Redefining Virtual Currency White Paper

Redefining Virtual Currency
Jordan McKee, Analyst, jmckee@yankeegroup.com
May 2013
Table of Contents
Executive Summary
Executive Summary
Defining Virtual Currencies
Virtual currencies are frequently used by consumers as a means of exchanging value,

whether they realize it or not. In fact, many of the media of exchange we use outside of
traditional currencies like cash are actually virtual currencies. For instance, commonly
used items such as credit card points, air miles and coupons are virtual currencies,
given that theyre a proxy for value. Even time and personal data, when bartered to
receive something in return, are virtual currencies.
The Evolution of Virtual Currencies 2
While the virtual currencies market is clearly multifaceted, its also lucrative. Yankee
Group estimates the virtual currencies market to have been worth U.S.$47.5 billion in
2012, and we project it to grow 14 percent during the next five years to reach U.S.$55.4
billion in 2017. Undeniably, this is a sizeable and growing opportunity.
According to a February 2013 Yankee Group survey of more than 2,000 mobile
device owners, there is a clear interest in and familiarity with using all types of virtual
currencies. Device owners are using virtual currencies frequently, and they are quite
comfortable in doing so. Of particular interest for device owners is using virtual
currencies to obtain the digital content, such as apps and app-based coins and tokens,
they value so dearly.
Interestingly, the proliferation of the mobile device has been instrumental in fueling
the growth of existing virtual currencies while giving life to new areasnamely the use
of time and personal information exchanged for digital content. Marketers are quickly
realizing that by adapting their initiatives to the mobile channel and leveraging virtual
currencies, robust and meaningful engagements with device owners can be realized.
This custom publication has been sponsored by Tapjoy.
Virtual Currencies Market Sizing
Mobile Device Owners and

Virtual Currencies
Ad Views and Personal Data as

a Virtual Currency
Conclusions
11
May 2013
Defining Virtual Currencies
The Evolution of Virtual Currencies
The concept of virtual currency is not a new one. In fact, all

currencies can be treated to some extent as virtual given
that for centuries they have been separated from the value
of the goods that they represent. Consumers no longer
have to carry precious metals as a form of tender, and coins
are no longer literally worth their weight in gold. However,
traditional currencies are backed by a central issuing bank
that guarantees the value of the token (bank note, check,
electronic card transaction) as a proxy for the actual value.
Virtual currencies can take on a variety of forms and are

seeing use across the payment landscape. Of the many
applications of virtual currency, its use as a marketing and
loyalty tool has been most prolific, helping to propel it into
widespread use today. Leveraged by enterprises for more
than a century, virtual currencies can trace their roots
as a marketing strategy to 1887, when Coca-Cola issued
the first-ever coupon. As the success of Coca-Colas bold
and revolutionary ploy was realized and replicated, more
advanced forms of corporate-issued currencysuch as retail
loyalty points and air milessoon developed. And of course,
no conversation on the evolution of virtual currencies is
complete without highlighting one of the most widely used
today: credit card rewards. Diners Club unveiled a credit
card points and rewards system in 1984, with Discover
expanding on the concept in 1986 by introducing cash
back for accumulated points. Credit card points as a form of
currency have proven to be a powerful motivator and loyalty
mechanism for users, and they are often seen as the key
differentiator between cards. Since its inception, the credit
card points model has been emulated to varying degrees
across a wealth of industries.
Virtual currency still retains the main characteristic of

traditional currency: It is a proxy for a value. However, that
value can varyit may be directly tied to an existing currency
such as U.S. dollars, it could be tied to other physical-world
commodities such as precious metals (e-gold), or it could
be tied to some other item of value earned by the loyalty
of the participant through miles flown, locations visited,
advertising viewed or groceries purchased. The concept
of exchanging value without the need for a central bank
is core to the benefit behind any virtual currency. In many
instances where traditional currencies are too cumbersome
and inapplicable (e.g., for retailers, coupons trump cash as a
means of delivering value to consumers), virtual currencies
are leveraged as a quick and seamless means of exchanging
value between parties.
As this whitepaper demonstrates, participation in virtual
currencies is already far more widespread than may be
understood by the general population, and new forms
are quickly gaining traction. There is a new form of virtual
currency emerging across the marketing and payment
landscape: personal information coupled with advertising
exposure, where consumers earn points and rewards that
can be cashed out for content, goods, and even plain, oldfashioned money.
Copyright 1997-2013, Yankee 451 Group, LLC. All rights reserved.
Technological advances over the past decade have increased

