SKADDEN, ARPS, SLATE, MEAGHER & FLOM

PARTNERS JOHN ADEBIYI ¿ CHRISTOPHER W. BETTS EDWARD H.P. LAM ¿* G.S. PAUL MITCHARD QC ¿ CLIVE W. ROUGH ¿ JONATHAN B. STONE * ALEC P. TRACY * ¿ (ALSO ADMITTED IN ENGLAND & WALES) * (ALSO ADMITTED IN NEW YORK)   REGISTERED FOREIGN LAWYERS Z. JULIE GAO (CALIFORNIA) RORY MCALPINE (ENGLAND & WALES) GREGORY G.H. MIAO (NEW YORK) ALAN G. SCHIFFMAN (NEW YORK)   42/F, EDINBURGH TOWER, THE LANDMARK 15 QUEEN’S ROAD CENTRAL, HONG KONG                TEL: (852) 3740-4700 FAX: (852) 3740-4727 www.skadden.com   March 26, 2014 AFFILIATE OFFICES
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Confidential

Barbara C. Jacobs, Assistant Director

Jan Woo, Attorney-Adviser

Christine Davis, Assistant Chief Accountant

Eiko Yaoita Pyles, Staff Accountant

Division of Corporation Finance

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re: Cheetah Mobile Inc.

(formerly known as Kingsoft Internet Software Holdings Limited)

CIK No. 0001597835

Response to the Staff’s Comment Letter Dated March 20, 2014

Dear Ms. Jacobs, Ms. Woo, Ms. Davis and Ms. Pyles:

On behalf of our client, Cheetah Mobile Inc. (formerly known as Kingsoft Internet Software Holdings Limited), a foreign private issuer organized under the laws of the Cayman Islands (the “Company”), we submit to the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) this letter setting forth the Company’s responses to the comments contained in the Staff’s letter dated March 20, 2014. Concurrently with the submission of this letter, the Company is submitting its revised draft registration statement on Form F-1 (the “Revised Draft Registration Statement”) and certain exhibits via EDGAR to the Commission for confidential non-public review pursuant to the Jumpstart Our Business Startups Act (the “JOBS Act”).

To facilitate your review, we have separately delivered to you today four courtesy copies of the Revised Draft Registration Statement, marked to show changes to the revised draft registration statement confidentially submitted to the Commission on March 6, 2014, and two copies of the submitted exhibits.

U.S. Securities and Exchange Commission

March 26, 2014

Page 2

The Staff’s comments are repeated below in bold and are followed by the Company’s responses. We have included page references in the Revised Draft Registration Statement where the language addressing a particular comment appears. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Revised Draft Registration Statement.

In addition to adding and revising disclosure in response to the Staff’s comments, the Company has updated the Revised Draft Registration Statement to reflect the change of its corporate name from Kingsoft Internet Software Holdings Limited to Cheetah Mobile Inc., which became effective on March 25, 2014. The Company has also updated the Revised Draft Registration Statement to include the Company’s quarterly results of operations for the eight quarters ended December 31, 2013 and reflect the Company’s recent developments.

General

1. We have reviewed the portion of the industry research reports you have submitted in response to prior comment 4. Please provide complete English language translations of the reports you provided to us. Further, it appears that the chart you provide on page 7-1 of the response letter indicates that Clean Master was ranked No. 9, rather than No. 6 as you disclose in the prospectus, in December 2013. Please advise.

In response to the Staff’s comment, the Company encloses, as Annex I hereto, the complete English translations of the reports it previously provided.

The Company respectfully advises the Staff that the statement it discloses in the prospectus is that, according to App Annie Limited, Clean Master “was the No. 6 application worldwide excluding games on Google Play” in terms of the number of monthly downloads in December 2013. The chart previously provided on page 7-1 of Annex I to our previous response letter dated March 6, 2014 included three games, namely Candy Crush Saga, Subway Surfers and Pou. By excluding these three games in the ranking list, Clean Master, as a non-game application, was ranked No. 6 worldwide.

Prospectus Cover Page

2. We note your revised disclosure in response to prior comment 6. Please clarify on the prospectus cover page whether the “other existing shareholders” holding Class B ordinary shares are your directors and/or executive officers and affiliates of those persons.

U.S. Securities and Exchange Commission

March 26, 2014

Page 3

In response to the Staff’s comment, the Company has revised the referenced disclosure on the cover page of the Revised Draft Registration Statement.

