- Sohu is facing intense competition for online video content, which is pushing prices higher.
- Falling margins are putting pressure on Sohu's profit outlook.
- Since Tencent acquired a minority stake, Sogou has seen impressive growth.
- The Tian Long Ba Bu game is coming to the end of its life cycle, so Changyou needs its new portfolio of games to replace its revenue.
- Online game revenues as a proportion of total revenues continues to fall.