the application and usage of virtual currencies even further.
The current landscape is evolving at a rapid pace as a result
of the following areas:
Online tokens have gained attention thanks to social
network games and mobile apps. In the case of Zyngas
Draw Something and Imangi Studios Temple Run, success
largely hinges on obtaining virtual coins, which can be
either earned by completing tasks within the game or
purchased using real money. Under this model, coins
can be used to buy various upgrades in the game and,
depending on the circumstance, make purchases in the real
world. This model is not just limited to games, however.
HitBliss provides users with virtual points for engaging with
targeted advertisements; these can be cashed in for movie
and TV show downloads. The emergence of monetization
platforms including Tapjoy, SessionM and TrialPay, which
provide users with virtual currencies in exchange for
engaging with advertisements, show further promise.
Page 2
Peer-to-peer currencies have increased in popularity as

a means of exchanging value between parties without
the need for a central bank. Peer-to-peer currencies
have come into the spotlight lately given uncertainty
and diminishing trust surrounding traditional banking
systems. At the forefront of this revolution is bitcoin,
which originated in 2009 as an open source, countryagnostic currency that is controlled by its users rather
than by a single entity. Despite qualms about its security
and legitimacy, bitcoin is experiencing growing use and
acceptance today.
Mobile payments and location-based rewards are
leveraging virtual currencies as a means of gaining
adoption. The proliferation of the smartphone has allowed
for new payment schemes where merchants reward
consumers with tokens if they use their mobile devices
to pay or check in. LevelUp, for instance, offers users
discounts at select merchants when they use their app to
pay. The Shopkick app, on the other hand, provides users
with points that can be redeemed for goods by simply
shopping in a certain store or scanning a certain item.
As mobile payments and location-based rewards gain
traction, virtual currencies will be an essential value-added
tool in sparking merchant and consumer adoption.
Taking on a variety of forms, virtual currency is a tried and
true medium of exchange applicable for use in a range
of circumstances. In fact, many virtual currencies trump
traditional currencies as a means of exchanging value. For
example, most dissatisfied airline passengers would be
pleased to receive a credit of air miles to their account as a
form of compensation. This exchange tends to be quicker,
easier and more useful for both the customer and the airline
as opposed to the arduous process of mailing a paper check
for reimbursement. Similarly, mobile applications that
leverage coins and tokens as a currency provide users with
a quick and seamless way to access upgrades and digital
content. In this environment, virtual currencies such as coins
and tokens win because entering credit card credentials
for a purchase is far too cumbersome and would result in
considerable dissatisfaction. Undeniably, virtual currencies
provide a means of transferring value in a way that is difficult
for any traditional currency to replicate.
May 2013
Classifying Virtual Currencies

As virtual currencies continue to evolve, its necessary to
separate them into two distinct categories:
Mature virtual currencies include air miles, loyalty points,
credit card points and physical coupons. Typically, these
currencies are leveraged by mature industries and enjoy
widespread use. Given their continued use over decades,
paired with significant penetration into the market, they
tend to exhibit high volume and slow growth.
Up-and-coming virtual currencies include app-based
coins and tokens, mobile coupons and time and personal
data exchanged for digital content. These currencies have
emerged more recently and are currently experiencing
rapidly increasing use across a number of industries. As a
result, volume is lower than mature virtual currencies but
growth is significantly higher.
Consumers are quickly becoming more familiar and
comfortable with both mature and up-and-coming virtual
currencies due to their applications in many different aspects
of society. In fact, many consumers utilize numerous forms of
virtual currency on a daily basis without even realizing theyre
doing so. The widespread application and use of virtual
currencies has created a thriving market far bigger than
initially projected.
Virtual Currencies Market Sizing

Yankee Group defines the virtual currencies market to
include air miles, coupons, retail loyalty points, credit
card points, bitcoins, game-based currencies and personal
information and ad views/time. Based on this definition,
Yankee Group estimates the virtual currencies market to have
been worth U.S.$47.5 billion in 2012 and projects it to grow
14 percent during the next five years to U.S.$55.4 billion in
2017. Without question, the multifaceted virtual currencies
market is large and set for continued growth.
Page 3
May 2013
As seen in Exhibit 1, mature virtual currencies comprise the majority of the market,
making up a collective 95 percent. This is not surprising considering their widespread
application by brands and high usage by consumers. While these currencies are clearly
enormously popular, their annual growth rate during the next five years is expected
to remain in the low single digits given that their respective industries are in mature
stages. Despite slowing growth, mature virtual currencies will remain the pillars of
the market for the foreseeable future. However, up-and-coming virtual currencies are
poised for rapid growth and will make a profound impact on the market throughout
the next half-decade.
Exhibit 1: The Virtual Currency Market Is Large and Poised for Growth
Source: Yankee Group, 2013
5-Year Virtual Currency Market Growth (2012-2017)

