Content Expansion and Diversification Strategy
Relative Valuation of Social / Video Incumbents
U.S. MAUS / Subs LTM Growth vs. U.S. MAUs/Subs (1)
U.S. MAUS (or Subs) LTM Growth
40%
30%
20%
10%
I
Roku
$40B
NETFLIX $95B
$45B
$310B
(10%)
(20%)
$34B
Pinterest
Bubbles indicate Market Cap (2)
rumble
23M Average U.S. MAUS as of Q3-2021 with LTM
growth of 1,800% (36M Average Global MAUS)
$1,004B
89
Meta
50
50
100
150
200
U.S. MAUS (or Subs)
250
300
350
(1) MAUS (or Subs) Sources: Meta Platforms/ Facebook: U.S. and Canada MAUS per Q3 filings. Netflix: U.S. and Canada paid memberships per Q3 filings. Roku: Total monthly
active accounts per Q3 filings. Snapchat: 2021E U.S. MAUS per eMarketer. Twitter: 2021E U.S. MAUS per eMarketer. Pinterest: U.S. MAUS per Q3 filings. (2) Market Cap: Meta
Platforms, Netflix, Pinterest, Snapchat, Twitter and Roku market cap per FactSet as of 11/16/2021.
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