Bilibili

What Bilibili does

Bilibili Inc. is a Cayman Islands-incorporated, Shanghai-headquartered online entertainment company operating one of China's largest Gen Z-focused video and content platforms. Founded in 2009 and dual-listed on NASDAQ (BILI) and the Hong Kong Stock Exchange (9626), the platform reaches 376 million monthly active users and 115.2 million daily active users through a community-driven ecosystem combining user-generated video, licensed and original anime (including GuoChuang/国创 original Chinese animation), live streaming, mobile gaming publishing, e-commerce, and an annual ACG convention (BilibiliWorld). Its signature bullet-screen (danmu) commenting system overlays real-time viewer comments onto video playback, creating a distinctive shared-viewing product that anchors the platform's community identity.

The company's product architecture spans a core video platform with deep mobile, TV, PC, and in-vehicle distribution, supported by content verticals (anime, movies, TV series, documentaries, music, gaming) and AI-augmented tools including the B-Data advertising platform (which automates over 65% of ad placements) and the Updream AI video creation tool. Bilibili monetizes through advertising (RMB 10.06 billion in 2025, up 23% YoY), value-added services including premium 大会员 subscriptions and live streaming tips (RMB 11.93 billion, up 8% YoY), mobile game publishing including Escape From Duckov (RMB 6.39 billion), and a closed-loop e-commerce platform (会员购) where internal transactions grew 150% YoY.

Bilibili reported its first full year of GAAP net profit in 2025 (RMB 1.19 billion versus a RMB 1.36 billion net loss in 2024) following a 30% workforce reduction in early 2023, with 15 consecutive quarters of gross margin expansion to 37.1% and $760 million trailing twelve-month free cash flow. The company holds $920 million in net cash, a $6.24 billion enterprise value, and operates with active regulatory engagement under China's CAC content labeling and influencer credential rules.

Name

Bilibili

Legal name

Bilibili Inc.

Website

https://bilibili.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Bilibili is a Chinese online entertainment platform offering user-generated videos, anime streaming, live broadcasting, mobile gaming, and e-commerce to 376 million monthly active users, primarily Gen Z. It monetizes through advertising, value-added services, game publishing, and closed-loop commerce.

Ownership category

akta.pro rank

Product category

Online Video Entertainment

NAICS

Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (516210), Software Publishers (5132)

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Operational/Real-Time BI & Streaming Analytics (HDAEAMAH)

akta.pro secondary industries

Financial Planning & Analysis (FP&A) & BI (HDAEAMAG), Data Platforms, BI/Reporting & Player Analytics (CDP/Attribution) (MPAEAKAI)

Keywords

• Online video streaming
• User-generated content
• Anime and ACG content
• Mobile game publishing
• Live streaming platform

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Advertising: Advertising revenue is the primary growth driver, with annual revenue of RMB 10.06 billion in 2025 (up 23% year-over-year). Q4 2025 advertising revenue reached RMB 3.04 billion (27% YoY growth). AI-powered ad targeting drove over 20% year-on-year growth for 11 consecutive quarters. Top contributing industries include games, digital home appliances, online services, e-commerce, and automobiles.
2. Value-Added Services (VAS): Value-added services revenue reached RMB 11.93 billion in 2025, up 8% year-over-year. Includes membership subscriptions (大会员), live streaming tips, and other premium community features. 34 million paying users across the platform.
3. Mobile Gaming: Mobile gaming revenue of RMB 6.39 billion in 2025. Bilibili publishes games including Escape From Duckov (sold over 1 million copies in first week on Steam) and develops new titles like Romance of the Three Kingdoms: Wangdaotianxia expected to drive H2 2026 revenue.
4. E-commerce: Bilibili transitioned toward closed-loop commerce with internal transactions up 150% year-over-year, moving away from traditional open-loop model with external partners like Taobao and JD.com. Includes 会员购 (member purchase) platform for merchandise.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Bilibili operates a community-driven online entertainment platform featuring user-generated videos, professionally licensed anime and Chinese original animation (GuoChuang), live broadcasting, mobile game publishing, and e-commerce merchandise sales. The platform is distinguished by its proprietary bullet-screen (danmu) commenting system that allows real-time interactive viewing, and monetizes through advertising, premium membership subscriptions (大会员), mobile games, and closed-loop commerce serving a predominantly Gen Z audience in China.

Product overview

Bilibili operates as a unified platform-plus-modules architecture combining a core video-sharing community with multiple integrated content verticals and monetization products. The flagship Bilibili Video Platform serves as the central hub, supported by content categories for Anime (番剧), GuoChuang (国创/Chinese animation), Movies (电影), TV Series (电视剧), Documentaries (纪录片), and Live Streaming (直播). The ecosystem includes gaming products (Bilibili Games center and published titles like Escape from Duckov), e-commerce (Bilibili Merchandise/会员购), music services (Bilibili Music Center), and the BilibiliWorld convention event. AI-powered advertising tools including B-Data handle marketing analytics and automated ad placement, while the Updream AI video creation tool serves professional creators. Mobile applications span multiple platforms including Android, iOS, iPad, TV, PC, and car versions, enabling cross-device access to the 376 million monthly active users.

