The internet as an information and commerce channel has fundamentally changed the way consumer’s communicate, shop and digest critical daily news and information. Over the last 15 years the Internet has grown from nothing to produce $130 billion in retail sales and nearly $30 billion in advertising dollars in the U.S. alone. We strongly believe the Internet as a media and commerce channel will continue to gain global share from traditional media and retail outlets. As this trend continues, traditional business models will be disinter mediated, providing an enormous opportunities for innovative companies to become a part of the daily fabric of consumers daily activities and at the same time present enormous opportunities to provide advertising and retail services to new and existing customers. We see a number of themes driving long-term revenue growth – increased consumption of the media taking share from its offline counterparts, global expansion as a media and commerce outlet and increased advertiser and retailer adoption as a way of reaching their consumer audience.