Core Insights - Benchmark maintains a price target of $3.50 per share for TNL Mediagene, highlighting positive strategic developments [1] - The company is expanding its media properties into new language markets, enhancing AI-driven operations, and pushing into content commerce as key growth drivers [2] Company Developments - TNL Mediagene has launched Business Insider Taiwan and Roomie International, targeting the 1.2 billion global Mandarin-speaking audience [1] - The rollout of the Ad2 AI Agent aims to improve advertising efficiency through automated audience targeting and creative refinement [1] - Content Commerce initiatives include a crowdfunding-based marketing support service in Japan and a TikTok Shop e-commerce strategy, which are expected to enhance sales channels [1] Market Positioning - The company's initiatives are expanding its addressable market and improving operating leverage, positioning TNL Mediagene for sustainable growth [2] - A favorable foreign exchange (FX) environment is anticipated to contribute positively to the company's performance in the first half of the year [2] Recent Activities - TNL Mediagene has had a transformative first half of 2025, with new media property rollouts and strategic partnerships [4] - The company has participated in significant industry conferences and investor events, enhancing its visibility in the investor community [4] - Research coverage by Benchmark and Sidoti & Company has been initiated, which is viewed positively for elevating the company's profile [4]

Financial Data and Key Metrics Changes - People Inc achieved a 9% digital revenue growth in Q2, up from 7% in Q1, marking a return to core sessions growth [6][9] - Consolidated IAC adjusted EBITDA increased by 15% in the quarter, with guidance for full-year EBITDA set between $247 million and $285 million [9][45] - The refinancing of $1.4 billion in debt at People Inc was completed, replacing the original acquisition capital structure with new bank debt and bonds [6] Business Line Data and Key Metrics Changes - MGM reported a 36% net revenue growth in Q2, with increased guidance for the full year to at least $2.7 billion in revenue and at least $150 million in EBITDA [8] - Care.com has seen a divergence in performance, with enterprise business growing solidly while consumer revenue has declined from pandemic highs [41][42] - Digital margins for People Inc reached just under 29% in FY 2024, with Q2 digital EBITDA flat year-over-year at $63 million despite a 9% revenue growth [37][38] Market Data and Key Metrics Changes - The percentage of traffic from Google has decreased from 52% to 28%, while non-Google search sessions have increased at a 29% CAGR [32][33] - Approximately 36% of digital revenue now comes from off-platform sources, indicating a shift in revenue generation strategies [30][31] Company Strategy and Development Direction - The rebranding to People Inc aims to reflect the company's focus on premium content created by people for people, emphasizing the importance of human expertise [11][14] - The company is actively pursuing M&A opportunities and exploring strategic divestitures to bolster cash balances [10][69] - A focus on diversifying audience sources and reducing reliance on Google traffic is central to the company's strategy, with investments in email, events, and syndication businesses [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue goals despite challenges posed by AI and changes in Google's search algorithms [21][32] - The company anticipates continued growth in off-platform audiences and improved monetization, guiding for 7% to 9% digital revenue growth in Q3 [58] - Management acknowledged the need to optimize the matching process on Care.com to drive growth in both consumer and enterprise segments [90][91] Other Important Information - The company has maintained guidance for Care.com at $45 million to $55 million, while corporate run rate costs have been reduced to $110 million to $115 million [46] - The company is exploring new pricing and packaging strategies to better meet consumer needs in the care marketplace [90] Q&A Session Summary Question: Can you elaborate on the trajectory of sessions, including Google Search and off-platform views? - Management expects O&O sessions to be slightly down in Q3 due to tough comps but anticipates flat to slightly up growth going forward, with off-platform growth continuing [50][51] Question: Can you provide insights on the 2Q PeopleLink digital revenue? - Digital advertising grew 5% in Q2, with strong performance in performance marketing and licensing, while core sessions growth was 2% [55][56] Question: Why is the new brand name People Inc the right choice? - The name reflects the company's goal of achieving platform scale with premium branded environments, resonating well with clients and employees [64][66] Question: What is the current state of the M&A landscape? - The company is actively pursuing both small and large acquisition opportunities, focusing on creative and defensible businesses [69][70] Question: What factors need to change for Care.com to grow faster? - The company needs to drive consumer demand and improve the matching process between care seekers and providers, while expanding into senior and pet care markets [90][91]