Differentiator

Problem solved

Functional benefit

Brands

• Bilibili Games: Bilibili's gaming division that publishes and develops games including Escape From Duckov
• BilibiliWorld
• Bilibili Guochuang (国创)

Products and services

• Bilibili Video Platform Core Chinese video-sharing community platform featuring user-generated content, anime, gaming content, and live streaming. Distinguished by its proprietary bullet-screen commenting system that enables real-time interactive viewing. Serves 376 million monthly active users with monetization through advertising, value-added services, games, and e-commerce.
• Bilibili Mobile and Multi-Platform Apps Mobile and cross-device applications delivering the Bilibili video community platform across Android (64-bit and 32-bit), iPhone, iPad HD, TV, PC client, and car entertainment versions. For users seeking content access across multiple device types.
• Bilibili Live Streaming Live broadcasting platform for gaming, entertainment, and user-generated live content within the Bilibili ecosystem. Drives user engagement through real-time interactive viewing with bullet-screen commenting.
• Bilibili Games Gaming center and game publishing division that publishes and develops games for Bilibili's gaming community. Includes published titles like Escape From Duckov (sold over 1 million copies in first week on Steam) and upcoming titles like Monster Fantasy. Serves game developers and the platform's Gen Z gaming audience.
• Bilibili Merchandise (会员购) E-commerce platform for merchandise, event tickets, and anime-related products. Powers Bilibili's closed-loop commerce initiative, with internal transactions growing 150% year-over-year as the company moves away from its open-loop model with external partners.
• BilibiliWorld (ACG Exhibition)

Quantifiable outcome

• 30% advertising revenue YoY growth to RMB 2.6 billion in Q1 2026
• +6 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• ArenaNet/NCSoftcoreStrategic or Co-development Partner · 22 June 2026ArenaNet and its parent company NCSoft announced Mistbound, a new digital collectible card game set in the Guild Wars franchise, developed in collaboration with bilibili. The game features a 5×3 grid with dynamic movement mechanics and is currently in active development with no official release date announced.
• Fuji Television NetworkcoreStrategic or Co-development Partner · 13 March 2026Fuji Television Network's first internationally co-produced terrestrial drama based on the Chinese animated series Link Click, produced through a three-company collaboration with bilibili and Tokai Television Broadcasting Co., Ltd. The original Link Click anime achieved 850 million views in China in 2021. Additional projects include joint TV anime Tomb Raider King scheduled for July broadcast.
• Coach (Tapestry Inc.)minorGTM or Marketing Partner · 1 February 2026Coach's spring 2026 'Explore Your Story' campaign was co-created with Gen Z communities globally, including Bilibili in China. The campaign drove 25% revenue growth for the Coach brand in fiscal Q2 2026, with Bilibili providing access to China's Gen Z demographic.
• Sony PicturesminorStrategic or Co-development Partner · 1 November 2024Sony Pictures' November 2024 collaboration with Bilibili for short-format drama co-production. This partnership positions both companies in the rapidly growing micro-drama market projected to reach $26 billion globally by 2030.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Spotify: Global music and podcast streaming leader. While not a direct competitor, Spotify provides a comparable business model benchmark (freemium streaming, advertising + subscription) for Bilibili's music and audio offerings.
• Tencent Holdings: China's largest internet platform with video (Tencent Video), gaming (largest game publisher globally), social (WeChat), and music streaming. Comparable to Bilibili across multiple verticals including gaming, video, and music, though Tencent operates at vastly larger scale and broader scope.
• NetEase: Major Chinese internet and gaming company with comparable gaming publishing capabilities, music streaming (NetEase Cloud Music), and content platforms. NetEase is a direct competitor in mobile gaming publishing where Bilibili earned RMB 6.39B in 2025.
• Tencent Music Entertainment: China's largest music streaming platform. Bilibili's Music Center competes in the Chinese music streaming market, though Tencent Music's scale vastly exceeds Bilibili's music offerings.

Direct peers

• ByteDance (Douyin/TikTok): Owner of Douyin (Chinese TikTok), the dominant short-form video platform in China and Bilibili's most direct competitor for Gen Z attention and advertising spend. Competes head-to-head with Bilibili for user engagement and advertiser dollars.
• Kuaishou Technology: Major Chinese short-form video and live streaming platform competing directly with Bilibili for Gen Z users and creator attention. Comparable business model combining UGC, live streaming, gaming, and e-commerce monetization.
• iQIYI: China's leading long-form video streaming platform (often called the 'Netflix of China'), competing with Bilibili in licensed content, anime, and original productions. Both platforms serve Chinese consumers with subscription and advertising models.
• Youku (Alibaba): Alibaba-owned video streaming platform competing with Bilibili in licensed content, original series, and anime distribution. Alibaba is also a Bilibili investor, creating both competitive and partnership dynamics.

Regional players

• Mango TV: Major Chinese video streaming platform owned by Hunan Broadcasting System, competing with Bilibili in long-form content, variety shows, and original productions. Strong in regional content but smaller in anime/UGC.
• Ximalaya: Leading Chinese audio and podcast platform. Competes with Bilibili's audio content offerings and serves similar Gen Z and millennial demographics in China with a freemium audio streaming model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bilibili_en
• LinkedInlinkedin.com/company/bilibili

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds14 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments45 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bilibili