TLDR:
Bilibili is an online video platform that hosts various user generated content, fostering a dedicated community initially built around ACG (anime, comics, and games). Since then, the platform has broadened its user base to cover a diverse set of interests and added live streaming, gaming, and e-commerce. Below we give a brief overview of Bilibili and dive into how we think about analyzing and valuing each of its businesses.
Table of Contents:
Product Primer/Introduction
Background
Service
Monetization
Advertising
Gaming
VAS (Value Added Services)
E-commerce and other
The Thesis
Unit Economics Revenue Build
Advertising
Mobile Gaming
Value Added Services (VAS)
E-commerce
Mature Margin Structure
Gross Margin
S&M
NOPAT
Valuation
Risks
Model Summary