{ "docId": "019dd923-622c-750b-8b98-72ad4dd9da96", "docSlug": "86dfa89096f8", "documentTitle": "Momo, Inc. (MOMO)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-06-27 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 57, "pageCount": 70, "prevPage": 56, "nextPage": 58, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses quotes from 'Large Agency #3' and 'Super Agency #7' to support the thesis of opaque and discriminatory practices.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/57", "deckHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-57", "components": [ { "bbox": { "h": 0.06, "w": 0.21, "x": 0.02, "y": 0.2 }, "kind": "callout", "text": "Fee Sharing", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0e7da8ab-45f5-4684-88ac-b8facc4fd321", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.21, "x": 0.02, "y": 0.54 }, "kind": "callout", "text": "Free Virtual Gifts", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "669e1c52-774f-4a84-90e5-6fe6ddd39d9e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Logic would suggest that Momo's rate will come down to match peers over time", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dd-72ca-b979-388db06f230a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.26, "y": 0.54 }, "kind": "list", "text": "Agencies report inconsistent access to free virtual gifts, often treated as a 'commercial secret' or used as a tool to 'steal talent'.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "07944ddb-03dc-40d1-ae2b-f3a6dc12544e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.26, "y": 0.2 }, "kind": "list", "text": "Momo appears to tier the fee sharing with agencies based on their size and allegiance. Momo's take ranges from 50-60% vs 30-55% for competitors, suggesting future rate compression.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6b369b3b-71a4-416b-a593-d31f4b413f48", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.26, "y": 0.7 }, "kind": "quote", "text": "\"This is a commercial secret... It all depends on if your agency has that right. It depends on who you know and how good your broadcasters are.\" - Large Agency #3", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ec69baa-9dca-4eb6-8351-ef9f03fb6942", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.26, "y": 0.81 }, "kind": "quote", "text": "\"We can discuss with Momo that we get a rebate on all of the gifts that we give a new broadcaster. They will return 100%.\" - Super Agency #7", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a5e0b87c-2ac4-45aa-9ef1-1575ee123fc3", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"This is a commercial secret. Depending on the ranking and scale of your agency you will get virtual gifts. I don't want to disclose how much. Anyway there is this sort of thing. It all depends on if your agency has that right. It depends on who you know and how good your broadcasters are.\" — Large Agency #3; \"In the initial promotion period we will talk with Momo. We can discuss with Momo that we get a rebate on all of the gifts that we give a new broadcaster. They will return 100%. To establish a broadcaster we will spend more than RMB100,000. Hard to say how many new broadcasters we develop each month as it depends on the new peoples talent.\" — Super Agency #7", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dd-72ca-b979-3ca2606c2a3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Undisclosed Insights Into Momo Live Video Strategy Based On Talent Agency Interviews", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c2db313-b928-4aec-8ff4-e3ff8a6a3cd1", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "9dae9a40-c986-49c6-9afd-d95026b1babc", "evidence": "Exposing opaque and potentially discriminatory business practices to investors.", "confidence": 0.85 } ], "arcBeats": [ { "to": 69, "from": 7, "beatId": "2ed90acb-05ba-4602-8daa-c17fe790841b", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "Slides 7-69 systematically expose contradictions and red flags in Momo's business, including undisclosed charges, complex VIE structure, and regulatory risks.", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }