2019互联网女皇报告（英文版）

Internet Trends 201Mary MeekerJune 11 @ Code 2019INTERNET TRENDS 2019Mary MeekerJune 11 @ Code 2019bondcap.com/report/it192Internet Trends2019Internet Trends 20191)Users2)E-Commerce + Advertising3)Usage…4)Freemium Business Models5)Data Growth6)…Usage7)Work8)Education9)Immigration + USA Inc.10) Healthcare11) China (Provided by Hillhouse Capital)3Internet Trends2019ThanksBond Partners Michael Brogan & Ansel Parikh helped steer ideas & did a lot of heavy lifting. Noah Knauf, Collin Ebert, Jesse Ellingworth, Everett Randle, Nancy Xiao, Daegwon Chae, Paul Vronsky & Juliet de Baubigny also dug in & were more than on call with help.Hillhouse CapitalLiang Wu & colleagues’ contribution of the China section provides an overview of the world’s largest market of Internet users.Participants in Evolution of Internet ConnectivityFrom creators to consumers who keep us on our toes 24x7 & the people who directly help us prepare the report. And, Kara & team, thanks for continuing to do what you do so well.4Internet Trends2019Context… We use data to tell stories of business-related trends we focus on. We hope others take the ideas, build on them & make them better.At 3.8B, the number of Internet users comprises more than half the world’s population. When markets reach mainstream, new growth is harder to find as evinced by declining new smartphone shipments in 2018. While E-Commerce continues to gain share vs. physical retail, growth rates are slowing. While Internet advertising growth is solid & innovation is healthy, there are areas where customer acquisition costs may be rising to unsustainable levels.While Internet user growth is slowing, global innovation & competition continue to drive product improvements, new types of usage & monetization – especially in areas of digital video, voice, wearables, on-demand + local services & traditionally underserved markets. Outside of USA, we focus on especially high growth & innovation in data-driven / direct fulfillment & financial services. We highlight massive global usage changes related to the evolution of images & interactive gaming as communications tools & the broad emergence of freemium businesses at scale.The rapid rise of gathered / analyzed digital data is often core to the holistic success of the fastest growing & most successful companies of our time around the world. Context-rich data can help businesses provide consumers with increasingly personalized products & services that can often be obtained at lower prices & delivered more efficiently. This, in turn, can drive higher customer satisfaction. Better data-driven tools can improve the ability for consumers to communicate directly & indirectly with businesses & regulators.Core constituents (consumers / businesses / regulators) are increasingly drinking from a data firehose & management challenges continue to rise for all parties. Broad awareness of challenges (& related vigorous / heated debates) can be the first step in driving change.5Internet Tre