$60
In Billions
$50
Retail Loyalty Points

Credit Card Points
$40
Air Miles
$30
Coupons
Personal Info and Ad Views/Time
$20
Game-Based Virtual Currency
$10
$0
Bitcoins
2012
2013
2014
2015
2016
2017
As Exhibit 2 on the next page shows, app-based virtual currencies (currencies used
within apps and currencies used to obtain apps and content) are growing fast. Between
2012 and 2017, this segment of the market is expected to increase from a collective
U.S.$1.2 billion to U.S.$3.2 billion. Personal information in exchange for apps and
content is the largest component of this market segment, sized at U.S.$577 million
in 2012. By 2017, it is expected to grow 131 percent to U.S.$1.3 billion. The area set
for the most rapid growth is ad views in exchange for apps and content, which is
anticipated to grow 206 percent in the five-year span to a nearly U.S.$900 million
market. Purchasing app-based coins and tokens is another promising area, projected
to increase 188 percent during the same time span from U.S.$339 million to nearly
U.S.$1 billion. High consumer interest in digital content and further mobile device
proliferation will be the primary drivers of this rapid growth.
Page 4
May 2013
Exhibit 2: App-Based Virtual Currencies are Among the Fastest-Growing

5-Year App-Based Virtual Currencies Market Growth (2012-2017)

$3.5
$3.0
In Billions
$2.5
$2.0
Personal Info for Free Apps and Content
$1.5
In-App Virtual Currency Purchases

Ad Views for Free Apps and Content
$1.0
$0.5
$0.0
2012 2013 2014 2015 2016 2017
Of the many virtual currencies that compose the market, bitcoin should be viewed as
the biggest wildcard. Bitcoin is a poor representation of a virtual currency because
unlike most, it has tremendous uncertainty and an immense lack of trust surrounding
it. In the first quarter of 2013 the bitcoin exchange rate to U.S. dollars was highly
volatile, sporadically shedding and gaining significant value. Moreover, despite growing
use and acceptance, the longevity of bitcoin is in question given its checkered past as a
means of conducting illegal transactions. Bitcoin will continue to garner more attention
and scrutiny from regulatory officials and consumers in the near term, which will have
a direct impact on its future.
Mobile Device Owners and Virtual Currencies

Mature Virtual Currencies Show High Use and Comfort
As expected, mature virtual currencies exhibit the highest comfort levels and are
among the most used by consumers. Paper coupons, the oldest marketing-based
currency, are used by 85 percent of device owners, and 77 percent of owners claim
to be comfortable or very comfortable in utilizing them. Device owners are also
experienced in collecting and using retail loyalty card points, with 67 percent having
engaged in this process and 69 percent feeling comfortable or very comfortable in
doing so. Close behind are credit card points, with penetration at 63 percent of device
users, and two-thirds feeling comfortable or very comfortable with their use. Although
collecting and using air miles lags behind in usage compared to other mature virtual
currencies, at 43 percent, this is as expected considering the majority of the population
does not fly on a frequent basis.
Mature virtual currencies, such as those depicted in Exhibit 3 on the next page, have
permeated the lives of consumers and their application has become widespread. Its
difficult to find a Sunday newspaper not stuffed with coupons, or purchase a shirt
without the retailer mentioning its loyalty program. With so much attention around
mature forms of virtual currency, its no wonder consumer usage and comfort are
at impressive levels. Mature virtual currencies are reaching ubiquitous status across
a variety of industries, helping position them as the foremost currency used by
marketers. Looking ahead, many of these areas will see continued use and growth as
marketing initiatives adapt to the mobile channel.
Page 5
May 2013
Exhibit 3: Mature Virtual Currencies Show High Penetration

Mature Virtual Currencies

85%
Paper Coupons
77%
67%
Retail Loyalty Card Points
69%
63%
Credit Card Points
Air Miles
Have used currency
66%
43%
54%
Comfortable or very comfortable with currency
While these mature forms are undeniably the most prominent, up-and-coming virtual
currencies are rapidly gaining pace as a result of the mobile device and the app boom.
Mobile Devices Fuel Up-and-Coming Virtual Currencies

