![]() ![]() Through deliberate community cultivation, Bilibili holds a scarce and increasingly lucrative Gen Z audience captive. The data generated can feed into additional gaming and content development for the platform, allowing more relevant content to be created and be picked for licensing. Each cohort's contribution to the bullet commentary collaborative hivemind makes the content even more unique and the platform experience differentiated. Over time, the growth loop compounds as more users join the community more creators are likely to join or arise from the community. How does one cohort of users lead to another cohort of users? - Growth loops, Reforge This is how Bilibili creates a community-led video flywheel, come for the content and stay for the community. Capitalizing on the videolization trend and our in-depth understanding of highly engaged users, we believe we will capture more of the growing consumption needs of young generations in China." - Bilibili website We have achieved diversified commercialization, primarily generating revenue from mobile games, value-added services, advertising, e-commerce and others. ![]() We attract users with engaging content, retain them with our vibrant community, and curate the right content to satisfy their consumption needs. " We are focused on fulfilling the diverse and expanding interests of our users. Have I got your curiosity? Let's deep-dive Like Snap, being tied to a generation can limit expansion, as we’ll explore in the second part of this piece. The same macro enablers for Kuaishou and Perfect Diary supported their rise, namely the advent of 4G, better short video creation tools and a new demographic looking for self-expression. For the first part of this piece, I’ll explore how Bilibili has achieved this through community-as-a-moat, the golden triangle of social media products and attracting and retaining creators.īilibili is on the Snap journey in China in many ways, a youthful community finding a camera-first technology platform to call their own. As such, I place Bilibili in a market of its relative to Douyin, Kuaishou. The former is focused on video as the product, while the latter positions video as a communication medium and focal point for the community. In short, things have gone well.Īs for myself, I have reframed Bilibili’s product from a video platform with a community to a community-based platform with video. Gaming revenues accounted for only 29% of overall revenue in Q4 2020 compared to 62% in Q4 2018. They’ve further diversified their revenue base around mobile games, Value-Added Service (premium content and livestreaming), advertising and e-commerce. The rest are professional content such as anime and e-sports streams that Bilibili has purchased the rights to. 91% of the video viewed on the platform comes from Professional User Generated Content (PUGC). Revenue has increased by 77% YoY to RMB 12bn ($1.8bn) with 17m paying users and an MAU of 202m (growing 55% YoY), they continue to make headway into owning the Chinese Gen Z population (though now it’s Gen Z plus, those born in 1985-2009 relative to 1990 to 2009). Their market cap has increased 180% to now $42bn. It's like if Youtube, Twitch, Steam, Patreon, TokyoPop and Netflix had a CRISPR-baby, and that baby was a weeb, but that weeb is also super down with Chinese Gen Z and is listed on the Nasdaq with a market cap of $15bn. ![]() Grossly simplified, it's the Chinese equivalent of Youtube. So seven months on, how has it fared? And how has my view on it changed? (Also, read the previous article before starting this deep-dive, it makes more sense this way) It put forward concepts such as community as a differentiator, owning the user and diversifying revenue streams that we continue to explore today. I'm fond of Bilibili it’s the article that kicked started my introduction to Chinese tech and this newsletter. On 22nd March, Bilibili completed a secondary listing on the Hong Kong stock exchange and raised $2.6bn, a long-heralded homecoming. ![]()
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