Internet Content & Information / Online Entertainment
Strategic Profile
User engagement is surging, with daily active users up 9% year-over-year and average time spent rising to 112 minutes. In 2024, Bilibili's revenue was 26.83 billion, an increase of 19.10% compared to the previous year's 22.53 billion, with losses -1.35 billion, down 72.07% from 2023. Recently, the company announced its collaboration with China Central Television (CCTV) for the 2026 Spring Festival Gala, serving as the exclusive barrage video platform for the event.
Cyborg Score Rationale
Bilibili remains a buy, offering differentiated growth and attractive valuation at just 1.7x EV/FY26 revenue. The company has achieved significant profitability improvement and strong user engagement metrics. Strategic partnerships with major platforms like CCTV enhance content distribution reach.
Top Insights
User engagement accelerating with 9% year-over-year growth in daily active users and rising time spent per user
Profitability inflection achieved with losses declining 72% year-over-year in 2024
Strategic CCTV partnership signals mainstream content acceptance and platform maturation
Diversified revenue streams across gaming, advertising, live broadcasting, and content distribution
Named Competitors
YouTube — Global video sharing platform
Kuaishou — Chinese short-form video platform
Weibo — Chinese microblogging and social platform
Recent Developments
(February 2026) Announced exclusive partnership with CCTV for 2026 Spring Festival Gala as barrage video platform
(Q1 2025) Strong earnings delivery with revenue and profit exceeding expectations across all business segments
(2024) Revenue growth of 19.1% year-over-year to $26.83 billion with significant profitability improvement
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