Conventions Which Apply To This Prospectus, page 14

3. We note your response to prior comment 21 regarding the calculation of the metrics, monthly active user and the daily active user, but we continue to believe that the limitations of the information that you prominently present in the prospectus should be included as a risk factor. Please consider disclosing in a risk factor that these two metrics represent the number of unique devices rather than unique users of your applications and that the statistics presented in the prospectus may not reflect the actual number of users.

In response to the Staff’s comment, the Company has added a risk factor on page 22 of the Revised Draft Registration Statement.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Cash Flows and Working Capital, page 83

4. We note that the table you included in response to comment 27 indicates that the cash amounts are presented in three currencies (US$, RMB, and HK$), but they appear to be in RMB. Please revise the table to remove the column next to 2011.

In response to the Staff’s comment, the Company has revised the table on page 87 of the Revised Draft Registration Statement.

Critical Accounting Policies

Share-based Compensation, page 92

5. We note that you granted a significant number of restricted shares to an executive officer and certain other employees in January 2014. Please tell us the fair value of the underlying ordinary shares at the grant date. Please tell us whether there have been any changes to the methods or assumptions used to determine the fair value of ordinary shares since the November 2013 grant.

U.S. Securities and Exchange Commission

March 26, 2014

Page 4

The Company respectfully advises the Staff that the fair values of the underlying ordinary shares for the grant on January 1 and January 2, 2014 were US$0.6316 and US$0.6282 per share, respectively, which were determined based on the fair value of the ordinary shares as of December 31, 2013 by reference to contemporaneous valuations with the assistance from an independent third-party valuation firm. In determining the estimated fair value of the underlying ordinary shares, the Company has adopted an income approach and consistently applied the methods and assumptions which are disclosed on pages 96 and 97 of the Revised Draft Registration Statement.

6. For the January 2014 grant and for any other options or restricted shares granted subsequent to the most recent balance sheet date presented in the registration statement, if material, please revise your disclosure to include the expected impact the additional grants will have on your financial statements.

In response to the Staff’s comment, the Company has revised page 96 of the Revised Draft Registration Statement.

U.S. Securities and Exchange Commission

March 26, 2014

Page 5

Business

Our Customers, page 113

7. We note your response and revised disclosure to prior comment 13 regarding the agreements with your two significant customers, Alibaba that accounted for 22% and 25% of your revenues in fiscal years 2012 and 2013, respectively, and Baidu that accounted for 8% and 19% of your revenues in fiscal years 2012 and 2013, respectively. You state that your customer agreements with Alibaba and Baidu were made in the ordinary course of business and do not need to be filed pursuant to Item 601 of Regulation S-K, but it is unclear whether you are substantially dependent upon any agreements with these significant customers. Please provide an analysis of whether you should file the agreements under Item 601(b)(10)(ii)(B) of Regulation S-K, which requires the filing of any contract upon which the company’s business is substantially dependent. To the extent that you have multiple agreements with each of these customers, tell us the largest amount of revenue that you have historically derived from a single or series of substantially identical contracts with the two customers. Also, revise page 113 to disclose the termination dates of your agreements with Alibaba and Baidu.

The Company respectfully advises the Staff that the Company’s agreements with Alibaba are based on Alibaba’s standard terms of service that govern Alibaba’s cooperation with third parties under its “ ” (Taobao Alliance) program. These terms, which govern the general calculation of commissions, processing of refunds, and other matters, do not impose obligations on either party to purchase or sell a specific quantity of the Company’s services or have a specified duration. The current terms are available online at http://help.alimama.com/?spm=0.0.0.0.kQah2I#!/u/index and http://help.alimama.com/?spm=0.0.0.0.kQah2I#!/u/faq/detail?id=5704264. The Company does not believe that Alibaba’s standard terms of service constitute a continuing contract to sell the major part of its products or services. The Company respectfully advises the Staff that it believes that the large user base and market position of the Company, rather than Alibaba’s standard terms of service, drive the amount of revenues the Company derives from its business with Alibaba. The Company further respectfully advises the Staff that it does not believe the terms of service constitute contracts on which its business is substantially dependent and therefore believes such terms should not be deemed material contracts within the definition of Item 601(b)(10)(ii)(B).

