Bilibili Inc.

Overview

Bilibili Inc. is a China-focused online video and digital-entertainment company. Its platform combines a video community—centered on professionally generated user videos—with live broadcasting, other value-added services, mobile games and advertising. The company’s operations and audience are primarily in mainland China.[1]+2

Bilibili states its mission is “to enrich the everyday lives of young generations in China.” For the year ended December 31, 2025, it reported net revenue of RMB 30.348 billion (US$4.340 billion). Macrotrends lists 8,423 employees at year-end 2025.[4]+2 [1]+5

Products & services

Bilibili’s video platform combines professional user-generated video (PUGV) with occupationally generated content (OGV) that it produces, co-produces or licenses. OGV offerings include anime, documentaries, variety shows, selected television programs and movies. The platform uses AI and big-data analytics to personalize interfaces and recommend content based on activity such as posting, commenting, liking and following, as well as user demographics.[7][8]

Its value-added services include premium membership, live broadcasting and paid content. Premium members receive exclusive or early access to selected OGV; membership packages are monthly, quarterly or annual. Live streams include gaming, virtual-host and audio-related channels, where users can purchase virtual gifts, special effects and time-based privileges to support hosts. Other paid offerings include video, audio and comics, fan charging for creators, and premium courses.[9]+3

Bilibili distributes mobile games exclusively and jointly operates third-party titles. Its services include game launch, server hosting and maintenance, promotion, customer service, localization, platform access and payment solutions. Advertising products include performance-based, brand and native formats, placed in feeds, beneath video players, Story Mode, comment sections, app-opening pages and website banners; native ads can take the form of advertiser-customized creator videos.[13][14]

Mobile games generated 21.1% of Bilibili’s revenue in 2025; no individual game accounted for more than 10% of total net revenue in 2023–2025.[15] [7]+8

Geographic presence

Bilibili is incorporated in the Cayman Islands, while its operations are conducted primarily in mainland China through PRC subsidiaries and variable interest entities. A majority of revenue from external customers is attributed to the PRC, but no regional revenue percentage or geographic employee distribution is specified.[3][16]

The company’s headquarters are in Shanghai. It reported 8,423 employees as of December 31, 2025.[17][18] [3]+3

Business segments

Bilibili reports one operating segment, rather than separate reportable business segments. Its revenue disclosures divide that business into four categories: value-added services (VAS), advertising, mobile games, and IP derivatives and others.[19]+3

For 2025, VAS contributed approximately 39.3% of revenue, primarily from live-streaming virtual items and premium memberships, along with paid content, fan charging and premium courses. Advertising contributed 33.1%, spanning performance-based, brand and native advertising. Mobile games contributed 21.1%, from games distributed exclusively or operated jointly with third parties. IP derivatives and others contributed 6.5%, primarily from ACG-related merchandise sold through e-commerce.[23]+4 [19]+8

Company history

Bilibili’s origins date to 2009, when founder Yi (Xu) Xu created a video website that launched in June; it was named “bilibili” in January 2010. Commercial operations began in 2011, and the company was founded in 2013.[25]+2

The company broadened its platform in the following years: it launched mobile games in January 2014 and live broadcasting in May 2015, followed by short video in its mobile app in November 2016. In 2014, Bilibili obtained control of Shanghai Kuanyu as part of its expansion.[25]+2

Bilibili’s American depositary shares began trading on Nasdaq in March 2018. That December, it announced an agreement to acquire assets from NetEase Comics, including copyrights to established comic storylines. Its shares began a secondary listing on the Hong Kong Stock Exchange in March 2021, and the Hong Kong listing became primary in October 2022.[30][31] [25]+6

Sources

• Bilibili Inc. — Full financial report (2025 Y)
  22 citations

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• ir.bilibili.com[17]
• ir.bilibili.com[18]
• ir.bilibili.com[27]
• www.bilibili.com[28]
• www.bilibili.com[29]
• ir.bilibili.com[30]
• stockhouse.com[31]