Due to different product designs, Tik Tok and Aooutlets have their own emphasis on back-end implementation. Tik Tok takes content and algorithm as the core, creating a high-flow but discrete ecology, which is essentially closer to a high-flow media platform, while Aauto fashion is people-oriented and relatively decentralized, becoming a flat but weak social product, which can precipitate the relationship between users and video owners. Industrial Securities (60 1377) is optimistic about the development potential of follow-up traffic and continuous commercial realization of short video track. Note that the internet dividend is fading, and the user duration has entered the stage of stock game. The rise of short video traffic and commercial realization will also have an impact on other existing companies. ? 1)Aauto's faster implementation is still based on live broadcast. In 20 18, Aauto Quicker was the first live broadcast platform, and in 20 19, Tik Tok also made a large-scale live broadcast. The growth of the two in the live broadcast business will not only attract more sinking users to enter the live broadcast market, but also pose a competitive impact on the pure live broadcast platforms such as YY, Huya and Betta. ? 2) Under the overall macro-environmental pressure, the overall advertising revenue growth rate has slowed down obviously, and the rise of short video traffic will undoubtedly crowd out the realized value of advertising on other traffic platforms. ? 3) Internet merchants with high demand for e-commerce and games benefited from the new highland of short video growth and ushered in a wave of traffic growth dividends. In particular, the new e-commerce traffic represented by live e-commerce and online celebrity e-commerce has brought new opportunities to e-commerce business. With the rapid development of short video industry, the scale of active users is second only to long video, and short video has become the absolute high-speed engine for the growth of mobile Internet duration, contributing more than 60% to the year-on-year growth of total user duration in June 20 19. And in June of 20 19, the total monthly active users of short video industry reached 82 10/00000 (up 32% year-on-year), surpassing mobile games (mau69100000) and gradually narrowing the gap with long video (the total monthly active users of online video were 964 million). Increased by 2.4% year-on-year). Among them, Tik Tok and Aauto Quicker, as the top two short video apps, are facing the ultimate battle of traffic growth and commercial realization. In June of 20 19, the faster monthly active users of Tik Tok and Aauto reached 486 million and 34 10/00000 respectively, which was much higher than other short video apps and ranked in the first echelon. It is worth noting that although Tik Tok and Aauto Quicker are both strong, the number of overlapping users has greatly increased, and the competition between the two sides will intensify. Compared with long videos, the coincidence rate of Tik Tok and Aauto Quicker is basically the same as that of the three major video websites. According to Analysys data, from 2065438 to September 2008, the number of overlapping active users of Tencent, iQiyi and Youku was 65438+46 million. At the same time, the usage time of Tik Tok and Aauto Quicker continues to grow, and the monthly per capita usage time has far exceeded the four major online videos.