The Company respectfully advises the Staff that there were 28 agreements that the Company had entered into with Baidu in 2011, 2012 and 2013. These 28 agreements included 4 cooperation agreements, as well as 24 project-based agreements entered into either pursuant to the cooperation agreements or on an ad hoc basis. The Company plans to submit the 4 cooperation agreements as exhibits to the Registration Statement in response to the Staff’s comments, but the Company will seek the confidential treatment for certain portion of these agreements. As for the remaining 24 project-based agreements, the Company is not substantially dependent on any of these agreements because none of these agreements contributed more than 5% of its revenues and none of them has a term longer than a year.

U.S. Securities and Exchange Commission

March 26, 2014

Page 6

In response to the Staff’s comment, the Company has added the duration of its partnership with Alibaba and the termination dates of its agreements with Baidu on page 117 of the Revised Draft Registration Statement.

Intellectual Property, page 115

8. We note your revised disclosure in response to prior comment 30 that two of your VIEs, Beike Internet and Beijing Network, “hold patent applications for the proprietary technology that are essential to the operations of our platform and important to the operations of our business.” Please clarify whether these are patent applications that are pending or those that have been approved by regulatory authorities. To the extent applicable, tell us what consideration you have given to disclosing the number of patents held by your two VIEs and the duration of those patents.

The Company respectfully advises the Staff that, as of January 10, 2014, the two VIEs independently own 86 patent applications, and jointly own an additional 120 patent applications together with Zhuhai Juntian, Beijing Security or Conew Network, the Company’s wholly owned subsidiaries in China. All such patent applications have been officially accepted and are currently under review by the State Intellectual Property Office of the PRC. The dates of these patent applications ranged from January 2010 to December 31, 2013. All the patents for which the two VIEs have submitted application have a duration of 20 years starting from the date of application. In addition, as of January 10, 2014, the two VIEs independently own 19 software copyrights, and jointly own an additional 42 software copyrights together with Zhuhai Juntian or Beijing Security. All the software copyrights owned by Beike Internet and Beijing Network were published between September 2009 and December 31, 2013. Software copyrights are protected until the end of the 50th calendar year starting from the date of first publication, and no protection will be offered if the software has not been published within 50 years after the date of completion of development. The Company has revised the disclosure on pages 119 and 120 of the Revised Draft Registration Statement to indicate the number and duration of patents held by the two VIEs.

U.S. Securities and Exchange Commission

March 26, 2014

Page 7

Facilities, page 116

9. We note your response to prior comment 31 that the company “would be able to find an alternative third-party data center at similar costs should any one of the agreements is terminated.” Given your disclosure on page 17 that “[a]ny scheduled or unscheduled interruption in the ability of users to use [y]our servers could result in an immediate, and possibly substantial, loss of revenues” please explain why you believe that the agreements with your most significant third-party commercial data centers are not material to the company and should not be described in the prospectus. As part of your response, tell us what consideration you have given to discussing the number of data centers you use, the size of those facilities, and the termination dates of the agreements with those centers.

The Company respectfully advises the Staff that it operates approximately 2,000 servers located in data centers across four cities in different provinces in the PRC. These servers are owned by the Company, while the data center facilities are leased from various suppliers on a year-to-year basis, subject to automatic renewal. The Company maintains a list of standby suppliers for backup use and expects to be able to relocate servers to data centers provided by such suppliers should the need arise. Outside the PRC, the Company leases approximately 500 servers located in data centers in the United States, Hong Kong and Singapore on normal commercial terms. As noted in the Company’s prior response, the Company believes that third-party data centers are a commodity and that it will be able to find alternative facilities at similar costs should any of its individual agreements be terminated. The Company further advises the Staff that, while an interruption in the ability of users to use the Company’s servers could result in a loss of revenues, the Company believes the probability of such an occurrence to be low in light of the redundancy provided by the Company’s multiple data centers. The Company has revised the disclosure on page 16 of the Revised Draft Registration Statement in response to the Staff’s comment.

U.S. Securities and Exchange Commission

March 26, 2014

Page 8

Related Party Transactions, page 145

10. We note your response to prior comment 36 that a new license agreement will supersede the existing license agreement. It appears that the existing license agreement could be material given that the agreement is with Kingsoft Corporation, a controlling shareholder of your company, for intellectual property that are important to the marketing of your applications. Please provide a detailed analysis as to why you believe that this disclosure is not required by Item 404(a) and Instruction 1 to Item 404 of Regulation S-K, which requires the disclosure of related party transactions in which the company was engaged since 2011. Please also provide an analysis as to why you believe that the voting agreement does not need to be filed as a related party agreement pursuant to Item 601(b)(10)(ii)(A) of Regulation S-K.

