White Paper

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  2010 desilva+phillips Healthcare Outlook At 932 M&A transactions, the number of healthcare deals fared better than most expected in 2009 given the overall decline in last year's M&A market.  Technology, overall led the way, with biotechnology deals up 31% YoY and e-health showing unusual resilience with 171% uptick in dollar volume over 2008.  There is a tight coupling between medical device vendor share price and the normal movements of the market.  In contrast, there seems to be a lead relationship between application software vendors and the market.  The stock group has already surpassed the NASDAQ.  The article identifies the hot segments, services and takes a look ahead the healthcare M&A landscape for 2010. Read more

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  Getting Real: Ad Exchanges, RTB, and the Future of Online Advertising New technologies and companies are triggering an unprecedented power shift in online advertising.  Real-time bidding on inventory, instantaneous delivery, and ever-deeper audience segmentation and insight have reinvigorated a tired industry.  Both advertisers and publishers are feeling newly empowered, along with a host of intermediaries who are attracting a fresh wave of investment. Some early winners are already obvious.  But the tune is still playing in this game of musical chairs, and plenty of players from across the value chain will be squeezed out in the end. Read more

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  Lost in Transition: The Revolution in Celebrity Media - a DeSilva+Phillips White Paper by Ken Sonenclar, Managing Director The supply of entertainment news continues to mushroom even as traditional media franchises built on celebrity antics and gossip erode. The Internet’s irresistible economics and 24/7 cycle stole old media’s fire in this frantic niche some time ago. Now, shortsighted strategies and the recession are turning a measured decline into a rout. Old media still delivers a big, engaged audience, but the magazines’ cost structures are becoming ever more unmanageable.  And even today’s dominant websites should be looking over their shoulders. Read more

• The DeSilva+Phillips Operational Restructuring Service The Operational Restructuring Services to media companies described at greater length.
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  The Events Industry - the Opportunity for New Growth The global events organizing industry represents a significant and highly attractive business opportunity.  This White Paper, a collaboration between the UK consultancy AMR International and DeSilva+Phillips, looks at trends in the events business that will drive continued activity in M&A and internal business development.  Here is why the events industry is so attractive to financial and strategic buyers alike:
  
  It is large – approximately $100 billion total revenue across the globe in 2007.
  
  It is growing – at an average of 6.2% globally since 2003 – and is forecasted to grow through 2011 at a nominal CAGR of 5.5%.  Some international growth rates will touch 20%.
  
  The industry can provide sustained growth. The world’s leading exhibition organizer, Reed Exhibitions, reported a H1 2008 revenue improvement of 9% while operating profit grew 16%.
  
  The industry is still highly fragmented. The world leader Reed Exhibitions holds no more than 7% share of the global market.
  
  Due to its face-to-face nature, the event “medium” is highly defendable, and it has a high inherent resistance to lower-margin Internet versions such as webinars.
  
  Profitable events are very profitable – with pre-tax margins often in the 20-30% range, and sometimes more than 40%.
  
  Exhibitions have excellent cash flow characteristics, with booth space deposits often paid up to a year in advance.
  
  Revenues have high integrity since exhibitor renewal rates typically are in the 65% to 85% range and sponsorship opportunities can sell out.
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  DeSilva+Phillips White Paper on Online Advertising: Monetizing the Long Tail Online Ad Networks: Monetizing the Long Tail
  
  Online advertising networks have emerged as an essential vehicle for monetizing the Long Tail of the Internet. By aggregating traffic that was previously too difficult to buy or which was otherwise undesirable, ad networks provide small and mid-sized online publishers with significantly more advertising revenues than would otherwise be possible. And by finding ways to make this inventory more palatable to more advertisers, ad networks are positioned to grow faster than the broader market.
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  Lead Generation White Paper A groundbreaking view of the lead generation media - what it is, where it came from, and what its prospects are likely to be.
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  SEM Report DeSilva+Phillips takes a close look at search engine marketing.
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