DOCSLIB.ORG

Bilibili 1Q19 Investor Presentation-Fina

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Bilibili 1Q19 Investor Presentation-Fina Investor Presentation May 2019 1 Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the Outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward- looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law. 2 Enrich the everyday life of young generations in China 1.37bn 101.3mm 88.6mm 81min Revenue Mobile MAU (2) MAU (1) in 19Q1 Avg. daily time spent in 19Q1 (RMB) in 19Q1 in 19Q1 : 3 Our rapid growth Rapid user base expansion lays a solid foundation for fast revenue growth MAU (mm) Net revenue (RMB mm) 1,374 101 1,156 93 93 1,079 1,027 85 77 868 74 72 65 728 734 57 583 424 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 4 Gen Z represents the future of online entertainment 328mm Gen Z | 24% of total population in China people born from 1990 to 2009 Gen Z is the key driving force of Gen Z outgrows overall China’s online entertainment market China’s online entertainment market Market size (RMB bn) Gen Z’s contribution 678.7 Deep user penetration Gen Z CAGR 33% 314.7 Extensive time spent 62% Strong willingness to pay 55% 2017 2020E 5 The story Efficient with tremendous upside Commercialization Ever-growing supply of Highly engaged user generated content Gen Z and sticky Content Community 6 Content Community Commercialization We have become the welcoming home of diverse interests... Pop Culture Celebrity Entertainment Science NO.1 (1) Vlog Technology Lifestyle NO.5 (1) NO.2 (1) Electronics ACG Fashion Anime, Comic and Game Anime Game Cosplay E-Sports (1) (1) NO.4 NO.3 Domestic Anime Mobile Games Notes: (1) Ranked by video views in March, 2019 7 Content Community Commercialization …And ever-growing supply of creative PUG videos Talented Content Creators Number of Monthly Average Active Content Creators (‘000) 150% 732 293 Createreate Encourage 18Q1 19Q1 89%(1) High-quality Content Creation Loyal Fan Base total video views Number of Monthly Video Submissions Number of Content Creators with more than 10,000 Fans (‘000) contributed by PUG 2,081 130% videos 76% 905 18Q1 19Q1 Mar 312018 Mar 312019 Notes: Engage (1) In 19Q1 8 Content Community Commercialization Continuous support to content creators in all layers VIP Service Maximize influence Power Alliances Unlock commercial value Top Top 100 UP Award Reward Better incentive Middle Cash Incentive Program (130,000+ enrolled) Better recognition New Tutor Higher quality New Star Project production UP Academy Casual Tools Mobile Content Easier to create Submission 9 Content Community Commercialization We also have a expansive OGV Library Animation Documentary TVMovies and Variety shows 10 Content Community Commercialization We fostered highly engaged and sticky communities Highly engaged users 514mm avg. daily video views in Q1 93% YoY growth 1.4bn interactions(1) generated monthly in Q1 361% YoY growth Notes: (1) Interactive features such as bullet-chats, commentaries, following, favorites, sharing, bilibili moment posts, virtual gifting and like etc. 11 Content Community Commercialization We fostered highly engaged and sticky communities And even more loyal official members 49mm official members (1) ~80% 12th-month retention rate (1) 39% YoY growth 100% 90% 80% 70% 60% 50% 0 3 6 9 12 2017 Apr 2017 May 2017 Jun 2017 July 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2018 Jan 2018 Feb 2018 Mar Notes: (1) As of Mar 31, 2019. To become an official member, user needs to take and pass a community entrance exam consists of 100 questions covering community etiquette and various topics 12 Content Community Commercialization Commercialization comes naturally: massive user demand intersects with high quality supply Demand Supply Efficient match Large and engaged driven by Mobile Games user base big data insights Advertising with of user interests and Live Broadcasting strong willingness to pay behaviors Value Added Services …. We understand users’ demand… …and we offer the right content and services 13 Content Community Commercialization Compelling core competency of our mobile game business We have massive gamers We know what they want Ability to pick and operate User interest & behavior 1 Self developed Game is 3rd most popular video quality user data genre on our platform 13 Exclusively distributed Game-themed live broadcasting is also well received 500+ Jointly Customized game recommendation operated 2019 Launched Approved and upcoming More in the pipeline Chapter 2.0 Majority of our games users are directly converted from our platform 14 Content Community Commercialization Robust game revenue growth and strong pipeline Up 27% YOY RMB (mm) 873 791 744 688 713 600 617 492 349 15 