Bilibili Lost 2.68 Billions in its Third Quarter

On Wednesday, Bilibili, China's largest UGC video platform, announced its unaudited fiscal report for Q3 2021.

The company's net revenue totaled 5.2 billion RMB (808 million USD), up 61% from the same period in 2020. The net loss also more than doubled form last year’s 1.1 billion RMB to 2.686 billion RMB.

Bilibili's mobile game revenue reached 1.39 billion RMB, up 9 percent year-on-year. Revenue for its value-added services grew 95% to 1.9 billion RMB comparing to the same period in 2020. These growths were primarily attributed to the company's increasing monetization efforts, attracting more paying subscribers to the Company's value-added services. However, this also means Bilibili’s marketing expenses are growing rapidly to more than 1.6 billion RMB in the three-month period.

Premium membership and live streaming services are the main propellant of Bilibili's revenue.Premium membership and live streaming services are the main propellant of Bilibili's revenue.

The company reached 267 million monthly active users, up 35% from last year, and users spent a record-breaking 88 minutes per day on their services. The average monthly paying users of Bilibili increased 59% year-on-year to 23.9 million, with the paying rate rising to 8.9%. 

In the third quarter, the monthly average number of active content creator reached 2.7 million, up 61% year-on-year. More than 10 million videos were uploaded monthly by average, up 80% comparing to last year. Also, the number of content creators with more than 10,000 followers increased 42 percent. 

Bilibili's advertising revenue also doubled to 1.172 billion yuan during the fiscal period. The top five advertiser categories are from gaming, cosmetics, e-commerce, consumer electronics and food and beverages industries.

By September 30, 2021, Bilibili's total cash flow including cash equivalent time deposits and short-term investments have reached 24.4 billion RMB. 

Bilibilis share value fell more than 7% in pre-market trading on NASDAQ after the Q3 report has published.

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