B站又盈利了，UP主们不靠广告也赚钱了

Core Viewpoint - Bilibili (B站) reported a strong financial performance for Q1 2025, achieving revenue of 7.003 billion RMB, a 24% year-on-year increase, and a net profit of 362 million RMB, marking a significant turnaround from a net loss of 456 million RMB in the same period of 2024 [1][2] Revenue Sources - In Q1, Bilibili's revenue contributions came from value-added services (40%), advertising (29%), gaming (25%), and IP derivatives and other businesses (6%), indicating a healthy and diversified revenue structure [2] - The gaming business saw a remarkable 76% year-on-year growth, generating 1.731 billion RMB, driven primarily by the success of the game "Three Kingdoms: Strategy" [4][5] User Engagement and Growth - Bilibili's average daily active users reached 107 million, with monthly active users hitting a record high of 368 million, and average user engagement time increased to 108 minutes [6] - The number of paying users also reached a new high of 32 million, with over 80% being annual or auto-renewing subscribers [6] Advertising Performance - Advertising revenue for Q1 was 1.998 billion RMB, up 20% year-on-year, with effective advertising revenue growing over 30% [8] - The partnership with CCTV for the Spring Festival Gala significantly boosted user engagement and advertising revenue, contributing to a net increase of 28 million monthly active users [6][8] Creator Monetization - Approximately 1.5 million content creators (UP主) earned income on the platform, with total revenue share costs amounting to 2.671 billion RMB, a 19% increase year-on-year [9] - The charging feature for creators saw a 200% increase in revenue, indicating a growing acceptance among users to pay for quality content [10][14] Strategic Shifts - Bilibili is shifting its gaming strategy from a focus on agency operations to self-developed and long-term operated games, as indicated by the success of "Three Kingdoms: Strategy" [5][6] - The company is exploring new revenue models for creators, enhancing the charging feature to provide more personalized services and support for content creation [10][14]