Piper Jaffray Likely to See Ratings Decrease in Ancestry.com's "Who Do You Think You Are?"

Piper Jaffray has published a research report on Ancestry.com's

NBC show “Who Do You Think You Are?” implementing a new pricing plan. According to Piper Jaffray, “Season three of WDYTYA will be the first season with Ancestry's new pricing model, which includes a slightly more expensive monthly option and a sub-$100 six month option. Seasonal churn spiked in Q2 2011 to 4.6%, the highest level since 2008. Due to the show, Q2 is when the most significant level of churn occurs as monthly subs from February and March discontinue. We expect churn in this season to decrease as a greater percentage of subscribers opt for the six month package. While churn may not be below 4% in Q2, we expect it to be below the 4.6% level from last year.” Ancestry.com closed yesterday at $27.28.