【Watch Metamorphoses Online】
Chinese video site Bilibili released its financial report for the second quarter of 2023 on Watch Metamorphoses OnlineAugust 17. The report shows that Bilibili’s second-quarter revenue reached RMB 5.3 billion ($731.5 million), marking an 8% year-on-year growth, slightly exceeding the market’s expectation of RMB 5.2 billion. Among the revenue streams, value-added services accounted for RMB 2.3 billion, showing a 9% year-on-year growth, and advertising revenue stood at RMB 1.6 billion, indicating a 36% year-on-year increase. However, mobile game revenue was RMB 890 million, a 15% year-on-year decline. Additionally, revenue generated from IP derivatives and other businesses totaled RMB 538.7 million, marking a 10% year-on-year drop. Bilibili attributed its downward revision of full-year revenue expectations, ranging between RMB 22.5 billion and RMB 23.5 billion, to the delayed release of several mobile games and lower-than-expected contributions from non-core businesses. In the second quarter, Bilibili’s net loss was RMB 1.5 billion ($213.5 million), a 23% year-on-year drop. During the second quarter, the daily active users on the video platform reached 96.5 million, marking a 15% year-on-year growth, while monthly active users reached 324 million. The daily average usage time of users was 94 minutes, driving a 22% year-on-year increase in total usage time. [Bilibili filing, in Chinese]
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