cent Video to achieve breakeven in 2019 and deliver 5.5% OPM in 2020. • Paid subscribers to 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 in 2020 (vs 182m for iQiyi and 117m for Youku), with a 74% penetration rate against China's tot