Mobile device owners are app fanatics. The recent app boom has largely been
fueled by the proliferation of the mobile device, which has moved daily activities
such as shopping, financial services, games and news to an application on a users
phone. Device owners are realizing apps valuable role in everyday life, translating to
significant usage and comfort across the board. Not surprisingly, virtual currencies
are rapidly adapting to this shift and becoming an integral component of the mobile
channel. Smartphone and tablet owners exhibit high levels of app engagement,
robust download rates and a willingness to payall adding relevance to virtual
currency in the forms of app-based tokens and coins, mobile coupons, personal
information and ad views.
Yankee Groups in-depth market analysis shows that mobile apps are helping new
virtual currencies quickly gain ground as a result of the following:
Mobile device owners are playing app-based games and doing so frequently. In
fact, 81 percent of smartphone owners play games on their device (see Exhibit 4
on the next page), with 41 percent doing so daily, and 66 percent doing so weekly
or more frequently. Tablet owners show similarly high levels of use, with 79
percent playing games. Interestingly, tablet owners play games on their device less
frequently than smartphone owners, with 24 percent doing so daily and 54 percent
doing so weekly or more frequently. This is likely a result of smartphones simply
being more accessible and heavily used throughout the day. With usage of appbased games at such high levels, more and more device owners are being exposed to
and utilizing in-game coins and tokens.
Page 6
May 2013
Exhibit 4: Playing Games Is the Most Popular Smartphone Activity

Smartphone Owners Who Have Done

the Following on Their Device
Play games
Visit Facebook
77%
33%
Listen to music
77%
28%
Visit Twitter
Do a location check-in
81%
41%
68%
24%
40%
7%
% Daily
% Overall
Mobile device owners are downloading apps at a breakneck pace. Ninety-two

percent of smartphone owners and 85 percent of tablet owners have downloaded free
apps, and theyre doing so regularly. On a weekly or more frequent basis, 44 percent
of smartphone owners and 45 percent of tablet owners download free apps. More
telling of their interest in apps are the robust monthly download figures. Looking at
smartphones and tablets collectively, upwards of one in three users are downloading
two to three apps per month, and one in five are downloading four to six.
Mobile device owners are paying for both apps and upgrades. In fact, 63 percent
of smartphone owners and 64 percent of tablet owners have paid for an app,
helping disprove theories that consumers are only willing to download free apps.
Similarly, device owners are expressing a clear interest in upgrading their apps, with
54 percent of smartphone owners having paid for an upgrade (e.g., extra colors,
custom characters) within an existing app, and one in five do so monthly or more
frequently. Tablet owners are also paying for upgrades, with 41 percent having done
so and more than one in four making an upgrade monthly or more frequently. By
purchasing apps and paying for upgrades within existing ones, device owners are
clearly showing a clear value for digital content and a commitment to mobile apps
that goes beyond just freebies.
Page 7
May 2013
Mobile device owners are willing to engage in advertising for free paid apps
and upgrades. While smartphone and tablet users are clearly willing to pay out of
pocket for apps and upgrades, free is always better. As demonstrated by Exhibit 5,
41 percent of smartphone owners would pay for an app or upgrade priced between
$0.99 and $2.99. However, nearly 70 percent of smartphone owners would engage
in advertising to receive that same app or upgrade for free. Similarly, 56 percent of
tablet owners would pay for an app priced between $0.99 and $2.99, and 46 percent
would do so for an upgrade falling within the same price range. When presented
with the opportunity to engage in advertising to receive that same app or upgrade
for free, however, 77 percent would do so for an app and 73 percent for the upgrade.
Although mobile device owners are willing to pay for apps and upgrades, engaging in
advertising to receive them for free is far more compelling.
Exhibit 5: Willingness To Engage in Advertising Trumps Willingness to Pay for Apps and Upgrades
Willingness to Pay
($0.99 to $2.99)
App
Upgrade
within app
56%
% Willing to Engage in
Advertising for Free Content
App
41%
46%
Upgrade
within app
39%
Tablet
77%
70%
73%
67%
Smartphone
Mobile device owners are using mobile coupons. In fact, 63 percent have used
them, with nearly one in three (30 percent) doing so on a weekly or more frequent
basis. Coupons are one of the best examples of a mature virtual currency adapting
to the mobile channel, with 61 percent of device owners feeling comfortable or very
comfortable using them. In essence, mobile applications have helped make coupons
more relevant than ever before. Consumers no longer have to remember to cut out
coupons and bring them to the store; they can now be easily collected and utilized
directly from the smartphone. The wealth of coupon and daily deals apps, in addition
to mobile wallets that integrate coupons (e.g., LevelUp), have been instrumental
in growing this area of virtual currency. Coupons are an integral component of the
virtual currency market and the mobile channel has aided in ensuring their longevity.
One of the largest developments mobile has provided the virtual currencies market
is the increasing tendency of consumers to engage in advertising in exchange for
digital content. Not only are smartphone and tablet owners willing to hand over their
personal information and dedicate time to viewing commercials, theyre already doing
so at a rate more frequent than most would expect.
Page 8
May 2013
Ad Views and Personal Data as a Virtual Currency