In response to the Staff’s comment, the Company plans to file the existing licensing agreement in the next filing. The Company respectfully advises the Staff that it is in the process of executing the new intellectual property transfer and licensing framework agreement, and the Company will include it an exhibit to the Registration Statement when the executed version is available. The Company also respectfully advises the Staff that the material terms of the existing licensing agreements have been disclosed on page 151 in the Revised Draft Registration Statement under “Related Party Transactions – Transactions and Agreements with Kingsoft Corporation and its Subsidiaries – Intellectual Property Licensing Arrangements.” The Company will update this section of the Registration Statement with the material terms of the new licensing framework agreement as soon as the agreement has been executed.

Underwriting, page 182

11. You disclose on page 183 that your underwriters may release the ADSs and other securities subject to the lock-up agreements at any time with or without notice. Please clarify how this statement is consistent with FINRA Rule 5131’s requirement that the lead book-running manager must notify both the issuer and announce the impending release of the lock-up restrictions through a major news source.

In response to the Staff’s comment, the Company has revised page 187 of the Revised Draft Registration Statement.

Notes to the Consolidated Financial Statements for the Years Ended December 31, 2011, 2012, and 2013

Note 1: Organization and Principal Activities

VIE arrangements, page F-12

U.S. Securities and Exchange Commission

March 26, 2014

Page 9

12. Your response to comment 42 indicates states that the Primary Beneficiaries can determine a service fee that is no less than 30% of the VIE’s pre-tax revenue rather than pre-tax earnings. However, we note that Article 3 of the Exclusive Technology Development, Support and Consultancy Agreements in Exhibits 10.8, 10.16, 10.24, and 10.32 indicate that the service fee may not be less than 30% of the pretax income. Please clarify this inconsistency.

The Company respectfully advises the staff that the Chinese version of the referenced agreements uses the term “ ” (shōurù), which, depending on context, can be translated into English as either “revenue” or “income”. The parties to the agreements understand the usage of “ ” therein to refer to revenue. The Company further respectfully advises the staff that the use of the term “income” in the referenced Exhibits resulted from an incorrect translation. Accordingly, the Company has revised the referenced disclosure in Exhibits 10.8, 10.16, 10.24 and 10.32 of the Revised Draft Registration Statement to clarify that the Primary Beneficiaries can determine a service fee that is no less than 30% of the VIE’s pre-tax revenue.

Note 2: Summary of Significant Accounting Policies

Revenue recognition

(1) Online marketing services, page F-25

13. We note that revenue from online marketing services is recognized upon receipt of the customer statement and that this statement may not be received until the month following the one in which the service is provided. Please tell us when revenue is recognized in periods when the report is received in the following month. In this regard, please tell us whether you are able to reasonably estimate the services provided in the period in which they are provided and whether you record this estimate as revenue in that period. If you do record an estimate please tell us whether you have had to record adjustments to revenue in subsequent periods due to differences between the estimated and actual revenue earned.

The Company respectfully advises the Staff that, for contracts that are charged on the cost for performance basis, when the customer statement is received in the month following the one in which the online marketing service is provided, the revenue is recognized in the month in which such customer statement is received. Under such arrangements, the Company depends on customers to track the actual performance as measured based on the customers’ proprietary data, without which the Company is not able to reasonably estimate the services provided in the period in which they are provided and therefore, the Company does not record an estimate as revenue in that period.

*            *             *

U.S. Securities and Exchange Commission

March 26, 2014

Page 10

If you have any questions regarding the Draft Registration Statement, please contact the undersigned by phone at +852-3740-4863 or via e-mail at julie.gao@skadden.com or the audit engagement partner at Ernst & Young Hua Ming LLP, King Li, by telephone at +86-10-5815-2099, or by email at king.li@cn.ey.com. Ernst & Young Hua Ming LLP is the independent registered public accounting firm of the Company.

Very truly yours,

/s/ Z. Julie Gao

Z. Julie Gao

Enclosures

cc: Jun Lei, Chairman, Cheetah Mobile Inc.

Sheng Fu, Chief Executive Officer, Cheetah Mobile Inc.

Andy Yeung, Chief Financial Officer, Cheetah Mobile Inc.

King Li, Partner, Ernst & Young Hua Ming LLP

James C. Lin, Partner, Davis Polk & Wardwell LLP

Annex I

Kingsoft Internet Software Holding Limited

Note: Based on the F-1 confidentially submitted to the SEC on March 26, 2014.

