On the Up & Up: Web Values Soar for Top Sites

Mickey Mouse’s handlers consider taking a rumored 10% stake in Infoseek
(NASDAQ:SEEK), the ‘Peacock Network’ (NBC) effectively buys control of
CNET’s Snap portal, and suddenly the navigation stocks once again thrive on
the belief that old-line media firms may buy newfangled Internet
powerhouses, pushing Top 10 per user value to $91 on average.


Mecklermedia’s WebSite Value Index without Yahoo!, however, shows a little
more modest $80 average.


We’re carrying AOL.com at about 10% of its overall market capitalization
although the Web site could be worth double that.









































































User
Changes

May ’98

April ’98

Difference

Yahoo

31.4

32.9

-1.5

AOL.com*

22.9

19.7

3.2

Excite

19.4

19.2

0.2

Netscape.com*

18.9

21.1

-2.2

Microsoft.com*

17.4

18.8

-1.4

MSN.com/Hotmail

14.8

14.9

-0.2

GeoCities*

14.0

14.2

-0.2

Lycos

13.7

15.0

-1.3

Infoseek

13.3

16.2

-2.9

Disney.com*

8.5

9.0

-0.6

source: Relevant Knowledge; in
millions




AOL.com was the biggest gainer in users, up 3.2 million in May vs. April,
according to Relevant Knowledge. Excite was the only other site to add
users, its survey reported.


Most of entire group, most of which held steady or even dropped a few
points according to unique user guesstimates based on surveys by Relevant
Knowledge. Debate that if you want. We would.

Here’s how the user counts
and market caps come together this week, with values creeping back up amid
the rumor fest:

















































































































































Mecklermedia’s

May ’98

June 10

June 17

Percent

June 10

June 17

WebSite

Unique Users

Market cap or PMV*

Market cap or PMV*

change

User Value

User Value

Value Index

(millions)

(millions)

(millions)

Yahoo/Four11

31.4

$5,297

$6,046

14.1%

$169

$193

AOL.com*

22.9

$1,750

$2,200

25.7%

$76

$96

Excite
Network

19.4

$1,477

$1,784

20.8%

$76

$92

Netscape.com*

18.9

$1,450

$1,500

3.4%

$77

$79

Microsoft.com*

17.4

$1,750

$1,800

2.9%

$101

$103

MSN.com/Hotmail

14.8

$800

$1,000

25.0%

$54

$68

GeoCities*

14.0

$400

$450

12.5%

$29

$32

Lycos/Tripod

13.7

$827

$1,103

33.4%

$60

$81

Infoseek/WBS

13.3

$816

$1,080

32.3%

$62

$82

Disney.com*

8.5

$600

$750

25.0%

$71

$89

TOTAL

174.1

$15,167

$17,713

16.8%

$774

$914

AVERAGE

17.4

$1,517

$1,771

16.8%

$77

$91

sorted by users;
consolidated Web sites; primary share market cap; *PMV=estimated
private market value (c)
1998 Mecklermedia




Thank you readers & colleagues: Steve Harmon was named one of the ‘best
of Wall Street’ by CBS MarketWatch, the only non-brokerage, independent
financial analyst of the four honored.

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