Financial Data and Key Metrics Changes - IAC reported a 15% increase in adjusted EBITDA for the quarter, with guidance for full-year EBITDA set between $247 million and $285 million [7][44] - Digital revenue growth accelerated to 9% in Q2, up from 7% in Q1, marking a return to core sessions growth [5][45] - The refinancing of $1.4 billion in debt at People Inc. was completed, replacing the original acquisition capital structure with new bank debt and bonds at attractive pricing [5] Business Line Data and Key Metrics Changes - People Inc. achieved 9% digital revenue growth, with core sessions growth returning despite macro volatility [5] - MGM reported a 36% net revenue growth in Q2, with increased full-year revenue guidance to at least $2.7 billion [6] - Care.com is seeing promising signs of growth in engagement metrics following a product and brand revitalization [7][42] Market Data and Key Metrics Changes - The percentage of traffic from Google has decreased from 52% to 28%, while overall sessions have increased [31][27] - Off-platform views have become a significant revenue source, contributing to approximately one-third of digital revenue [28][29] - The digital margins for People Inc. reached just under 29% in FY 2024, with expectations for continued growth in adjusted EBITDA margins [36] Company Strategy and Development Direction - The rebranding to People Inc. aims to reflect the company's focus on premium content created by people for people, enhancing its market positioning [10][66] - The company is actively pursuing M&A opportunities and exploring strategic divestitures to bolster its cash balance [9][68] - A focus on diversifying audience sources and reducing reliance on Google traffic is central to the company's strategy [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to maintain growth despite challenges posed by AI and changes in Google’s search algorithms [77][78] - The company anticipates continued growth in off-platform audiences and improved monetization strategies [49][56] - Management remains optimistic about the long-term revenue growth target of 10% for digital revenue, driven by various initiatives [95] Other Important Information - Care.com has relaunched its platform, enhancing user experience and aiming to drive consumer engagement [41][42] - The company is focusing on optimizing its product offerings and marketing strategies to capture a larger share of the addressable market [88][90] Q&A Session Summary Question: Can you elaborate on the trajectory of sessions, including Google Search and off-platform views? - Management expects O&O sessions to be flat to slightly up in the future, with continued growth in off-platform views [48][49] Question: What are the factors affecting the 2Q PeopleLink digital revenue? - Digital advertising grew 5%, with strong performance in performance marketing and licensing, despite some challenges in core sessions [53][54] Question: What is the current penetration of Google AI reviews? - AI reviews are present in approximately 50% to 55% of searches where the company's content appears [75] Question: What is the outlook for M&A opportunities? - The company is actively evaluating both public and private opportunities, focusing on quality defensible businesses and AI applications [68][70] Question: What factors need to be addressed for Care.com to grow faster? - The company needs to improve product experience, expand pricing and packaging options, and enhance matching capabilities between care seekers and providers [88][90]

Core Insights - SEGG Media Corporation has launched a new website for Sports.com, designed to enhance fan engagement and create new revenue streams through AI-powered sports experiences and potential crypto exchange opportunities [1][2] Group 1: Website Features and Objectives - The new Sports.com website features a futuristic design that incorporates AI-driven personalization, interactive video environments, and real-time fan engagement tools, aimed at increasing user interaction and retention [2][6] - The CEO of Sports.com Media emphasized that the focus is on fan engagement and revenue generation, positioning the platform as a commercial growth engine within the SEGG Media network [2][4] Group 2: Revenue and Monetization Strategies - Sports.com aims to monetize through branded series, commerce integration, and creator partnerships, while also exploring sports-specific crypto exchange capabilities and fan tokenomics [2][6] - The platform will integrate new advertising inventory, branded content, and affiliate campaigns to enhance revenue generation [6]

Core Insights - SEGG Media Corporation has launched a new website for Sports.com, designed to enhance fan engagement and create new revenue streams through AI-powered sports experiences and potential crypto exchange opportunities [3][4] Company Overview - SEGG Media Corporation operates a portfolio of digital assets including Sports.com, Concerts.com, and Lottery.com, focusing on immersive fan engagement and AI-driven live experiences [6] Platform Features - The new Sports.com platform features a dynamic layout that incorporates AI-driven personalization, creator-led storytelling, interactive video environments, and real-time fan engagement tools, aimed at increasing user interaction and retention [4][8] - The platform is designed as a commercial growth engine, integrating monetization strategies through branded series, commerce integration, and creator partnerships [4][8] Future Directions - SEGG Media is exploring the integration of sports-centric crypto exchange capabilities and fan tokenomics, including fan tokens and crypto-enabled ticketing [4][8]

