China Online Long-Form Video Content Budgets = Exceeded TV Networks (2017)… China TV Networks* vs. Online Video Platform** Content Budget $8B et g d $6B u B t ten n o $4B C al u n n A $2B $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 TV Networks* Online Video Platforms** Source: Public disclosures, Goldman Sachs, Bank of America, Hillhouse estimates. *Includes estimates from CCTV, provincial satellite TV channels 248 and major local TV networks. **Includes iQiyi + Tencent Video + Youku.