Word: yahoo
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...bottom line. "People thought there would be one or two local players who would make it in China," says Jasmine Koh, regional Internet analyst for UBS Warburg in Hong Kong. "Now it's shifting to be a global game." That means opportunities for the likes of AOL, Yahoo!, Microsoft MSN Online and Lycos Asia, which reportedly spent $12.8 million to buy myrice.com, a Hong Kong-based community portal aimed at Chinese subscribers...
...they all fell into what's become a familiar Net trap: aggressively looking for "eyeballs," or Web-cruising customers, but ignoring the bottom line. Following Yahoo!'s lead, they offered services for free, hoping that a big number of subscribers would eventually bring in ad revenue. But advertising is a thin market in China?total spending online is well under $80 million, compared with $6 billion in the U.S.?and industry watchers say it will take years for China's online revenues to sustain even one portal...
...When investors soured on this shaky business model, China's Internet leaders again followed Yahoo!'s example. Scrambling for revenue, they tried selling goods and services online. That approach seemed convincing until last month, when Tim Koogle, one of the architects of Yahoo!, stepped down as CEO in an admission that the industry leader couldn't come up with a viable business plan. If Yahoo! had stumbled big-time, where did that leave its imitators...
...virtual card and other games; simslots.com a site where slot-machine junkies can win up to $5,000 each month; and bingo.com the decidedly old-wave site that hooks people for an average of four hours a month, or twice as long as the average user spends on Yahoo. Community sites and webcams get loyal followers as well...
They may have lost millions of dollars for investors and helped foment the market downturn, but dotcom dropouts are in demand on the speakers' circuit. The phones are ringing for executives from Internet losers such as Yahoo and Priceline.com--if they dump their success stories and share their woes. "In the past we didn't bring up failure. Now we make it a highlight of speeches," says Michelle Lemmons-Poscente, head of the International Speakers Bureau, based in Dallas. "The best way to learn is by someone else's failures, and if there's drama involved, all the better...