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 Content Community Commercialization Live broadcasting & VAS: multi-faceted commercialization Bilibili Comic Pay to view comic platform Live broadcasting Premium membership Maoer Natural extension of our Enjoy exclusive or advanced Premium diversified content platform high quality content audio drama platform 16 Content Community Commercialization Live broadcasting: Design to cater Bilibili users’ needs We offer a wide array of content to satisfy our users’ growing demands in games and entertainment …. …. Mobile Games PC Games Console Games E-sports Talents VTubers Pets Audios Massive user base on Bilibili platform High willingness to pay for happiness and appreciation Live broadcasting valid MAU(1) Live broadcasting quarterly paying user(2) (mm) (mm) 1.2 11.4 7.5 0.5 18Q1 19Q1 18Q1 19Q1 Note: (1) Valid MAU is calculated by number of users who visited live broadcasting rooms for over 5 minutes (2) Quarterly paying users are calculated by number of users who paid for live broadcasting services at least once during each period 17 Content Community Commercialization Live broadcasting & VAS revenue: strong growth with great potential Up 205% YOY RMB (mm) 292 202 169 119 96 54 41 43 38 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 18 Content Community Commercialization Brand & Performance-based advertising: two growth engines Gen Z is the golden cohort Customized performance-based ads well chased by brand advertisers help advertisers reach and convert target audiences 19 Content Community Commercialization Advertising revenue: strong growth with great potential RMB (mm) Up 191% Up 60% YOY YOY 463 112 70 159 FY17 FY18 18Q1 19Q1 Brand Ads Performance-based Ads Brand Ads Performance-based Ads 20 OUR FINANCIALS 21 Expanding user base and increasing paying ratio Total MAUs (1) Impressive growth of paying users (2) (mm) MPUs / MAUs (%) Y-o-Y Growth % 31% 2018 | 3.8% 18Q1 | 3.2% 19Q1 | 5.7% MPUs (thousands) 5,743 101 93 93 85 4,416 77 74 72 65 3,540 57 2,966 2,473 1,073 1,174 1,109 854 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 Notes: (1) Average monthly active users for each of the quarters (includes both PC and mobile). Starting from the first quarter of 2019, we count mobile MAUs of Bilibili Comic and Maoer towards our MAUs. Bilibili Comic is a mobile application offering comic content the Company launched in November 2018. Maoer is a platform that offers audio drama. In December 2018, Company increased its shareholdings to 80.5% in Maoer Inc., operator of Maoer app. In the first quarter of 2019, Bilibili Comic and Maoer in an aggregate contributed to 3.2 million of our MAUs. (2) Calculated as average monthly paying users (MPU)
Load more

Recommended publications
  • Ipo Analysis
    IPO ANALYSIS Zscaler Research on potential upcoming IPOs from Bilibili Spotify selected candidate companies. March 2018 VentureDeal Zscaler Files Terms For $110 Million IPO Quick Take Zscaler (ZS) intends to raise $110 million in a U.S. IPO, according to an amended S-1/A regulatory filing. The company has developed a suite of cloud security software offerings for the enterprise market. ZS management is proposing to price the IPO at a rich valuation and without demonstrating a path to profitability. My opinion is to AVOID the IPO at the current price. Perhaps institutional buyers will persuade management of their excessive valuation expectations. Alternatively, if the IPO fizzles, interested investors may be able to pick up a bargain post-IPO. Company Recap San Jose, California-based Zscaler was founded in 2007 to offer a range of internet and hybrid security capabilities to businesses of all sizes. Management is headed by co-founder and CEO Jay Chaudhry, who was previously Chief Strategy Officer at Secure Computing and founder & CEO of CipherTrust. The company has developed a robust partner network for both referrals & resellers and internet service providers. Investors have funded $148 million in several rounds and include TPG Capital (8.7% pre-IPO). CEO Chaudhry and affiliates own 54.3% of company stock pre-IPO. Technology Zscaler has created a suite of cloud security solutions in the following categories: Zscaler Internet Access • Secure Web Gateway • Cloud Firewall • Cloud Sandbox • Bandwidth Control • Data Loss Prevention Zscaler Private Access • For Amazon Web Services (AMZN) • For Microsoft Azure (MSFT) Zscaler Platform • Cloud Architecture • SSL Inspection • Data Privacy & Security • Zscaler App Below is a brief company promotional video: (Source:Zscaler) Market According to a December 2017 Gartnermarket research report, it forecasted that global security technology spending would reach $96 billion in 2018, representing an increase of 8% over 2017.
