EFTA00695859Set 9
2017-05-112p972w
Honor of Kings, and 2) improving long-term outlook of video business. We
expect Tencent Video to close the gap with iQiyi in terms of revenue and subscriber size ... which is synergetic to original video content production, and 2) distribution power.
We estimate Tencent Video to achieve breakeven in 2019 and deliver 5.5% OPM in 2020.
• Paid subscribers ... reach 172m in 2020, with 4-year CAGR of 55%. We estimate Tencent Video's subscribers
to grow at a 4-year CAGR of 55% to 172m
https://www.justice.gov/epstein/files/DataSet%209/EFTA00695859.pdf