembers.YouunderstandandagreethattheinformationandmaterialprovidedbyCouncilMembersisprovidedforyourowninsightandeducationalpurposesandmaynotberedistributedordisplayedinanyformwithoutthepriorwrittenconsentofGersonLehrmanGroup.YouagreetokeepthematerialprovidedbyCouncilMembersforthiseventandthebusinessinformationofGersonLehrmanGroup,includinginformationaboutCouncilMembers,confidentialuntilsuchinformationbecomesknowntothepublicgenerallyandexcepttotheextentthatdisclosuremayberequiredbylaw,regulationorlegalprocess.YoumustrespectanyagreementstheymayhaveandunderstandtheCouncilMembersmaybeconstrainedbyobligationsoragreementsintheirabilitytoconsultoncertaintopicsandanswercertainquestions.PleasenotethatCouncilMembersdonotprovideinvestmentadvice,nordotheyprovideprofessionalopinions.CouncilMemberswhoarelawyersdonotprovidelegaladviceandnoattorney-clientrelationshipisestablishedfromtheirparticipationinthisproject.YouacknowledgeandagreethatGersonLehrmanGroupdoesnotscreenandisnotresponsibleforthecontentofmaterialsproducedbyCouncilMembers.YouunderstandandagreethatyouwillnotholdCouncilMembersorGersonLehrmanGroupliablefortheaccuracyorcompletenessoftheinformationprovidedtoyoubytheCouncilMembers.YouacknowledgeandagreethatGersonLehrmanGroupshallhavenoliabilitywhatsoeverarisingfromyourattendanceattheeventortheactionsoromissionsofCouncilMembersincluding,butnotlimitedtoclaimsbythirdpartiesrelatingtotheactionsoromissionsofCouncilMembers,andyouagreetoreleaseGersonLehrmanGroupfromanyandallclaimsforlostprofitsandliabilitiesthatresultfromyourparticipationinthiseventortheinformationprovidedbyCouncilMembers,regardlessofwhetherornotsuchliabilityarisesisbasedintort,contract,strictliabilityorotherwise.YouacknowledgeandagreethatGersonLehrmanGroupshallnotbeliableforanyincidental,consequential,punitiveorspecialdamages,oranyotherindirectdamages,evenifadvisedofthepossibilityofsuchdamagesarisingfromyourattendanceattheeventoruseoftheinformationprovidedatthisevent.?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page7ProfitingfromBroadbandVideo’sDisruptiveImpactGLGPresentationNewYork,N.Y.October24,2007WillRichmondPresidentBroadbandDirectionsLLC?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page8LegalDisclaimerAllinformationcontainedinthisdocumentisproprietarytoandcopyrightedbyBroadbandDirectionsLLC,exceptasdescribedbelow.Youmaynotalterorremoveanytrademark,copyrightorothernoticefromanycopyofthisdocument.BroadbandDirectionsandtheBroadbandDirectionslogoaretrademarksofBroadbandDirectionsLLC.Allothertrademarksusedinthedocument,includingthelogosofcablenetworksreproducedherein,arethepropertyoftheirrespectiveowners.Allwebsiteimagesandcontentofcompaniesexcerptedinthisdocumentarethecopyrightedmaterialoftheirrespectiveowners.NeitherBroadbandDirectionsLLCnoranyotherpartyisresponsibleforanydeficienciesintheaccuracy,completenessortimelinessofanyinformationcontainedinthisdocument,orforanydecisionmadeusingsuchinformation.Inparticular,informationcontainedinthisdocumentwasgatheredoveraspecifiedperiodoftime,anditispossiblethatsuchinformationhaschangedsinceitwascollectedandisoutofdateasofthepublicationofthisdocument.Theopinionscontainedinthisdocumentreflectthejudgmentoftheauthoratthetimeofpublicationandaresubjecttochange.Thisdocumentisdesignedtoprovidegeneralinformationonthesubjectmattercovered.Itisnotintendedtoprovidepersonalizedadviceorguidance.Youareresponsibleforproperlyanalyzingandverifyinganyinformationyouintendtorelyon.?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page9DefinitionsBroadband-deliveredvideois:DeliveredthroughbroadbandIPconnections(cablemodem,DSL)ServedremotelyfromanywhereontheInternettoauser’scomputerSometimesdownloadabletoportabledevices(e.g.iPod,Zune)Alsocalled“InternetTV”,“onlinevideo”,“broadbandTV”

Broadband-deliveredvideoisnot:“IPTV”,whichusesset-topboxesanda“walled-garden”approach“MobileTV”or“WirelessVideo”(e.g.VCast,MobiTV,others)VODservedbyacable/satellite/telcoset-topboxTiVoorDVRvideo?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page10KeyQuestionsToAddressWhatchangesarehappeninginthevideodistributionvaluechain?Whataremediacompaniesdoingwithbroadbandvideo?What’sahead??Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page11$$$$/otherTraditionalVideoDistributionValueChainConsumersAdvertisers$$$Source:BroadbandDirectionsLLCProducersandRightsHoldersCableTVNetworksRetailDistributors(cableTVorsatellite)

BroadcastTVNetworks&Stations?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page12“Broadband-deliveredvideoisthesinglemostdisruptiveinfluence

onthetraditionalvideodistributionvaluechain.”WHY??Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page13BroadbandisanOpenVideoDeliveryPlatformInternetCablemodemorDSL

ComputerTelevision?BroadbandNetworkPortableVideoPlayer(e.giPod,Zune)?Source:BroadbandDirectionsLLCVideoServers(e.g.Yahoo,CNET,MLB)VideoServers(e.g.YouTube,NYTimes,Budweiser)?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page143DisruptionsofBroadbandVideo1.