    [Show full text]
  • Bilibili Inc
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2021 Commission File Number: 001-38429 Bilibili Inc. Building 3, Guozheng Center, No. 485 Zhengli Road Yangpu District, Shanghai, 200433 People’s Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ INCORPORATION BY REFERENCE Exhibit 99.1 and exhibit 23.1 to this current report on Form 6-K are incorporated by reference into the registration statement on Form F-3 of Bilibili Inc. (File No. 333-230660) and Form S-8 (No. 333-226216), and shall be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished. EXHIBITS Exhibit 23.1 Consent of Shanghai iResearch Co., Ltd. Exhibit 99.1 Bilibili Inc. Supplemental and Updated Disclosures SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
    [Show full text]
  • Prospectus Supplement and Plan to File a Final Prospectus Supplement with the SEC to Register the Sale of Shares Under the U.S
    ai16158914263_Project S6 cover_ENG_03_20mm spine HR.pdf 1 16/3/2021 18:43:46 GLOBAL OFFERING Stock Code: 9626 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) Stock Code: 9626 Stock Joint Sponsors, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers Joint Bookrunners and Joint Lead Managers Joint Lead Managers IMPORTANT If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Bilibili Inc. (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under the Global Offering : 25,000,000 Offer Shares (subject to the Over-allotment Option) Number of Hong Kong Offer Shares : 750,000 Offer Shares (subject to adjustment) Number of International Offer Shares : 24,250,000 Offer Shares (subject to adjustment and the Over-allotment Option) Maximum Public Offer Price : HK$988.00 per Offer Share, plus brokerage of 1.0%, SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund) Par Value : US$0.0001 per Share Stock Code : 9626 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers Joint Bookrunners and Joint Lead Managers Joint Lead Managers Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.
    [Show full text]
  • System: Pipeline Performance Enhancement
    Cross Cultural Analysis System Improvements Guandong Liu Yiyang Zeng Columbia University Columbia University [email protected] [email protected] 1 Introduction Cross-cultural analysis investigates the new task of determining which textual tags are preferred by different affinity groups for news and related videos. We use this knowledge to assign new group-specific tags to other videos of the same event that have arisen elsewhere. We map visual and multilingual textual features into a joint latent space using reliable visual cues, and determine tag relationships through deep canonical correlation analysis (DCCA). We are interested in any international events such as epidemics and transportation disasters and detect country-specific tags from different countries’ news coverage [1]. Our current pipeline is able to collect data, preprocess data, and analyze data. This semester, we investigated and improved system performances in different aspects to make it more reliable and flexible. This report consists of two parts: the first part gives a thorough overview to the whole pipeline and the second part talks about several bug fixes and performance improvements of the current system. 2 Pipeline User Manual This section gives a thorough overview to the whole pipeline and goes through each step with AlphaGo in Chinese and English task as an example. 2.1 Get Video Metadata The pipeline starts from getting video metadata from various sources. In our experiments, we got video metadata about AlphaGo from Chinese sources (Tencent, Iqiyi, Youku, BiliBili) and English source (YouTube). Note that to get video metadata from YouTube, one must first enable YouTube Data API and get own API credentials (key.txt is the API credentials).