Core Insights - TNL Mediagene has appointed TJ Park as General Counsel and Naoko Okumoto as an independent director to strengthen its international legal and governance framework [1][4][5] Group 1: Appointments - TJ Park joins from Morrison & Foerster LLP, where he specialized in cross-border capital markets and corporate governance, holding a J.D. from Georgetown University Law Center [2] - Naoko Okumoto, with two decades of experience in tech investment and business development, is the Founder and Managing Partner of NIREMIA Collective and CEO of Amber Bridge Partners [3] - The appointments are part of a broader strategy to enhance the leadership team with talents from top global enterprises, including those from Yahoo!, Wall Street Journal, and NBC Universal [4][5] Group 2: Company Background - TNL Mediagene was formed in May 2023 through the merger of Taiwan's The News Lens Co. and Japan's Mediagene Inc., focusing on digital media and data in Asia [9] - The company operates across various media brands in Japanese, Chinese, and English, covering diverse topics and offering AI-driven advertising services [9] - TNL Mediagene has approximately 500 employees across Asia, with offices in Japan, Taiwan, and Hong Kong [9]

Core Insights - H1 2025 was a transformative period for the company following its public listing on NASDAQ in December 2024, focusing on strategic growth through M&A and capital access [1][3] Group 1: Strategic Growth Initiatives - The company aims for strategic organic and inorganic growth opportunities, emphasizing an active M&A strategy as a key pillar for future development [1][3] - The merger of The News Lens and Mediagene in 2023 and nine other acquisitions since 2018 highlight the company's commitment to M&A [3] Group 2: Media Expansion - The company launched popular Japanese media properties into the global Mandarin language market, generating over 10 million monthly unique users in Japan [4] - Roomie International surpassed 1 million monthly pageviews within its first year, indicating strong market potential [4] Group 3: AI Technology Implementation - The rollout of the Ad2 AI Agent in March 2025 enhances advertising decisions through data-driven insights and automation, improving efficiency and accuracy [5] - Additional AI initiatives include an AI-powered content management system and cost reduction strategies that optimize both revenue and expenses [6][7] Group 4: Content Commerce Strategy - The company is increasing its focus on Content Commerce, which has proven effective in driving customer engagement and purchase behavior [8] - Strategic partnerships and new channels are being developed to enhance this initiative [8] Group 5: Talent Acquisition and Restructuring - Key C-Level hires and promotions were made to strengthen the leadership team, including a Chief Governance Officer and Chief Human Resources Officer [10] - The company is restructuring to streamline operations and better fit its new public company status [10] Group 6: Investor Relations and Public Visibility - The company initiated research coverage by prominent Wall Street firms, enhancing its visibility in the investment community [12] - Participation in major conferences, such as the 2025 Generative AI Conference, has expanded the company's presence in the AI ecosystem [12] Group 7: Future Outlook - The company plans to continue expanding media properties, promoting technology and AI offerings, and pursuing further M&A opportunities in H2 2025 [13]

Core Insights - Shutterstock achieved record levels in both revenue and adjusted EBITDA for the second quarter of 2025, driven by a comprehensive suite of offerings including creative content and AI solutions [2][3]. Financial Highlights - Revenue for the second quarter of 2025 was $267.0 million, an increase of $46.9 million or 21% compared to the second quarter of 2024 [3][14]. - Content product revenue increased by $29.8 million, or 18%, to $199.8 million, representing 75% of total revenue [3][14]. - Revenue from Data, Distribution, and Services rose by $17.1 million, or 34%, to $67.2 million, accounting for 25% of total revenue [4][14]. Net Income and Earnings - Net income for the second quarter of 2025 was $29.4 million, up from $3.6 million in the same period of 2024, with net income per diluted share increasing to $0.82 from $0.10 [5][14]. - Adjusted net income rose to $42.9 million, an increase of $7.0 million compared to $35.9 million in the second quarter of 2024, with adjusted net income per diluted share at $1.19, up from $1.00 [6][7][14]. Adjusted EBITDA - Adjusted EBITDA for the second quarter of 2025 was $82.2 million, a 32% increase from $62.1 million in the second quarter of 2024, with an adjusted EBITDA margin of 30.8% [8][14]. Liquidity and Cash Flow - Cash and cash equivalents increased by $4.2 million to $116.4 million as of June 30, 2025, driven by $26.8 million of net cash from operating activities [9][10]. - Adjusted free cash flow was $17.5 million for the second quarter of 2025, a decrease of $18.7 million from the same period in 2024 [12][14]. Subscriber Metrics - Subscribers at the end of the period reached 1,073,000, up from 490,000 in the previous year [16][43]. - Subscriber revenue for the second quarter was $108.0 million, compared to $80.3 million in the same period of 2024 [16][43]. Merger Activity - The company is in the process of a merger with Getty Images, which was approved by a majority of Shutterstock stockholders [28][29].

