Therefore, the transaction price of Douyin's account is always not high. 3. Will Douyin be lonely from now on? According to QuestMobile data, short video growth was sluggish after breaking the 800 million mark, and active short video users in March 2019 even

declined month-on-month. It can be seen that the dividend period of short videos has passed, and the industry ceiling is prominent. In addition, most of the new users today come from low-tier cities, and sms marketing service compared with the same period last year, there are a higher proportion of older new users, which implies that young users in first- and second-tier cities are getting bored and fleeing from short videos. It's obviously not good news. (QuestMobile data for

March 2019) In fact, a small number of people in the industry have been skeptical about whether short videos are "real demand". Although "Douyin and Yijing" has become the standard of new media, the future of Douyin still has many uncertainties. After the routine is exhausted,