    [Show full text]
  • Reaching China's Video Crowd with the Power of Bilibili
    www.nativex.com REACHING CHINA’S VIDEO CROWD WITH THE POWER OF BILIBILI. The YouTube of China 01 02 What is Bilibili? Key facts & stats 03 04 Fun facts about Bilibili The GenZ community hub: Bilibili user profiles & demographics 05 06 Promoting your apps Bilibili’s benefits or brands on Bilibili in a nutshell 07 08 Advertising on Bilibili: How we can help step-by-step guide 01 WHAT IS BILIBILI? What is Bilibili? Bilibili is one of China’s hottest emerging video platforms. Having almost tripled its audience in the last couple of years, Bilibili is now an entertainment power house that has expanded outside its ACG (anime, comics, games) roots to include support for e-commerce, technology, and lifestyle content. Bilibili’s focus on user generated content, along with innovative features like bullet comments, make it one of the most used video apps by China’s youth today. Thanks to its similar users, features, and functionality, some say that Bilibili is the YouTube of China. Bilibili is in a unique position on the Chinese market, as it’s backed by both Alibaba and Tencent (7.2% and 13.3% of shares, respectively), as well as Japanese giant Sony (4.98%). 01 02 KEY FACTS & STATS Key facts & stats Bilibili has shown incredible growth over the past few years. Let’s look at some of their most recent numbers from their Q1 2020 financial results: Mobile vs. Desktop user distribution: 172.4 million Total MAUs 88 % 12% (70% year-on-year growth) 156.4 million 50.8 million 13.4 million Mobile MAUs DAUs Monthly Paying Users (77% year-on-year growth) (69% year-on-year growth) (134% year-on-year growth) $327million Net Revenue 87minutes (69% year-on-year growth) average daily time spent on the app 02 03 FUN FACTS ABOUT BILIBILI 1.
    [Show full text]
  • Bilibili (BILI): a Leader in ACG with Room to Grow
    JAGUAR MEDIA SEPT 8TH, 2020 “CHINESE TECH DEMYSTIFIED” SERIES – EPISODE 5 Bilibili (BILI): A leader in ACG with room to grow Bilibili is often labeled as China’s version of YouTube, but that comparison is only half-accurate. Fundamentally, it is a video sharing and vlogging platform. But if we dig a little deeper, we will find that it caters almost exclusively to a dedicated under-30’s crowd while shunning older audiences, and the video content is overwhelmingly focused on animation, comics, and games (or ACG in short), fashion, pop culture, and music. No news, no politics, no academic discourse, no finance, none of that mundane stuff. Bilibili was founded in 2009 with the intention of being a worthy ACG competitor to AcFun (recall AcFun is the former parent company of DouYu). Bilibili’s founder Xu Yi was formerly a top user with a huge following on AcFun, but grew increasingly frustrated over time with community and website-related issues. And following a series of high-profile disagreements with AcFun management, he decided to sever ties and create Bilibili on the back of funding from now-CEO Chen Rui, a games/animation-loving billionaire investor who currently owns over 20% of the company. Before long, Bilibili saw significant traffic, enough to challenge AcFun’s. Due to this rivalry and history, Bilibili is commonly referred to by the Chinese internet community as “B Site” or “Station B”, while AcFun is nicknamed “A Site” or “Station A”. Fun fact: The word “Bilibili” doesn’t have any literal meaning. Rather, it is a playful reference to a main character from A Certain Scientific Railgun, a popular comic/animation series at the time, whereby “Bilibili” is the sound she makes when firing her weapon.
    [Show full text]
  • Chinese Companies Listed on Major U.S. Stock Exchanges
    Last updated: October 2, 2020 Chinese Companies Listed on Major U.S. Stock Exchanges This table includes Chinese companies listed on the NASDAQ, New York Stock Exchange, and NYSE American, the three largest U.S. exchanges.1 As of October 2, 2020, there were 217 Chinese companies listed on these U.S. exchanges with a total market capitalization of $2.2 trillion.2 3 Companies are arranged by the size of their market cap. There are 13 national- level Chinese state-owned enterprises (SOEs) listed on the three major U.S. exchanges. In the list below, SOEs are marked with an asterisk (*) next to the stock symbol.4 This list of Chinese companies was compiled using information from the New York Stock Exchange, NASDAQ, commercial investment databases, and the Public Company Accounting Oversight Board (PCAOB). 5 NASDAQ information is current as of February 25, 2019; NASDAQ no longer publicly provides a centralized listing identifying foreign-headquartered companies. For the purposes of this table, a company is considered “Chinese” if: (1) it has been identified as being from the People’s Republic of China (PRC) by the relevant stock exchange; or, (2) it lists a PRC address as its principal executive office in filings with U.S. Securities and Exchange Commission. Of the Chinese companies that list on the U.S. stock exchanges using offshore corporate entities, some are not transparent regarding the primary nationality or location of their headquarters, parent company or executive offices. In other words, some companies which rely on offshore registration may hide or not identify their primary Chinese corporate domicile in their listing information.