Core Insights - The Creator Economy is gaining momentum, with platforms like Beehiiv and Substack achieving significant revenue milestones and funding rounds [1][2] - Substack has raised $100 million in Series C funding, increasing its valuation from $650 million to $1.1 billion, and aims to transition from a "tool company" to a "tool + network platform" [1][2] - The platform's paid user base has surpassed 5 million, indicating strong growth and user engagement [1][2] Group 1: Substack's Strategy - Substack is shifting its focus from traditional email and website services to a more comprehensive app-based approach, allowing creators to diversify their traffic sources beyond social media platforms like Twitter and Instagram [2] - The platform encourages creators to utilize a combination of internal recommendations and external traffic generation strategies, such as leveraging LinkedIn and X for audience growth [2] - Substack's founders emphasize a human-centered approach to AI, advocating for the use of AI tools for efficiency while ensuring that content reflects the creator's unique perspective [2][3] Group 2: Business Model and Market Position - Substack's primary revenue model remains subscription-based, but advertising sponsorships are naturally developing within its ecosystem, with plans to optimize and support brand collaborations [3] - The platform aims to provide a counter-narrative to mainstream social media fatigue by fostering genuine connections and deeper expressions among users, positioning itself as a new network for creators [4] - Substack advises creators to focus on producing high-quality content and to promote it both internally and externally to build their own audience and benefit the platform [4][5] Group 3: Market Trends and Insights - Traditional media's traffic logic is losing appeal among core audiences, prompting creators to prioritize customer engagement over mere traffic metrics [5] - A notable example includes a small podcast with only 100 listeners that can still generate significant impact, highlighting the importance of niche audiences [5] - The article also mentions a rapidly growing AI infrastructure product with a valuation exceeding $1.5 billion, processing over 100 million inference requests daily, showcasing the potential of AI in the creator economy [5]

Investment Rating - The industry view is rated as Attractive [2] Core Insights - Internet names were flat last week, with notable performances: AMZN increased by 1% due to Prime Day, while GOOGL and META remained flat [2][10] - The report highlights the upcoming 2Q EPS, indicating a cautious market sentiment [2] - AMZN, GOOGL, and META are trading at 29X, 18X, and 26X their 2026 EPS estimates, reflecting changes of -6%, -2%, and +16% compared to the trailing twelve months average [2] Summary by Sections Market Performance - The overall market performance for the Internet sector was flat, with SPX and NDX showing no significant movement [10] - Specific companies showed varied performance: U increased by 11%, while LYFT and CHWY decreased by 8% each [2] Valuation Metrics - The report provides valuation metrics for major companies, with AMZN, GOOGL, and META trading at 3.4X, 5.4X, and 9.7X EV/Revenue for 2025 estimates [4] - The NTM EV/EBITDA for AMZN, GOOGL, and META is 13.8X, 11.5X, and 14.7X, respectively, compared to their historical averages [8] Company-Specific Insights - AMZN's market cap is $2,428,641 million, with a 1-week performance of +0.7% [5] - GOOGL's market cap stands at $2,214,715 million, with a slight increase of 0.4% [5] - META's market cap is $1,858,351 million, showing a minor decline of -0.2% [5] Sector Analysis - The digital ads sector saw a market-cap weighted average performance of 0.0%, while e-commerce had a 0.7% increase [5] - The travel sector's market-cap weighted average performance was 0.1%, indicating stability [5]