{ "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": 58, "pageCount": 70, "prevPage": 57, "nextPage": 59, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "Uses direct quotes from anonymous agency sources to build a case against Momo's transparency.", "elementsJson": [ "headline_text", "bullet_list", "quote_block", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-72ad4dd9da96/58", "deckHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-72ad4dd9da96#slide-58", "components": [ { "bbox": { "h": 0.07, "w": 0.21, "x": 0.02, "y": 0.215 }, "kind": "callout", "text": "Cash Rebates", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9163f793-f222-4ce7-9654-1c906e92a39a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.21, "x": 0.02, "y": 0.62 }, "kind": "callout", "text": "Momo Controlled Agencies?", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ac5abc47-8f9d-4731-a02e-d237905a31aa", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Agencies primary complaint in regards to Momo is that their share of revenue is too low", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dd-72ca-b979-4eff399bf526", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.21 }, "kind": "list", "text": "Based on our interviews Momo support to agencies ranges from better positioning on lists, support for external events and cash rebates of 5% on virtual gifts. These benefits generally appear to accrue to exclusive and large scale agents. Agencies primary complaint in regards to Momo is that their share of revenue is too low", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3419846-5aab-4b5f-9c7c-49a6bed23fbb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.28, "y": 0.62 }, "kind": "list", "text": "When we asked agencies about whether or not Momo controls its own agencies we got a range of responses from \"No\" to their biggest agency is their own", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f3e469b8-0db3-47cd-8b1e-343f6012216f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.68 }, "kind": "quote", "text": "\"Yes there are. Momo has one official agency. You will notice broadcasters that are called \"official\" broadcasters. Momo's own staff open agencies. They do this privately. They keep it out of the spotlight. To do the agency business relies on your relationship with the platform. If you have a good relationship with the platform than you can get anything passed. Every platform has the underground agencies.\" Small Agent #2", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "04a2f784-0199-4634-a4ec-785cc275bdc2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.34 }, "kind": "quote", "text": "\"Better positioning on the APP. Sometimes we can add value and get 100% free. So if we add 10,000 they will give us 10,000 or a rebate of 5%. We don't work with Momo as their take is too high. We also have to pay 6% tax. We care about our ability to make money on a channel. Agents and broadcasters care more about how much money they can earn than traffic.\" – Large Agency #11", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3613e931-6678-4b94-bca3-197de37c9a8f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.28, "y": 0.81 }, "kind": "quote", "text": "\"Yes, Momo directly contracts broadcasters. Momo gave these people money to establish their own agencies. This agency is in Qingdao. For confidentiality reason I cannot tell you the name. This is Momo's largest agency.\" – Small Agency #9", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6c47a2f2-0984-4356-bcdf-b653a1752fde", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.7, "x": 0.28, "y": 0.47 }, "kind": "quote", "text": "\"We are both aiming to make money. Momo will give us better positioning and place us on hottest lists. When we add value on Momo we will get a 5% rebate. In the back end system we can take this out as cash.\" – Super Agency #6", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7c6951f9-0ae2-4185-85ef-bb33392b01cf", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Better positioning on the APP. Sometimes we can add value and get 100% free. So if we add 10,000 they will give us 10,000 or a rebate of 5%. We don't work with Momo as their take is too high. We also have to pay 6% tax. We care about our ability to make money on a channel. Agents and broadcasters care more about how much money they can earn than traffic.\" — Large Agency #11; \"We are both aiming to make money. Momo will give us better positioning and place us on hottest lists. When we add value on Momo we will get a 5% rebate. In the back end system we can take this out as cash.\" — Super Agency #6; \"Yes there are. Momo has one official agency. You will notice broadcasters that are called \"official\" broadcasters. Momo's own staff open agencies. They do this privately. They keep it out of the spotlight. To do the agency business relies on your relationship with the platform. If you have a good relationship with the platform than you can get anything passed. Every platform has the underground agencies.\" — Small Agent #2; \"Yes, Momo directly contracts broadcasters. Momo gave these people money to establish their own agencies. This agency is in Qingdao. For confidentiality reason I cannot tell you the name. This is Momo's largest agency.\" — Small Agency #9", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dd-72ca-b979-503e0c3a9274", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.65, "x": 0.31, "y": 0.04 }, "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": "fb288d02-9ed6-43a7-b80a-0b0104686193", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "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 }