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  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
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  "pageNumber": 61,
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  "slideType": "market_sizing",
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  "density": "overcrowded",
  "nDataPoints": 40,
  "notes": "Includes a red box highlight on the '% Rev to Platform' column in the bottom table.",
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      "kind": "callout",
      "text": "We believe that live streaming may have peaked as a phenomenon as has Momo's market share. Iresearch claims that industry MAU peaked in November 2016 at 141 million users and has been falling since, and was 104 million in April 2017.",
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      "text": "Spruce Point believes that Momo's cost of revenues will increase to match competitors at 50%-70%. This equates to a potential 40%-50% increase in cost of revenues",
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      "text": "Mobile live streaming went mainstream in 2016, the year after Momo launched its live streaming service along with another 100 providers. The market leader at that time, Yingke, now barely exists. Spruce Point believes that Momo's cost of revenues will increase to match competitors at 50%-70%. This equates to a potential 40%-50% increase in cost of revenues",
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      "text": "Source: SP Consultant, company reports",
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      "text": "China Top Ten Live Streaming Companies table",
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      "text": "Live Video Market Size And Competitor Overview",
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