Telecommunications: The Mobile Internet Report

DFN: Mary Meeker’s report short version (92 pages), downloand from: .

The Mobile Internet Report
To receive a printed copy of The Mobile Internet Report, please contact your Morgan Stanley Representative. To purchase a copy, please click here.
For other Morgan Stanley Technology Research reports and presentations, please click here.
December 2009
http://www.morganstanley.com/institutional/techresearch/mobile_internet_report122009.html

Our global technology and telecom analysts set out to do a deep dive into the rapidly changing mobile Internet market. We wanted to create a data-rich, theme-based framework for thinking about how the market may develop. We intend to expand and edit the framework as the market evolves. A lot has changed since we published “The Internet Report” in 1995 on the web.

We decided to create The Mobile Internet Report largely in PowerPoint and publish it on the web, expecting that bits and pieces of it will be cut / pasted / redistributed and debated / dismissed / lauded. Our goal is to get our thoughts and data into the conversation about what may be the biggest technology trend ever, one that may help make us all more informed in ways that are unique to the web circa 2009, and beyond.

We present our thoughts in three ways:

1) “The Mobile Internet Report Setup”– a 92-slide presentation that excerpts highlights of the key themes from the report (This presentation is also available in Simplified Chinese – 移动互联网研究报告摘要).

2) “The Mobile Internet Report Key Themes” – a 659-slide presentation that drills down on thoughts covered in “The Mobile Internet Report” (Note that the presentation is 40MB and may take some time to download).

3) “The Mobile Internet Report” – a 424 page report which explores 8 major themes in depth and includes the two aforementioned slide presentations + related overview text (Note that the report is 50MB and may take some time to download. If you prefer to download individual themes of the report, please click here).

Our key takeaways are:

Material wealth creation / destruction should surpass earlier computing cycles. The mobile Internet cycle, the 5th cycle in 50 years, is just starting. Winners in each cycle often create more market capitalization than in the last. New winners emerge, some incumbents survive – or thrive – while many past winners falter.

The mobile Internet is ramping faster than desktop Internet did, and we believe more users may connect to the Internet via mobile devices than desktop PCs within 5 years.

Five IP-based products / services are growing / converging and providing the underpinnings for dramatic growth in mobile Internet usage – 3G adoption + social networking + video + VoIP + impressive mobile devices.

Apple + Facebook platforms serving to raise the bar for how users connect / communicate – their respective ramps in user and developer engagement may be unprecedented.

Decade-plus Internet usage / monetization ramps for mobile Internet in Japan plus desktop Internet in developed markets provide roadmaps for global ramp and monetization.

Massive mobile data growth is driving transitions for carriers and equipment providers.

Emerging markets have material potential for mobile Internet user growth. Low penetration of fixed-line telephone and already vibrant mobile value-added services mean that for many EM users and SMEs, the Internet will be mobile.

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