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  "documentTitle": "Momo, Inc. (MOMO)",
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  "presentationDate": "2018-06-27 00:00:00",
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  "notes": "Includes a specific quote from a Q3 2017 earnings call to highlight the contradiction.",
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      "kind": "callout",
      "text": "Based on Beijing Mushang Culture's revenues, we estimate that talent agencies likely represented a little less than half of Live Video in 2017, despite management statements about agents being insignificant to the business. Maybe the “shift towards agencies” was more about rhetoric than reality.",
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      "text": "Based on Beijing Mushang Culture's revenues, we estimate that talent agencies likely represented a little less than half of Live Video in 2017, despite management statements about agents being insignificant to the business.",
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      "text": "Live Video Revenue: 46%",
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      "text": "Based on Momo statements about the role agencies played in the Live Video business at the end of 2016, and the reported revenue of Beijing Mushang Culture Media, Spruce Point estimates that agencies accounted for 46% of Momo's Live Video Revenue",
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      "text": "(1) We assume that Live Video revenue share between agents and Momo is 50%",
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      "text": "Spruce Point Analysis of Agency's Contribution To Live Video",
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      "text": "Red Flag 6: Momo Undisclosed Talent Agency Financials Indicate A More Significant Historical Role For Agencies",
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