Bilibili Inc
OTC:BLBLF
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Bilibili Inc
OTC:BLBLF
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Bilibili Inc
Bilibili Inc. runs a Chinese online video and community platform that is especially popular with younger users and fans of anime, comics, games, and related pop culture. People use the app and website to watch short and long videos, livestreams, and music, and to join discussions around shared interests. The company’s core product is the attention and engagement of its user community, not a physical good. Bilibili makes money mainly from advertising, mobile games, and paid services such as memberships, virtual gifts, and other value-added features. Brands pay to reach its highly engaged audience, game users spend inside titles published or distributed through the platform, and fans pay for premium content or interactive features. It also earns from e-commerce and other transaction-based services tied to its community. What sets Bilibili apart is that it is both a media platform and a social network built around niche interests, with a strong culture of user-created content and comments. That gives it a different role from a simple streaming app: it sells access to an engaged community, monetizes user attention in several ways, and serves as a gateway between content creators, advertisers, game publishers, and fans.
Bilibili Inc. runs a Chinese online video and community platform that is especially popular with younger users and fans of anime, comics, games, and related pop culture. People use the app and website to watch short and long videos, livestreams, and music, and to join discussions around shared interests. The company’s core product is the attention and engagement of its user community, not a physical good.
Bilibili makes money mainly from advertising, mobile games, and paid services such as memberships, virtual gifts, and other value-added features. Brands pay to reach its highly engaged audience, game users spend inside titles published or distributed through the platform, and fans pay for premium content or interactive features. It also earns from e-commerce and other transaction-based services tied to its community.
What sets Bilibili apart is that it is both a media platform and a social network built around niche interests, with a strong culture of user-created content and comments. That gives it a different role from a simple streaming app: it sells access to an engaged community, monetizes user attention in several ways, and serves as a gateway between content creators, advertisers, game publishers, and fans.
Revenue: Bilibili reported first-quarter revenue of RMB 7.5 billion, up 7% year over year, with growth led by advertising and supported by stronger monetization across the platform.
Engagement: User engagement kept improving, with DAUs up 8% to 115 million, MAUs at 376 million, and average daily time spent hitting a record 119 minutes.
Profitability: Gross margin rose to 37.1%, marking the 15th straight quarter of margin expansion, while adjusted net profit climbed 62% year over year to RMB 585 million.
Ads Strength: Advertising revenue grew 30% year over year to RMB 2.6 billion, and management said AI is already improving targeting, automation and creative performance.
Games Mixed: Game revenue fell 12% year over year to RMB 1.5 billion because of a tough comparison, but the company highlighted a growing pipeline including NCard, a Three Kingdoms SLG title and Lumi Master.
AI Spend: Management said AI investment is rising, with full-year AI-related CapEx expected to increase by about RMB 1 billion and an estimated RMB 500 million impact on P&L, but they still expect margin improvement.
Outlook: Management expects Q2 ad revenue to keep growing rapidly, gross margin to improve steadily, and said the 45% gross margin target and 15% to 20% operating profit ratio target remain unchanged.