For decades, consumers have been willingly using their personal information and
time as a means of exchanging value. Take for example a magazine that offers a free
trial in exchange for contact information, or a music streaming site such as Pandora
that requires users to watch and listen to advertisements to access free music. While
many of us do not view these commonplace activities as a form of virtual currency,
they undoubtedly are. Interestingly, device owners are engaging in similar exchanges
to obtain apps, upgrades and in-game currency for free. In fact, one out of five
mobile device owners engage in online advertising in exchange for virtual currencies
or content on a daily basis, and nearly one in two do so monthly or more frequently.
Moreover, nearly half of smartphone and tablet owners (49 percent) feel comfortable
or very comfortable partaking in this exchange. Clearly, this presents a sizeable
opportunity for brands to engage with device owners by exchanging a promising new
virtual currency.
As demonstrated by Exhibit 6, device owners are very willing to spend time engaging
in advertising to receive free digital content. Owners of smartphones and tablets see a
clear value in digital content, so much so that their willingness to engage in advertising
to obtain free apps or upgrades is on par with or greater than their willingness to
engage in advertising for physical content such as a free newspaper (66 percent willing
to engage), coffee (71 percent willing to engage) or paperback book (75 percent willing
to engage).
Exhibit 6: Consumers Are More Willing To Spend Time Engaging in Advertising for Digital Than Physical Content
Willingness to Engage in
Advertising for Free Content
Tablet app
77%
Paperback book
75%
MP3 download
73%
Tablet app upgrade
73%
Coffee
71%
Smartphone app
70%
Smartphone app upgrade
67%
Newspaper
66%
Page 9
May 2013
Strengthening this concept is the number of smartphone and tablet owners who
have actually engaged in advertising to access free digital content. For instance, as
seen in Exhibit 7, 70 percent of smartphone owners have willingly provided personal
information to receive a free download of a paid app, with more than one in four doing
so monthly or more frequently. Similarly, 53 percent of tablet owners have viewed
commercials to access a free download of a paid app, with nearly two out of five doing
so monthly or more frequently. This telegraphs a sizeable market opportunity for
advertisers looking to use virtual currencies and content as a medium of exchange to
incentivize engagement. Given that those who choose to participate in the exchange
are electing to do so, the engagement can be far more meaningful and powerful than
other forms of advertisements such as pop-ups, Web banners or TV ads. The payoff
for brands leveraging this model can be enormous, with heightened brand awareness,
interaction, message recall and valuable consumer data as the primary rewards.
Exhibit 7: Device Owners Are Engaging for Virtual Freebies
Percent of respondents who have done the

following for a free download of a paid app
80%
70%
60%
Once a year
50%
Once in six months
40%
Every 2-3 months
30%
Monthly
20%
Weekly
10%
Daily
0%
Viewed
Commercial
(Tablet)
Viewed
Commercial
(Smartphone)
Provided
Personal Info
(Tablet)
Provided
Personal Info
(Smartphone)
Device owners place a high value on digital content (e.g., apps, games, music and
movies), with more than one in three valuing it more than physical goods (e.g., food,
clothes, gadgets), as shown in Exhibit 8 on the next page. This is promising news for
marketers interested in exchanging digital content for a consumers time and personal
data. In fact, the success of leveraging digital content to incentivize advertising
engagement has already been realized by large corporations across a variety of
industries. Conair, Energizer, GMC, HBO, and NBC Universal, among many others, are
familiar with the powerful results this model can yield.
With a virtual incentive, companies can encourage meaningful engagements with
consumers in a way thats difficult to do with any other incentive. Any company
marketing to consumers in the mobile channel will find its typically significantly
cheaper and easier to provide digital content as an incentive for engagement as
opposed to physical goods. Moreover, with digital content, brands can entice
consumers to engage (e.g., take a survey or view an advertisement) and provide a
subsequent reward (e.g., free app or MP3 download) instantaneously. Not so much if
the reward were a physical good such as a book or t-shirt sent via postal service.
Page 10
May 2013
Exhibit 8: Device Owners Value Digital Content

