What is the current number of video users in China according to third-party research data 
t?
Rui Chen -- Chairman of the Board & Chief Executive Officer
[Foreign Speech] So as regards the overall video industry, actually it's a fast-growing and a very big market. According to third-party research data that the current video user has already reached 750 million in China, and we think as the adoption of 5G technology and the revolution of hardware and infrastructures, I'm projecting that overall video users can grow to 800 million or 900 million in the next few years.
[Foreign Speech] So as a matter of fact, video as an industry vertical on the Internet space is actually one of the largest verticals. And for the past few years, you can -- you must have witnessed many new players -- many players in the video industry grow quite significantly. And that has also a very direct relation to the expansion of the market. And we don't believe one or two new additional players entering this market will make a material impact or difference from this growth trajectory.
[Foreign Speech] Okay. So a lot of people have asked that for the past two years, how do it will impact the overall industry? But as a matter of fact, we are able to maintain a fast growth [Indecipherable] gaining there market share. Many people would probably will argue that it's the different -- there's a different of lens in terms of short video and long-form video, but we believe we are actually the player who gives definition of PUGVs, and we have the most experience in terms of PUGV.
[Foreign Speech] So we are -- we have been putting PUGC as our primary business model for at least five years. And for the past five years, we have gained a lot of experience. And actually, we kind of feel alone in this track, and now we have more players starting to pay more attention on this business model. We believe this is another test -- a different perspective on another side of the story, which means this track has great potential to grow.
[Foreign Speech] And this business model requires unique expertise in terms of operation as well as running a platform. So for the newcomers, I think there's going to be a learning -- at least a learning curve for them and won't yield result in short terms.
[Foreign Speech] So, as for your question about the competitive cost related to more player joining in these verticals, we believe for this industry, we have long passed the phase that people have to burn cash to fiber content or KOLs. This is -- we have already entered a phase that we compete with each other in terms of the overall industry layout, the business operation capabilities, as well as whether content creators are able to achieve their career goals on our platform to able to grow their traffic on our platform. So, it won't have a significant impact in terms of single cost, whether it's content or sales and marketing.
Operator
And that concludes the question-and-answer session. I would like to turn the conference back over to management for any additional or closing remarks.
Juliet Yang -- Senior Director of Investor Relations
Well, thank you once again for joining us today. If you have any further questions, please contact myself, Juliet Yang, Bilibili's Senior IR Director or TPG Investor Relations. Our contact information for IR in both China and US can be found on today's press release. Have a great day.
Duration: 69 minutes
Call participants:
Juliet Yang -- Senior Director of Investor Relations
Ni Li -- Vice Chairman of the Board of Directors and Chief Operating Officer
Xin Fan -- Chief Financial Officer
Rui Chen -- Chairman of the Board & Chief Executive Officer
Lei Zhang -- Bank of America Merrill Lynch -- Analyst
Wendy Chen -- Goldman Sachs -- Analyst
Alex Liu -- China Renaissance -- Analyst
Thomas Chong -- Jefferies -- Analyst
Jialong Shi -- Nomura Securities -- Analyst
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t?
Rui Chen -- Chairman of the Board & Chief Executive Officer
[Foreign Speech] So as regards the overall video industry, actually it's a fast-growing and a very big market. According to third-party research data that the current video user has already reached 750 million in China, and we think as the adoption of 5G technology and the revolution of hardware and infrastructures, I'm projecting that overall video users can grow to 800 million or 900 million in the next few years.
[Foreign Speech] So as a matter of fact, video as an industry vertical on the Internet space is actually one of the largest verticals. And for the past few years, you can -- you must have witnessed many new players -- many players in the video industry grow quite significantly. And that has also a very direct relation to the expansion of the market. And we don't believe one or two new additional players entering this market will make a material impact or difference from this growth trajectory.
[Foreign Speech] Okay. So a lot of people have asked that for the past two years, how do it will impact the overall industry? But as a matter of fact, we are able to maintain a fast growth [Indecipherable] gaining there market share. Many people would probably will argue that it's the different -- there's a different of lens in terms of short video and long-form video, but we believe we are actually the player who gives definition of PUGVs, and we have the most experience in terms of PUGV.
[Foreign Speech] So we are -- we have been putting PUGC as our primary business model for at least five years. And for the past five years, we have gained a lot of experience. And actually, we kind of feel alone in this track, and now we have more players starting to pay more attention on this business model. We believe this is another test -- a different perspective on another side of the story, which means this track has great potential to grow.
[Foreign Speech] And this business model requires unique expertise in terms of operation as well as running a platform. So for the newcomers, I think there's going to be a learning -- at least a learning curve for them and won't yield result in short terms.
 [Foreign Speech] So, as for your question about the competitive cost related to more player joining in these verticals, we believe for this industry, we have long passed the phase that people have to burn cash to fiber content or KOLs. This is -- we have already entered a phase that we compete with each other in terms of the overall industry layout, the business operation capabilities, as well as whether content creators are able to achieve their career goals on our platform to able to grow their traffic on our platform. So, it won't have a significant impact in terms of single cost, whether it's content or sales and marketing.
Operator
And that concludes the question-and-answer session. I would like to turn the conference back over to management for any additional or closing remarks.
Juliet Yang -- Senior Director of Investor Relations
Well, thank you once again for joining us today. If you have any further questions, please contact myself, Juliet Yang, Bilibili's Senior IR Director or TPG Investor Relations. Our contact information for IR in both China and US can be found on today's press release. Have a great day.
Duration: 69 minutes
Call participants:
Juliet Yang -- Senior Director of Investor Relations
Ni Li -- Vice Chairman of the Board of Directors and Chief Operating Officer
Xin Fan -- Chief Financial Officer
Rui Chen -- Chairman of the Board & Chief Executive Officer
Lei Zhang -- Bank of America Merrill Lynch -- Analyst
Wendy Chen -- Goldman Sachs -- Analyst
Alex Liu -- China Renaissance -- Analyst
Thomas Chong -- Jefferies -- Analyst
Jialong Shi -- Nomura Securities -- Analyst
More BILI analysis
All earnings call transcripts




