20, 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 total video subscribers of 234m. It will also represent 69% of China cable 1V users and 46% of broadb