	Statement in F-1	Page No. in F-1	Supporting Document
1-1	According to the China Internet Network Information Center, or CNNIC, a not-for-profit organization, the number of internet users in China reached 618 million as of December 31, 2013.	3, 103	Primary data for Internet development research published on the official website of CNNIC (Link: http://www.cnnic.net. cn/hlwfzyj/jcsj/)
1-1	According to CNNIC, the number of mobile internet users in China reached 500 million as of December 31, 2013.	3, 104	Primary data for Internet development research published on the official website of CNNIC (Link: http://www.cnnic.net. cn/hlwfzyj/jcsj/)
2-1	Clean Master was the No. 4 mobile utility application in China in terms of monthly active users in December 2013, according to iResearch.	1, 105	mUser Tracker database
2-1	Battery Doctor was the No. 1 mobile utility application in China in terms of monthly active users in December 2013, according to iResearch.	1, 105	mUser Tracker database
3-1	We are the second largest provider of internet security applications in China in terms of monthly active users in December 2013, according to iResearch.	1, 105	iUser Tracker database
3-1	Duba Anti-virus was the third largest internet security application in China in terms of the number of monthly active users in December 2013, according to iResearch.	112	iUser Tracker database

4-1	Duba.com personal start page, which aggregates popular online resources and provides users quick access to most of their online destinations, had approximately 46.8 million monthly active users in December 2013, according to iResearch.	2, 105	iUser Tracker database
5-1	According to iResearch, the number of internet users in China is expected to increase to approximately 850 million in 2017.	3, 103	China Mobile Security Industry Data Report provided by iResearch in January 2014
5-1	According to iResearch, the number of mobile internet users in China is expected to increase to 745 million in 2017, representing a four-year CAGR of 10.5%.	3, 104	China Mobile Security Industry Data Report provided by iResearch in January 2014
5-2	As a result, the internet security and system optimization market in China has grown significantly over the past five years, reaching 498 million users, or 81% of the online population in December 2013.	104	China Mobile Security Industry Data Report provided by iResearch in February 2014
5-3	The number of users of mobile internet security products reached 148 million users with a 30% penetration rate in December 2013, according to iResearch.	104	China Mobile Security Industry Data Report provided by iResearch in February 2014
5-3	The top five mobile security products covered approximately 91% of total users in 2013, according to iResearch, namely 360 Mobile Safe, Tencent Mobile Manager, LBE Safety Master, KIS Mobile Defender and SECUREit.	104	China Mobile Security Industry Data Report provided by iResearch in February 2014

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5-4	According to iResearch: Online Advertising From 2012 to 2017, the Chinese online advertising market is projected to increase from RMB75.3 billion to RMB282.5 billion, representing a five year CAGR of 30.3%. The online advertising market primarily includes search marketing, advertising, video advertising and others. Search marketing is the main form of online advertising. From 2012 to 2017, the internet search market in China is projected to increase from RMB28.1 billion to RMB96.3 billion, representing a five year CAGR of 28.0 %. Online Games From 2012 to 2017, the online game market in China is projected to increase from RMB67.1 billion to RMB224.6 billion, representing a five-year CAGR of 27.3%. Online games are comprised of three main types: PC-based client-end games, web games and mobile games, with web games and mobile games expected to outgrow the overall online game market. The web game market is expected to increase from RMB9.8 billion in 2012 to RMB40.6 billion in 2017, representing a CAGR of 32.9%, and the mobile game market is expected to increase from RMB8.8 billion to RMB70.6 billion during the same period, representing a CAGR of 51.7%. E-Commerce From 2012 to 2017, the broad e-commerce market in China, including B2B, online shopping, online travel and offline-to-online social commerce, is projected to increase from RMB8.2 trillion to RMB21.6 trillion, representing a five-year CAGR of 21.3%. The growth in e-commerce is primarily driven by the continued growth of China’s internet and mobile internet market, the migration of commerce from offline to online, and the substantial improvement and continuing development of the e-commerce infrastructure including payment and logistics systems.	104	China Mobile Security Industry Data Report provided by iResearch in January 2014
6-1	The following chart shows monthly active users for all of our applications in each of the months indicated.	106	iUser Tracker database; Flurry Analytics

