Core Insights - Bilibili (B站) has evolved from a niche platform to a comprehensive content platform with over 300 million monthly active users, showcasing a notable commercial monetization strategy [1] Revenue Structure - Bilibili's revenue is diversified across four main pillars: gaming (28%), advertising (26%), value-added services (24%), and e-commerce (22%), effectively reducing risks associated with reliance on a single business line [1] Gaming Business - The company has transitioned to a "self-developed + co-publishing" model, moving away from solely relying on exclusive game licensing. Successful self-developed titles include "Slude" and "Yiluxier: Star Dawn" [3] - Collaborations with over 100 game developers have led to a portfolio of over 800 mobile games, utilizing a revenue-sharing model [3] Advertising Innovations - Bilibili has introduced innovative advertising formats such as bullet screen ads and interactive voting ads, which differ from traditional advertising methods. The Story-Mode vertical video format has contributed to a 36% year-on-year increase in advertising revenue for Q2 2023 [3] - Brand collaborations with content creators (UP主) through blue chain ads have shown a 47% higher conversion rate compared to traditional ads [3] Value-Added Services - As of June 2023, Bilibili's premium membership has surpassed 21 million, reflecting a 29% year-on-year growth. The platform has introduced tiered subscription services like "Classroom Membership" and "Comic Membership" [3] - The live streaming segment has maintained over 20% growth in value-added service revenue for eight consecutive quarters, driven by virtual gifts and paid live rooms [3] - The "Workshop" feature allows creators to sell digital works, with a 30% platform commission, attracting over 100,000 artists in its first year and achieving a maximum sale price of 120,000 yuan for a single piece [3] E-commerce Strategy - Bilibili's e-commerce approach integrates content consumption with shopping, featuring member purchases, UP主 stores, and offline events, enhancing the synergy between e-commerce and content [4] - The member purchase program, focusing on ACG merchandise, has seen limited pre-sales sell out rapidly due to collaborations with over 200 copyright holders [4] User Demographics and Brand Engagement - The platform's "breaking the circle" strategy has expanded its user base, with users aged 30 and above increasing from 15% in 2020 to 28% in 2023, enhancing brand advertising premium capabilities [4] - Traditional industry clients, such as educational institutions and automotive brands, have increased their advertising spending on Bilibili by over 200% in the past two years [4] Community Culture and Commercialization - Bilibili maintains a unique community culture by limiting traditional ads, adhering to the "content is advertising" philosophy, and implementing creator incentive programs and algorithmic recommendations [4] - The company's commercialization journey is likened to a marathon rather than a sprint, emphasizing a sustainable "content-user-business" cycle that offers a new reference model for internet community platforms [4]