Bilibili narrows loss by 38%, rejects claims of creator exodus
Chinese video-sharing platform Bilibili posted a flat first-quarter revenue of RMB 5.1 billion ($738.2 million) on Thursday compared to the same period last year. However, the company managed to significantly narrow its net loss by 38% to RMB 629.6 million.
Chinese video-sharing platform Bilibili posted a flat first-quarter revenue of RMB 5.1 billion ($738.2 million) on Thursday compared to the same period last year. However, the company managed to significantly narrow its net loss by 38% to RMB 629.6 million. The company attributed this improvement to a reduction in revenue costs and operating expenses, which decreased by 7% and 11% respectively during the quarter. Notably, Bilibili’s revenue-sharing costs dropped by RMB 500 million to RMB 2 billion compared to the previous quarter. In response to a widely-shared article in April that suggested a creator exodus from the platform, CEO Chen Rui dismissed the claims as “clickbait” on an earnings call. He stated that two out of the three creators mentioned in the article “have released new content since then,” contradicting the notion of a mass departure. [Bilibili announcement]