China’s cultural consumption industry maintained a steady growth in 2019. The size of the film and television industry is growing steadily. Online video industry is developing rapidly. The scale of traditional publishing continues to shrink. Electronic reading has become a new trend. The game industry is already saturated with domestic users，and the game market has broad prospects into overseas market. Internet traffic has dried up，and new competitors have big challenge to the existing pattern. In the investment market，the secondary market media stocks stabilized and recovered in 2019，the primary market VC/PE further cooled down，and strategic investors increased their layout. Looking ahead to 2020，there will be investment opportunities in high-definition （HD） and ultra-HD video，cloud games，AR/VR，theme parks，domestic animation，mainstream films，games and movies.