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	Sources: Internal records for mobile applications and iResearch for internet applications.
7-1	Clean Master was the No. 6 application worldwide excluding games on Google Play in terms of the number of monthly downloads in December 2013, according to App Annie.	1, 105	Monthly summary data provided by App Annie
7-2	Battery Doctor was the sixth most downloaded productivity application on Google Play in December 2013, according to App Annie.	1, 105	Monthly summary data provided by App Annie
8-1	According to App Annie, there were more than 1.1 million apps available on Google Play worldwide, and 1.0 million apps available in the Apple App Store as of December 31, 2013.	3, 101	Summary of data provided by App Annie
9-1	According to App Annie, there were more than 1.1 million apps available on Google Play worldwide, and 1.0 million apps available in the Apple App Store as of December 31, 2013 with cumulative downloads reaching over 50 billion in 2013.	101-102	Summary of data provided by App Annie
9-1	According to App Annie, paid applications are estimated to constitute approximately 3.3% of total application downloads including games through 2013.	103	Summary of data provided by App Annie
9-2	Three of the key categories for Google Play app downloads in 2013 were social, communication, and tools. Collectively, they accounted for 19% of Google Play downloads including games in 2013, according to App Annie.	102	Summary of data provided by App Annie
10-1	There are only eight non-game applications with over 50 million cumulative downloads on Google Play worldwide in the second half of 2013, including Facebook, WhatsApp and Clean Master. Such applications are commonly referred to as “super apps.”	3, 102	Summary of data provided by App Annie
11-1	We ranked the No. 6 publisher of applications, excluding games, worldwide on Google Play as measured by number of downloads in December 2013, according to App Annie.	106	App Annie Index published on the official website of App Annie (Link: http://blog.appannie.com /app-annie-index-apps-december-2013/ )

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11-2	Top 10 Apps by Monthly Downloads Excluding Games (Google Play December 2013)					102	App Annie Index published on the official website of App Annie (Link: http://blog.appannie.com /app-annie-index-apps-december-2013/ )
	Rank	Applications	Publisher	Headquarters	Category
	1	Facebook	Facebook	United States	Social
	2	WhatsApp Messenger	WhatsApp	United States	Communication
	3	Facebook Messenger	Facebook	United States	Communication
	4	Skype	Microsoft	United States	Communication
	5	Instagram	Facebook	United States	Social
	6	Clean Master	Kingsoft Internet Software	China	Tools
	7	LINE	LINE	Japan	Communication
	8	Twitter	Twitter	United States	Social
	9	Viber	Viber Media	Cyprus	Communication
	10	Anti-Virus Security	AVG	Czech Republic	Tools
	Source: App Annie
12-1	According to IDC, global mobile internet users totaled approximately 1.0 billion in 2012, representing a 36.5% increase over the user base in 2009, and are expected to reach approximately 2.3 billion in 2017, representing a five-year CAGR of 15.8%.					3, 101	IDC Worldwide New Media Market Model, 1H2013: Worldwide and US, Doc#242211, July 2013

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12-2	According to IDC, the mobile advertising market is expected to surge from $10.0 billion in 2012 to $52.2 billion in 2017, representing a five-year CAGR of 39.2%. Over the same period, IDC expects other forms of advertising, such as online search, online advertising and online video advertising, to grow by 6.5%, 7.8% and 21.5% respectively.	103	IDC Worldwide New Media Market Model, 1H2013: Worldwide and US, Doc#242211, July 2013
12-3	In 2012, North America had the highest mobile advertising spending, at $4.7 billion, and is expected to remain the top advertising market with US$27.0 billion spending in 2017, representing a five year CAGR of 41.9%, according to IDC.	103	IDC Worldwide New Media Market Model, 1H2013: Worldwide and US, Doc#242211, July 2013
13-1	According to IDC, Android-based smartphones are expected to have approximately 78.6% market share of global smartphone shipments in 2013, compared with 15.2% market share for iOS-based smartphones and other mobile devices.	3, 101	IDC Worldwide Quarterly Mobile Phone tracker, 2013Q4
13-2	According to IDC, global smartphone shipments are expected to increase from approximately 725.3 million units in 2012 to 1.7 billion units by 2017, representing a five-year CAGR of 18.4%, with the market share of smartphone increasing from approximately 41.7% to 74.7% over the same period.	101	IDC Worldwide Quarterly Mobile Phone tracker, December 2013
14-1	According to IDC, the revenue generated from mobile digital game downloads globally is expected to grow from $6.3 billion in 2012 to $14.5 billion in 2017, representing a five-year CAGR of 18.3%.	103	IDC#240600 - WW Ga-Optimized handled, Smartphone, and Table Gaming 2013-2017

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