    [Show full text]
  • Flywheel Models + Iqiyi (NASDAQ: IQ) an Investment Case Study by Hayden Capital Valuex Vail | June 27-29, 2018
    Flywheel Models + iQiyi (NASDAQ: IQ) An Investment Case Study By Hayden Capital ValueX Vail | June 27-29, 2018 Hayden Capital 79 Madison Ave, 3rd Floor New York, NY. 10016 Office: (646) 883-8805 Mobile: (513) 304-3313 Email: [email protected] Disclaimer These materials shall not constitute an offer to sell or the solicitation of an offer to buy any interests in any fund or account managed by Hayden Capital LLC (“Hayden Capital”) or any of its affiliates. Such an offer to sell or solicitation of an offer to buy will only be made pursuant to definitive subscription documents between a fund and an investor. The fees and expenses charged in connection with the investment may be higher than the fees and expenses of other investment alternatives and may offset profits. No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her investment. Investment results may vary substantially over any given time period. Reference and comparisons are made to the performance of other indices (together the “Comparative Indexes”) for informational purposes only. Hayden Capital’s investment program does not mirror any of the Comparative Indexes and the volatility of Hayden Capital’s investment strategy may be materially different than that of the Comparative Indexes. The securities or other instruments included in the Comparative Indexes are not necessarily included in Hayden Capital’s investment program and criteria for inclusion in the Comparative Indexes are different than those for investment by Hayden Capital. The performance of the Comparative Indexes was obtained from published sources believed to be reliable, but which are not warranted as to accuracy or completeness.
    [Show full text]
  • Key Trends in China's Online Video Industry
    KEY TRENDS IN CHINA’S ONLINE VIDEO INDUSTRY April 2021 1 ONLINE VIDEO PENETRATION APPROACHES 94% OF INTERNET USERS TRACKING INTERNET & ONLINE VIDEO USER TRENDS Penetration of Internet Users 94% 89% 62% 1,200 989 1,007 927 942 1,000 880 873 900 829 802 725 800 709 617 624 549 600 501 499 Total users (mil.) 400 200 0 2018 2019 2020 Q1 2021 Internet Users Online Video Users Short Video Users Livestreaming Users Source: Company data, Media Partners Asia 2 SHORT VIDEO DRIVING CONSUMPTION SHARE OF VIDEO USER TIME SPENT 100% 9% 9% 22% 19% 20% 3% 3% 90% 24% 3% 3% 3% 3% 2% 80% 2% 3% 2% 3% 3% 8% 8% 4% 2% 5% 10% 9% 70% 13% 8% 9% 12% 4% 5% 60% 15% 66% Of 24% 12% 50% 23% 27% 27% Streaming Time 19% Spent On Top 3 40% 20% Short Video 30% 27% 28% 15% Platforms 20% 33% 34% % of Online Video Time Spent Time Video Online of % 26% 14% 10% 9% 15% 0% 1% 0% 2016 2017 2018 2019 2020 Q1 2021 Douyin Kuaishou WeChat Channel Video iQIYI Tencent Video Youku Mango TV Bilibili Others Source: Company data, Media Partners Asia 3 RATE INCREASES SUPPORT SVOD ARPUS, MORE UPSIDE ON AD ARPUS MONTHLY ARPU PER DAU (KEY DIGITAL COMPANIES) ADVERTISING REVENUE PER DAU (KEY VIDEO PLATFORMS) 35 70 30 60 Ad monetization per DAU for most video platforms Platforms such as Bilibili 25 50 is still fairly low, but and WeChat Channel Video upside may be limited due still significantly 40 20 to slowing industry undermonetized US$ US$ 65.1 growth 15 Recent rate hikes led 30 by iQIYI and Tencent Low monthly ARPU implies upside 21.6 10 Video on membership fees for most 20 Chinese platforms Average 5 10 20.4 7.5 12.3 11.8 10.9 10.7 4.9 6.8 3.8 2.9 2.8 2.5 0 1.0 0 Alibaba Tencent Baidu iQIYI Bilibili Kuaishou Weibo Douyin Youku Mango Kuaishou iQIYI Tencent Bilibili WeChat TV Video Channel Note: Video 1) Monthly ARPU reflects consumer spend, and excludes advertising.
