China’s video-sharing site Bilibili generates $370m in revenue in Q2

China’s Bilibili, an online entertainment platform for Generation Z in China, today announced it has reached 2.6 billion yuan (US$370.5 million) in revenue for Q2 this year, growing by 70% from 1.5 billion yuan (US$218 million) during the same period last year.

Cosplayers dressed as Bilibili’s mascots in front of the Nasdaq building / Photo credit: Bilibili

Its revenue mainly came from mobile games and value-added services sectors, which took up US$176.6 million and US$116.8 million, respectively. The remaining came from advertising (US$49.3 million) and ecommerce sectors (US$27.7 million).

The company’s revenue from mobile games increased by 36% from the same period in 2019, primarily due to its newly launched mobile game, Princess Connect.

As for the rise in earnings for its value-added services, which saw a 153% year-on-year growth, the company attributed this to the increases in the number of paying users for its premium membership program, live broadcasting services, and other value-added services.

According to a statement, Bilibili has 171.6 million monthly active users and 50.5 million daily active users. Its average monthly paying users reached 12.9 million, a 105% increase from the same period in 2019.

Founded in 2009, the Nasdaq-listed company features user-generated videos, live broadcasts, and mobile games.

In June, it raised an aggregate principal amount of US$800 million in an offering of convertible senior notes and plans to use the proceeds to enrich its content offerings, invest in research and development, and other general corporate purposes, according to Bilibili chief financial officer Sam Fan.

It also expects to grow its revenue to between 3.05 billion yuan (US$443 million) and 3.1 billion yuan (US$450 million) for Q3.

“Looking ahead, our sights are set on further executing our growth strategy, building an even more dynamic and robust community, and bringing additional value to all of our stakeholders,” said Rui Chen, chairman of the Board and CEO of Bilibili.

In China, similar players include Baidu-backed iQiyi, Tencent’s video-streaming platform Tencent Video, and Alibaba’s Youku, among others.

Currency converted from Chinese yuan to US dollar: US$1 = 6.88 yuan.