Establishedvideoproviderscango“direct-to-consumer”“Cablebypass”–1sttimetogetvideodirectlytoaudienceNeweconomicsbasedonretail,notwholesalemodel2.

NewbroadbandvideodistributorscanestablishvalueDefinenewservicesthatarealignedwithconsumerbehaviorsChange“basisofcompetition”amongmarketparticipants3.

Newvideo-focusedmarketentrantscanemergeNumeroustypesofcompaniesentervideomarketNewbroadband/online-centriceconomics?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page15Broadbandvideo’sdisruptionisREAL

nottheoretical?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page161.BroadbandEnablesDirect-to-ConsumerModelsSource:BroadbandDirectionsLLCConsumersAdvertisers$$$$Broadbandaccessonly$$CableTVNetworksRetailDistributors(cableTVorsatellite)

ProducersandRightsHoldersBroadcastTVNetworks&Stations?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page17ExamplesofDirect-to-ConsumerModelsNBC/NewsCorpHuluDiscoveryBeyondE“TheVine”LifetimeVideoLoungeCBSInnertubeHGTVKitchenDesignTNTDramavisionStarzVongoCourtTVExtra?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page182.BroadbandEnablesNewVideoDistributors$$Source:BroadbandDirectionsLLCBroadbandVideoDistributors$$ConsumersAdvertisersAdvertisersBroadbandaccessonly$RetailDistributors(cableTVorsatellite)

ProducersandRightsHoldersCableTVNetworksBroadcastTVNetworks&Stations?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page19ExamplesofNewVideoDistributorsPortals/SearchAOLYahooMSNGoogleAppleiTunesAggregators/SyndicatorsJoostComcastAmazonWal-MartBrightcoveUGC/VideosharingYouTubeMySpaceRevverMetacafeVeoh?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page203.BroadbandEnables

NewVideoProvidersSource:BroadbandDirectionsLLCNewVideoProviders

(startups,incumbentnon-videomediaormarketers)Broadbandaccessonly$ConsumersAdvertisersAdvertisers$$$$BroadbandVideoDistributorsRetailDistributors(cableTVorsatellite)

ProducersandRightsHoldersCableTVNetworksBroadcastTVNetworks&Stations?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page21ExamplesofNewVideoProvidersNicheprovidersJibJabNextNewNetworksCycling.tvTheNineBarrio305WGSNPrintpublishersWSJNYTimesBusinessweekBetter.tvOnlinepublishersAiVillageCNETNASCARBrandmarketersDoveSmirnoffMGMNeimanMarcusFrito-Lay?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page22$$$$/otherSubscribersAdvertisers$$$ProducersandRightsHoldersCableTVNetworksRetailDistributors(cableTVorsatellite)

BroadcastTVNetworks&StationsCurrentVideoDistributionValueChain?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page23FutureVideoDistributionValueChain?Source:BroadbandDirectionsLLCAllVideoProviders

AdvertisersAdvertisers$$$$BroadbandVideoDistributorsConsumers$?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page24Whatchangesarehappeninginthevideodistributionvaluechain?Whataremediacompaniesdoingwithbroadbandvideo?What’sahead??Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page25Top75CableTVNetworksandBroadbandVideo?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page26Top75CableTVNetworksEmbraceBroadbandVideo?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page27AdvertisingModelDominatesforTop75?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page28BroadbandBecomingMoreTV-Like?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page29Top40U.S.NewspapersandBroadbandVideo?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page30Top40NewspapersEmbraceBroadbandVideoSource:BroadbandDirectionsLLC?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page31SourcesofNewspapers’VideoSource:BroadbandDirectionsLLC?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page32ButAdsNotYetWidelyImplementedSource:BroadbandDirectionsLLC?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page33Top40U.S.MagazinesandBroadbandVideo?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page34Top40U.S.Magazines?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page35Top40U.S.Magazines?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page36TopBroadcastersandBroadbandVideo?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page37BroadbandVideoandtheBroadcastTVIndustry1.

BroadcastnetworksfullyembracebroadbandFullstreamingofepisodesPaiddownloadmodelsremainHybridsemerging(e.g.NBCDirect)Syndication(Hulu,CBSIAN,ABC/AOL)2.

LocalaffiliatesmovevideoonlineStreamingnewsclipsandshowsmainlyViewersgetondemand,onlineaccess3.

NewaggregatorsandsyndicatorsbreakdowngeographicboundariesCompaniesemergingtosyndicatelocalvideoVoxant,ClipSyndicate(Syndicaster),TitanCast,etc.Ad-basedmodels?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page38LocalStationsOfferingBroadbandVideoSource:BroadbandDirectionsLLC?Copyright2007.BroadbandDirectionsLLC.Allrightsreserved.Page39AdSupportisPrevalentSource:Broadb