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  "documentTitle": "Momo, Inc. (MOMO)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
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  "notes": "Uses quotes from anonymous agencies to support the thesis of revenue manipulation.",
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      "text": "Supporting Talent",
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      "text": "We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster.",
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      "text": "Every Agency we spoke with indicated that they support their own talent by giving virtual gifts. Some agencies do so reluctantly as Momo keeps 60% of the money they are spending on their talent. Others spend significant portions of their own revenues back into their talent, particularly at year end. Two agencies estimated that their own spending represents 10%-20% of their revenues",
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      "text": "\"Yes, we will help broadcasters to become popular. We estimate about 10% of the revenue of Momo is from this type of activity. Sometimes we will pay this cost to help a broadcaster.\" –Super Agency #6",
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      "text": "\"We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster.\" –Large Agency #11",
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      "text": "\"Yes, we will help broadcasters to become popular. We estimate about 10% of the revenue of Momo is from this type of activity. Sometimes we will pay this cost to help a broadcaster.\" — Super Agency #6; \"We have to. This is just the same as Taobao fake sales. Everyone does it. Each month about 10-20% of our revenue is us spending money on broadcasters. We share the loss equally with the broadcaster.\" — Large Agency #11",
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      "kind": "title",
      "text": "Undisclosed Insights Into Momo Live Video Strategy Based On Talent Agency Interviews",
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