Media sites are estimated to be so low

Non-investment related professional, but also because of business for n years of industry analysis, simply say
First say market size and growth
Traditional Media general points of the cake is very fixed, the basic is to divide the brand advertisers money, so in total, the annual growth depends on the brand advertising master budget growth. And what percentage of people are willing to vote in your media.
Traditional media target audience are very fixed, and even in the new media to carve up the user time share, for advertisers have more and more alternative can choose at the meantime you are neither cheap nor price beauty, why choose you, So how could you possibly have a high valuation?

Besides, Operation's problem.
Traditional media sales are futures, sold by people, whether it is their own or outsourced sales are a cost, the chain of several layers of hands full of all kinds of low efficiency, are wasted. A bunch of gray areas what Commission counter-point client hospitality Travel more

Besides, bargaining power.
Baidu why some people call the evil Empire, because its near monopoly of the share can be better in the game with buyers to obtain high prices. Traditional media field in addition to the CCTV has a similar status outside the other people are not, are in a competitive state (print media, also known as the paper medium for the most) choose more competitive multi-price is difficult to mention

Simple inductive as above.
It is also very simple to have a high valuation, one is to monopolize or to occupy--a group of people only you reach or through you reach the highest efficiency, you are worth. Second, operational efficiency, through a variety of means or technology to eliminate the various costs in the operation chain, the last three is the most important, we have to be divided into more markets than the Red Sea. I have to say that Baidu and Google, started is a new market, Target is the ad very little SMB, growth is a natural, and then use the technical way to maximize operational efficiency. So the valuations are high! (FB is the same Ah, the world can shout I just have data to help you pinpoint the company, you will believe that there are several?) Not much? So the FB valuation high well ¥¥)