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Soviet Union in the video field. This situation should have been unexpected to everyone at first. Douyin’s DAU increased from 250 million in 2018 to 400 million in 2019. Under such a large base, Douyin can increase DAU by 60% in one year. It's almost a miracle. And his main competitor Kuaishou has also gone from 160 million in 2018, with a goal of breaking through 300 million before the Spring Festival in 2020 (a gossip said a few days ago that this goal has been completed), and the YoY growth rate of this DAU is even more exaggerated. 87.5%. In comparison, long-form video sites like iQiyi had a DAU of 126 million in 2017 and a DAU of 135 million in 2018, with a YoY growth rate of 7.14%. The official DAU data for 2019 has not been disclosed, but we have reason to believe that the DAU growth rate may be around 5%. Compared with short videos, the growth of active users on long video tracks can be said to be negligible . What about in the field of PUGC? The situation is slightly better. Taking station B as an example: the MAU of station B in Q3 in 2019 reached 128 million, and the YoY growth rate was 38%. Although the 2019 annual report has not been released, I estimate that the final annual MAU YoY growth rate will be about 35%. s level. It is much better to look at it this way, but we must not forget that station B is a platform with a level of 37 million DAU (Q3 in 2019) after all. When the active user base is an order of magnitude smaller, the growth rate of YoY is basically only in short videos. About half of the industry leaders , this situation does not count as an optimistic situation when looking at the growth potential of Xiaopozhan in the long run. The situation in the live broadcast field is similar to that in the PUGC field. The MAUs of Douyu and Huya (Q3 2019) are 164 million and 146 million respectively, and the growth rate of YoY is less than 20% and about 30%, respectively. It should be said that the overall growth sms marketing service is OK independently, but if compared with Douyin and Kuaishou, which are several times higher than the base, the overall performance is very ordinary. As for YY, whose main market is not in China, and Momo,