Keep, Codoon, JoyRun, …those Internet fitness players will come to the ramp-up period, is it an opportunity or a challenge for them?

Focus

▪ The bottleneck encountered by the Internet fitness industry is not a special case. After the initial stage, tools / community products will come to the ramp-up period of pursuing scale, monetization and going to a new level.

▪ The overall business model of the industry is not too special. Players like Codoon and JoyRun are trying to monetize through advertising and e-commerce business.

Keep's aggressive attempt at commercialization has put itself under pressure of multi-line operation, but its GMV growth in 2019 is quite rapid, which has got through some businesses.

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