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2018 2 iResearch Inc SMS3 iResearch Inc DJ 900 600 i-Click-New 300 24 9625-30 11031-35 6636-40 1940 924 14225-30 19231-35 18036-40 7040 162018 2018 4 1 2 3 45 iResearch Inc iResearch Inc PC 2016 12 2017 6 6 1.3 1.PC iUserTracker.2018.01 40 2.mUserTracker.2018.1 400 1 mUserTracker.2018.1 400 1 0500010000150002016.12 2017.2 2017.4 2017.6 2017.8 2017.102016 12-2017 11 PC 34.2 45.6 2016 20172016&2017 6 iResearch Inc 2017 ARPU 1.2.3.IP IP 49.3 74.4 228.5 440.6 649.2 840.4 986.0 1129.6 1267.7 51.0%207.1%92.8%47.4%29.4%17.3%14.6%12.2%2014 2015 2016 2017e 2018e 2019e 2020e 2021e 2022e2014-2022%7 iResearch Inc iResearch Inc 56%9%N=600 i-Click-New N=600 i-Click-New 7.67%8.86%9.54%10.39%12.44%2018 TOP5 56%8 iResearch Inc C/1.2./1.2.1.2.KTV 2018 9 iResearch Inc YY Live K 2018 10 iResearch Inc 2012 2014 KTV 2016 2016 K KTV K 2010 2012 2014 2016 20162018 11 1 2 3 412 iResearch Inc iResearch Inc 80%53.6%2 70%45.4%1-2 1.N=600 i-Click-New 2.N=300 1.N=600 i-Click-New 2.N=300 5.8%1.5%1.2%14.7%23.3%22.2%31.4%0.4%0.4%3.2%5.3%9.2%29.4%52.1%2-3 4-5 2018 13.3%23.1%37.9%20.9%4.8%45.4%27.3%17.7%7.8%1.8%3 23 12 0.51 0.52018 13 iResearch Inc 0.2%33.6%42.1%26.0%50.0%39.1%64.8%4.3%7.5%13.8%20.6%50.7%53.9%64.5%/2018 1.N=600 i-Click-New 2.N=30014 iResearch Inc 20 21 1.N=600 i-Click-New 2.N=300 6 7 8 9 10 11 12 13 14 15 16 17 18 20 22 24 2018 15 iResearch Inc iResearch Inc 2000 2823.8 N=300 N=300 2.1%22.8%29.5%30.6%43.0%67.9%74.6%2018 100 13.0%100200 11.4%200500 8.8%5001000 11.9%10002000 18.7%20005000 16.6%500010000 6.2%10000 13.5%2018 16 iResearch Inc iResearch Inc 31.9%15 N=300 N=300 30.8%33.7%17.4%18.1%2018 19.8%30.2%18.1%31.9%5 6-10 11-15 15 2018 17 iResearch Inc 1.N=600 i-Click-New 2.N=300 9.4%6.5%47.1%9.0%15.1%13.0%3.1%3.1%6.3%18.8%65.6%2018 7.3%46.3%17.1%29.3%2018 18 iResearch Inc 7 34.4%N=300 34.4%31.3%78.1%DJ 6.3%50%12.5%2018 19 iResearch Inc TOP 4 4.17 N=600 i-Click-New 4.09 4.10 4.10 4.11 4.12 4.12 4.13 4.13 4.16 4.17 2018 TOP10 20 iResearch Inc 1.N=600 i-Click-New 2.N=300 2018 21 1 2 3 422 iResearch Inc TGI 116 30 24 TGI 135.2 25-30 TGI 114.6 1.N=600 i-Click-New 2.N=300 76%24%3.0%32.0%36.7%22.0%6.3%24 25-30 31-35 36-40 40TGI 116 TGI 69.6 2018 TGI 135.2 TGI 114.623 iResearch Inc 64.2%TGI 109.8 MediaPlanner 8.5%1 1.7%1 5.7%6 4.2%2018 24 iResearch Inc iResearch Inc 15%TGI 310.6 9.7%TGI415.0 7 N=300 MediaPlanner 15.0%12.0%11.7%9.7%9.0%24.4%38.9%31.7%5.0%2018 2018 TOP525 iResearch Inc 67.4%67.4%32.6%N=300 67.4%32.6%9.9%9.9%10.4%11.9%13.9%9.2%11.2%12.2%14.3%14.3%2018 26 1 2 3 427 iResearch Inc 2017 6 2017 2017 6 31.4 mUserTracker.2018.1 400 1 010203040502017.2 2017.4 2017.6 2017.8 2017.10 2017.122017 28 iResearch Inc 2012 2016 12 4 IP 5sing S.I.N.G Hello 29 iResearch Inc 2016 9 21 2015 1 30 iResearch Inc 1.2.3.IP IP IP 31 Keep Learning 400-026-2099 32
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