Core Insights - The report analyzes the user generalization and monetization potential of content platforms like Bilibili, Xiaohongshu, and Douyin, highlighting the differences in their content distribution methods and business models [1][2][6]. User Generalization Paths - Content platforms exhibit two paths for user generalization: horizontal generalization into information distribution platforms and vertical integration into cultural brands. Douyin has evolved from a trendy short video community to a nationwide platform, while Bilibili focuses on niche ACG content to build a differentiated ecosystem [1][6][35]. Monetization Models - Information distribution platforms primarily rely on advertising for monetization, with Douyin's annual revenue per daily active user (DAU) significantly higher than its competitors. Xiaohongshu is shifting towards advertising, with projected annual revenue reaching 200 billion by 2030. Bilibili's revenue is expected to grow at a CAGR of 19% over the next three years, driven by ACG-related services [2][7][38]. AI Technology Impact - AI tools are significantly impacting content platforms by reducing production costs and enhancing efficiency, leading to increased content supply. AI also improves traffic distribution and advertising precision, particularly benefiting platforms like Bilibili and Xiaohongshu [2][8]. User Demographics - There are notable differences in user demographics across platforms: Douyin achieves widespread coverage, Xiaohongshu targets urban young women, Bilibili focuses on Generation Z, and Kuaishou has a high proportion of users from lower-tier markets. These differences influence content positioning and commercialization strategies [2][12][16]. Industry Competition - Bilibili and Xiaohongshu are competing in niche markets against Douyin, with projected DAUs reaching 200 million and 300 million, respectively, by 2025. The competition is characterized by differentiated strategies and user engagement approaches [1][35].