Bilibili, a leading online entertainment platform focus on Generation Z in China, reported 69% growth of net revenues (2,315.5 million yuan or US$327.0 million) in the first quarter of 2020.
Revenues from mobile games were RMB1,150.6 million (US$162.5 million), representing an increase of 32% from the same period of 2019. The increase was primarily due to the increasing popularity of both existing and newly launched mobile games.
Revenues from VAS including live streaming revenues were RMB793.6 million (US$112.1 million), representing an increase of 172% from the same period of 2019, mainly attributable to the itss enhanced monetization efforts, led by increases in the number of paying users for the premium membership program, live broadcasting services, and other value-added services.
Revenues from advertising were RMB214.3 million (US$30.3 million), representing an increase of 90% from Q1 2019. This increase was primarily attributable to the increasing number of advertisers, which was driven by further recognition of Bilibili’s brand name in China’s online advertising market.
Revenues from e-commerce and others were RMB157.1 million (US$22.2 million), representing an increase of 64% from the same period of 2019, primarily attributable to the increase in sales of products through the e-commerce platform.
Bilibili’s average monthly active users (MAUs) reached 172.4 million, and mobile MAUs reached 156.4 million, representing increases of 70% and 77% YoY, respectively.
Its average daily active users (DAUs) reached 50.8 million, a 69% YoY. And, the average monthly paying users (MPUs) reached 13.4 million, a 134% increase from the same period in 2019.
The paying users include users who paid for games, live streaming, premium membership, Bilibili Comic and Maoer, and exclude duplicates of users paid for multiple services other than users of Maoer.
In Q1 2020, the daily time spent per user soared to a record high level of 87 minutes while its monthly active content creators and their content submissions more than doubled compared with the same period last year.
In April, Bilibili brought their long-standing partnership with Sony to the next level with its equity investment and business collaboration plans.
Net loss was RMB538.6 million (US$76.1 million), compared to RMB195.6 million in Q1 2019. Basic and diluted net loss per share was RMB1.62 (US$0.23), compared to RMB0.60 in Q1 2019. Adjusted basic and diluted net loss per share were RMB1.43 (US$0.20), compared to RMB0.44 in Q1 2019.
For the second quarter of 2020, Bilibili currently expects net revenues to be between RMB2.50 billion and RMB2.55 billion.