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4 Data and Analysis Short video industry is experiencing rapid growth in recent years. As shown in Figure 4 and Figure 5, the number of users in the short video industry in China reached 501 million in 2018, a 107% increase from 2017; the fast growing user based create more demand in the market, pushing market size to 11.69 billion CNY in 2018, a 109.5% increase from the 5.58 billion in 2017. 800 700 600 500 400 300 200 100 38 107.0% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 47.4% 57.1% 58.2% 73.9% 56 88 153 242 501 25.1% 627 15.2% 722 0 2013 2014 2015 Number of Users [mn] 2018 YoY growth 2016 2017 2019* 2020* Figure 4: Number of users in the short video industry in China, 2013-20208 Note: * represents estimates 8 Source: iiMedia Research Group - 25 - Number of Users [mn] YoY Growth [%]PDF Image | Analysis of ByteDance with a close look on Douyin TikTok
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