Bilibili

The business model centres on operating a large-scale online video and live-streaming platform with strong community features, then monetising user attention and engagement across several revenue lines. The platform attracts younger users with ACGN and game-focused content and provides tools and infrastructure for creators and partners to publish videos, live streams, mobile games, comics and related IP.

Value is created by aggregating content supply (UGC and licensed IP), providing discovery, recommendation and interaction (including bullet-chat), and enabling creators and partners to earn income. Revenue is generated via: (1) acting as publisher and operator for mobile and online games, taking a share of in-app purchases and licence revenues; (2) selling video and display advertising inventory to brands and agencies; (3) offering value-added services including paid memberships and live-stream virtual gifting, taking a platform fee on user payments; and (4) selling physical merchandise and IP derivatives through e-commerce channels. The model is scale-driven, depending on growing active users, time spent and conversion to paying behaviours (subscriptions, gifts, purchases).

Bilibili is a Chinese online video, live-streaming and digital content platform focused on younger audiences and ACGN (anime, comics, games, novels) culture. It runs a streaming and community platform plus adjacent businesses in mobile game publishing, comics, memberships, live broadcasting and merchandising.

The company generates revenue from mobile games, value-added services such as live-stream gifting and paid memberships, advertising sold to brands and agencies, and e-commerce and IP-related merchandise. Paying customers include end-users (subscribers, gifters, purchasers of comics and goods), advertisers, and game/IP partners that share revenue with the platform. It is listed in the US via a Cayman holding and operates in mainland China through consolidated affiliated entities (VIEs).