    [Show full text]
  • An Analysis on a Youtube-Like UGC Site with Enhanced Social Features
    An Analysis on a YouTube-like UGC site with Enhanced Social Features Adele Lu Jia Siqi Shen Information and Electrical School of Computer Engineering Department National University of Defense China Agricultural University Technology, China [email protected] [email protected] Shengling Chen Dongsheng Li Alexandru Iosup School of Computer School of Computer Distributed Systems Group National University of Defense National University of Defense Delft University of Technology, Technology, China Technology, China the Netherlands [email protected] [email protected] [email protected] ABSTRACT and form a billion dollar global industry [3]. Given the scale, YouTube-like User Generated Content (UGC) sites are nowa- dynamics, and decentralization of the contents provided by days entertaining over a billion people. Resource provision individual users and the gradually shifting user interests, is essential for these giant UGC sites as they allow users two fundamental questions for maintaining and growing such to request videos from a potentially unlimited selection in UGC sites are that, in the system level, how to perform re- an asynchronous fashion. Still, the UGC sites are seeking source provision so as to achieve smooth user viewing ex- to create new viewing patterns and social interactions that periences, and that, in the application level, how to design would engage and attract more users and complicate the al- enhanced features that will benefit user retention and at- ready rigorous resource provision problem. In this paper, we traction. In this paper, we seek to combine these two tasks seek to combine these two tasks by leveraging social features by leveraging social features to provide the reference for the to provide the reference for resource provision.
    [Show full text]
  • Bilibili Inc. (BILI)
    Bilibili Inc. (BILI) Cornell Hedge Fund | Global Macro Fund FA 2020 Fund Manager: Willa Chen Analysts: Alyssa Lee, Brandon Amtzis, Echo Li, Rishab Yeddula Table of Contents Investment Thesis 3 Industry Overview 5 Company Overview 7 Catalysts 11 Risks & Mitigants 15 Valuation 17 Final Recommendation 22 Appendix 25 2 Investment Thesis 3 Investment Thesis Company Overview Catalysts • Bilibili Inc., also called B-Site, is a Shanghai-based video sharing 1 Versatile User Acquisition Strategies and online streaming platform which offers advertisement, gaming, and e-commerce services to over 130 million users • Founded in 2010 and listed on NASDAQ in 2018 2 Advertisement Monetization via Diversified Channels • Core features include user-generated content and real-time bullet captioning system Danmu popular with young consumers 3 $1.5bn Hong Kong Secondary IPO in 2021 Statistics & Fundamentals Valuation Current ADR Price ADRs Outstanding Market Cap $44.20 347.4M RMB 101.8B Levered Beta P/S Revenue (TTM) 1.63 6.97x RMB 8.8B Investment Thesis: BUY We recommend a BUY for BILI at $44.20 with a target share price of $58.00, implying a 31.2% upside over a 12-month investment horizon. Significant user acQuisition and monetization potential, in addition to a planned secondary listing in Hong Kong, are key drivers to accelerate Bilibili’s rapid growth and strengthen the firm’s position as the most diversified and youth-conscious online streaming platform in the Chinese market. Sources: Capital IQ, Equity research reports (Credit Suisse, Huatai, Jefferies,
    [Show full text]
  • The Profiting Modes of China's Online Video Platforms
    Advances in Social Science, Education and Humanities Research, volume 517 Proceedings of the 6th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD 2020) The Profiting Modes of China’s Online Video Platforms ——A Case Study of iQIYI Shifen Wang* and Jiamiao Ye School of Economics, Shanghai University, Shanghai 200444, China *Corresponding author. Email: [email protected] ABSTRACT From 2004 to 2020, the online video platforms in China have developed for 17 years. After the early stage of wild growth, the industry entered the stage of normal development. The IPOs of iQIYI and Bilibili in Nasdaq demonstrated the potential of China’s online video platforms. However, the platforms, including the leaders like iQIYI and Tencent Video, are still losing money in the background of increased investments. The successive losses are harmful to the future development so that it is especially important to study how to improve the profiting modes of the online video platforms. After introducing the development of China’s online video platforms, the essay conducts a case study of iQIYI, which includes the development stages, the key elements of its profiting mode. Finally, in the summary of the case study, the advantages of iQIYI are introduced: strategic investment vision, unique IP liquidity ability and cross-platform cooperation awareness. Keywords: China’s online video platform, Mode of profitability, iQIYI. 1. INTRODUCTION high cost and unclear profiting mode, were heavily struck by the want of financing. Some 400 mid-to-small From 1994 when China got access to the internet, it platforms bankrupted. This was the second wave of re- experienced three waves: first, 4 big searching engines; shuffle.
    [Show full text]