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Bilibili brings together viewers and creators around videos, live streams and professionally produced content, particularly for younger audiences in China. Creator-uploaded videos form the core of the platform. Its largest revenue category is paid user services: viewers subscribe for benefits such as exclusive or early content access, buy gifts for live-stream hosts, and pay for creators’ content and courses. Bilibili shares gift revenue with hosts and talent agencies. Advertising is the next-largest source; advertisers pay to reach viewers through platform placements and promotions embedded in creators’ videos. Together, paid services and advertising supply most revenue.
Games provide another substantial source of income. Bilibili mainly earns mobile-game revenue when players buy virtual items, and most of that revenue comes from exclusively distributed titles. It licenses and operates games such as San Guo: Mou Ding Tian Xia and also develops titles such as Escape from Duckov.
The business depends on creators continuing to attract viewers, users choosing to pay, and advertisers valuing the audience’s engagement. Mainland China rules require operating licenses, restrict permissible content and require approval for each online game. Foreign-investment restrictions also shape its structure: Bilibili is a Cayman Islands holding company that controls licensed mainland entities through contracts rather than equity ownership. Those entities supply most revenue, making continued operation dependent on the validity and enforceability of those arrangements.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Bilibili’s ability to turn Chinese viewer engagement into advertising and entertainment revenue faces important competition from Tencent, ByteDance’s Douyin and Kuaishou, none of which appears in this list.
Weibo competes with Bilibili for Chinese content-community audiences and advertisers paying to build brands or drive sales. Watch Weibo’s advertising and marketing revenue for a read on spending in these communities, rather than on Bilibili’s paid entertainment.
HUYA and Bilibili compete for livestream viewers, hosts and advertisers; both sell viewers virtual gifts and share the proceeds with hosts and talent agencies. HUYA’s livestreaming revenue is the line to watch for spending on gifts and paid privileges that also supports Bilibili’s livestream business.
DouYu’s game-focused livestreaming platform competes with Bilibili for viewers and the money they spend on virtual gifts for hosts. Watch its livestreaming revenue, not just total revenue: that line fell from RMB4,799.0 million in 2023 to RMB2,177.4 million in 2025 as its business mix changed.
NetEase and Bilibili develop or publish games competing for Chinese players’ time and in-game purchases. Watch whether NetEase’s long-running flagship games retain loyal players through updates and new play modes—the same player attention Bilibili needs for its game portfolio.
Zhihu and Bilibili both turn creator-led Chinese content communities into revenue from paying members and advertisers. Watch Zhihu’s paid-membership revenue for the subscription side of that overlap, and its marketing-services revenue for spending by merchants and brands.
Baidu competes for the Chinese marketers’ budgets that also fund Bilibili’s performance and brand ads, selling search and feed advertising. Watch Baidu’s online marketing revenue: customers bid to place sponsored search links and pay per click, offering a different view of advertiser spending from Bilibili’s video community.
Sohu’s Changyou and Bilibili publish online games competing for Chinese players’ spending, while their media platforms also seek advertisers’ money. Sohu’s online-game revenue is the closer comparison: it contributed US$505.7 million of the group’s approximately US$584.3 million revenue in 2025.
HUYA Inc. earningsHUYA
HUYA’s livestreaming revenue shows how much viewers spend on virtual gifts and paid privileges, the same spending Bilibili’s livestreaming business seeks.
Watch HUYA’s livestreaming revenue, not just its total revenue. Growth would show that viewer spending on gifts and paid privileges is holding up, a better backdrop for Bilibili’s livestream business; a decline would point to pressure in this shared market and a harder environment for Bilibili to monetize livestreaming.
Bilibili Inc. earningsThis company
Bilibili earns from both games and value-added services, and this report will show whether its paying-user base and revenue per payer are growing together.
Read average monthly paying users alongside average monthly revenue per paying user. The latter is mobile-game and value-added-services revenue divided by paying users; it excludes e-commerce buyers. If both rise, more people are paying and each payer is bringing in more from games and value-added services. If payer numbers rise but revenue per payer falls, the paying base is widening without deeper spending per user.
Sohu.com Limited earningsSOHU
Sohu’s online-game revenue comes mainly from Changyou and shows how Chinese players are spending on games that compete with Bilibili’s titles for their time and money.
Focus on Sohu’s online-game revenue, which made up most of its total revenue in 2025. Growth would show that games competing with Bilibili’s titles can still attract player spending; a decline would point to softer spending in this market and tougher competition for Bilibili’s games.
Weibo Corporation earningsWB
Weibo’s advertising and marketing revenue shows how brands are spending in content communities, where Bilibili also competes for brand and sales-promotion budgets.
Watch Weibo’s advertising and marketing revenue. Growth would suggest brands are sustaining spending in content communities, a better setting for Bilibili to win ad orders; a decline would point to pressure on this kind of ad spending and tighter budgets for Bilibili’s advertising business.
Zhihu Inc. earningsZH
Zhihu’s paid-membership revenue shows whether users still pay for creator-led content, a market connected to Bilibili’s own memberships and paid content.
Watch Zhihu’s paid-membership revenue, not its marketing-services revenue, for a read on subscriptions. Growth would show users are still paying for content, a supportive demand signal for Bilibili’s memberships and paid content; a decline would point to pressure on creator-content subscriptions, leaving Bilibili’s own paying-user growth to prove its resilience.