Higher value than physical goods
38%
Lesser value than physical goods
Value of Digital
Content
62%
Marketers must look for opportunities to incentivize device owners with virtual
currencies and digital content in exchange for ad views and personal information. This
exchange allows for a more robust engagement between marketers and consumers,
providing a stronger and more valuable experience on both ends of the spectrum.
Essentially, exchanging ad views and personal information for digital content creates
a symbiotic relationship between both partiessomething traditional forms of
advertising fail to substantiate. With device owners exhibiting high usage of and
interest in virtual currencies, paired with a promising valuation of digital content and
a willingness to engage in advertising for virtual credit and content, this emerging
marketing opportunity is ripe for the picking.
Conclusions
Given the widespread application of coupons, loyalty programs, gamed-based coins
and tokens, ad views and personal information as a means of exchanging value, virtual
currencies are becoming increasingly relevant in the lives of consumers. Moreover, the
growth of smartphone ownership in recent years has helped increase the relevance
and use of a variety of virtual currencies, allowing them to adapt to a rapidly changing
digital world. Looking forward, their usage and application is positioned for further
growth as a direct result of smartphone proliferation and the current trajectory of the
mobile ecosystem. Virtual currencies are here for the long term and stakeholders in the
payment ecosystem must realize:
The virtual currency market is large and growing. As a market thats currently
sized at U.S.$47.5 billion and poised to grow by 14 percent to U.S.$55.4 billion by
2017, virtual currencies are undoubtedly a lucrative area. Furthermore, given sizable
adoption rates and comfort levels, consumers are clearly expressing that they value
virtual currencies, helping set the stage for continued growth. The most promising
areas include personal information and ad views as a currency, which are both
projected to more than double in size within the next five years.
Page 11
Mobile device proliferation has sparked the growth of new virtual currencies.
Consumers are rapidly moving more and more of their daily activities to the mobile
channel, and as a result, virtual currencies are adapting and evolving. Robust
growth can be expected for virtual currencies including mobile coupons, mobile
game-based coins and tokens, ad views and personal information given their strong
fit for mobile commerce.
Mobile device owners value digital content. More than three out of five device
owners having purchased an app, and 54 percent of smartphone owners and 41
percent of tablet owners having purchased an upgrade within an app. Moreover,
more than one in three device owners actually place a higher value on digital
content than physical goods. Given considerable consumer interest in this area,
marketers have an opportunity to entice their audiences into engagement by
offering free digital content.
Mobile device owners are willing to engage in advertising for free paid apps and
upgrades. Consumers have been using their time and information to get something
in return from companies for decades without realizing its a form of currency.
Given their familiarity with this exchange, its no wonder comfort and usage of
this virtual currency is high in the mobile channel. Brands looking to swap digital
content for personal information and ad views will be met by interested and willing
device owners who view it as a worthwhile exchange.
About the Author

Jordan McKee
Analyst
Jordan McKee is an Analyst on Yankee Groups Mobile Marketing
and Commerce team. His research examines the development
of mobile devices being used in the physical world for payments
and other forms of transactions.
Copyright 2013. Yankee 451 Group, LLC. Yankee Group published this content for the sole use of Yankee Group subscribers.
It may not be duplicated, reproduced or retransmitted in whole or in part without the express permission of Yankee Group,
One Liberty Square, 6th Floor, Boston, MA 02109. All rights reserved. All opinions and estimates herein constitute our judgment
as of this date and are subject to change without notice.
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Redefining Virtual Currency

Jordan McKee, Analyst, jmckee@yankeegroup.com

Defining Virtual Currencies

Virtual currencies are frequently used by consumers as a means of exchanging value,

The Evolution of Virtual Currencies 2

This custom publication has been sponsored by Tapjoy.

Virtual Currencies Market Sizing

Mobile Device Owners and

Ad Views and Personal Data as