Overview

Bilibili is a Shanghai-based Chinese online video and digital-entertainment platform. It began as a fan community associated with animation, comics, games, and Japanese pop culture, then developed into a broad video service covering entertainment, music, dance, gaming, technology, science, fashion, documentaries, films, television, sports, and original programming. Its defining interface is danmaku, or scrolling comments that appear across the video at the moment they were posted. The feature gives viewing a strongly collective character: users watch the same material while reacting to it together, and creators can moderate or remove individual comments. The service traces its origins to Xu Yi's 2009 creation of Mikufans.cn, a community established during disruption at the Chinese video site AcFun. The site was renamed and relaunched as Bilibili in January 2010, taking its name from the nickname of Mikoto Misaka, a character from the anime A Certain Scientific Railgun. Early Bilibili was a relatively specialized ACG community with a strong user identity, informal culture, and systems designed to restrict participation and preserve moderation capacity. Over time, it expanded beyond its original niche and became a mainstream Chinese over-the-top video platform. Bilibili's business combines advertising, paid memberships, live streaming, mobile games, virtual items, e-commerce and other services connected with its creator community. Most viewing is free, although selected videos and early-access programming may require membership or payment. Users can earn or use platform currencies and creators can build audiences through uploads, live broadcasts, fan interaction, and participation in events. Bilibili also operates or has operated gaming and esports activities, including Bilibili Gaming, and has invested in animation production and original variety programming. The company has pursued partnerships and content-rights arrangements with major entertainment businesses. Its activities have included cooperation with Sony around anime and mobile games, licensing of sports and entertainment programming, and investment in animation production. Bilibili has also created large offline events, including Bilibili Macro Link and Bilibili World, which extend the online community into concerts, conventions, creator appearances, virtual idols, and fan gatherings. Bilibili became a public company in the United States in 2018 and later completed a secondary listing in Hong Kong. It remains identified with younger Chinese internet users, but its audience and content categories are substantially broader than the original ACG niche. The company operates within China's regulatory environment, including rules concerning copyright, user-generated content, livestreaming, minors, advertising, and online comments. As a result, its growth has been accompanied by continuing investment in moderation, copyright compliance, content review, and community governance.

History

Bilibili's origins lie in the Chinese ACG internet community. In the first half of 2009, instability and internal conflict at AcFun contributed to a period in which the site was unavailable for an extended time. Xu Yi, an AcFun user known online as ⑨bishi, used that opportunity to establish Mikufans.cn on 26 June 2009. The site was initially associated with Hatsune Miku fandom. As its audience grew, Xu Yi changed its focus toward video sharing and relaunched it as Bilibili on 14 January 2010. The name referred to Mikoto Misaka, a character from A Certain Scientific Railgun, and the service retained many cultural references to Japanese animation. The early platform was built around a specialist community rather than mass-market video. It emphasized user participation, strict registration practices, comment etiquette, volunteer and staff moderation, and the distinctive danmaku interface. In this system, comments move across the video as synchronized visual responses. The design became a central part of Bilibili's identity and differentiated it from conventional streaming services. The company changed its domain from bilibili.us to bilibili.tv in 2011, and Xu Yi established Hangzhou Huandian Technology to develop and operate the service. Bilibili encountered licensing and regulatory constraints while it was still small. In 2012, it obtained an arrangement to webcast Chinese-subtitled episodes of Fate/Zero in cooperation with Nico Nico Douga, but the program was stopped after three episodes because of authorization and broadcasting issues. Hangzhou Huandian Technology was fined by local authorities. Bilibili subsequently displayed Shanghai Media Group-related branding and used associated content-licensing arrangements in an effort to reduce legal risk. These events helped establish copyright and regulatory compliance as continuing operational concerns. The company entered a more structured expansion phase in the middle of the 2010s. Chen Rui, an early community member and investor, became chairman and chief executive in November 2014. Bilibili broadened beyond animation, comics, and games into music, dance, science, technology, fashion, documentaries, variety shows, drama, film, and original programming. It launched paid membership in 2016, introduced more formal account sanctions, and created a community discipline committee in 2017. These systems attempted to preserve a participatory culture while managing a rapidly enlarging user base. Bilibili also expanded through sports, gaming, and offline entertainment. It sponsored the Shanghai Sharks basketball team in 2016 and acquired the League of Legends team formerly known as IM in 2017, renaming it Bilibili Gaming. It obtained important League of Legends broadcasting rights in 2018 and acquired the Hangzhou Spark Overwatch League team that year. The company filed for a United States offering in 2018 and began trading on Nasdaq on 28 March. It later developed anime and game cooperation with Sony, participated in original television and variety production, acquired the parent company of Haoliners Animation League in 2021, and completed a Hong Kong secondary listing in March 2021. Bilibili's present identity combines free and paid video, live streaming, games, creator services, sports, animation, and community events. Its annual New Year Festival, Bilibili Macro Link concerts, and Bilibili World convention translate online fandom into physical programming. The service has nevertheless remained subject to Chinese rules on copyright, content review, advertising, livestreaming, minors, and political material. Its evolution is therefore both a story of mainstream commercialization and of continuing attempts to manage the cultural and regulatory tensions created by a large interactive platform.

2021
Hong Kong secondary listing
[1]Bilibili - Wikipediaen.wikipedia.org
Bilibili lists on the Hong Kong Stock Exchange after its United States listing.
2020
Sony investment
[2]Sony Corporation of America investment announcementsony.com
Sony announces a minority investment and cooperation in anime and mobile games.
2018
Nasdaq listing
[1]Bilibili - Wikipediaen.wikipedia.org
Bilibili becomes publicly traded on Nasdaq on 28 March.
2017
Bilibili Gaming is formed
[1]Bilibili - Wikipediaen.wikipedia.org
Bilibili acquires the IM League of Legends team and rebrands it as Bilibili Gaming.
2016
Paid membership launches
[1]Bilibili - Wikipediaen.wikipedia.org
Bilibili introduces a premium membership service with benefits including higher-quality viewing and selected early access.
2014
Chen Rui becomes chairman and CEO
[1]Bilibili - Wikipediaen.wikipedia.org
Chen Rui joins the company's top leadership after previously investing in and participating in the community.
2011
Operating company is established
[1]Bilibili - Wikipediaen.wikipedia.org
Xu Yi establishes Hangzhou Huandian Technology to develop and operate Bilibili.
2010
Bilibili launches
[1]Bilibili - Wikipediaen.wikipedia.org
The service is relaunched as Bilibili and begins developing its video-sharing and danmaku-centered community model.
2009
Mikufans.cn is founded
[1]Bilibili - Wikipediaen.wikipedia.org
Xu Yi creates Mikufans.cn as a fandom community associated with Hatsune Miku and Japanese pop culture.

Products and positioning

A community-oriented Chinese video and digital-entertainment platform, especially associated with young users, creator culture, ACG content, and interactive danmaku viewing.

Online video · 2010
Bilibili Video Platform
The core service hosts professional and user-generated video across entertainment, animation, gaming, music, dance, science, technology, fashion, documentaries, films, drama, variety programming, and sports. Videos can be viewed free of charge or through selected paid and membership arrangements. The platform's identity is strongly connected to community participation and synchronized danmaku comments.
Community feature · 2010
Danmaku
Danmaku is Bilibili's scrolling-comment system. User messages move across the video, allowing viewers to respond to particular moments and create a shared viewing layer. Users can generally control comment visibility, while creators and administrators can moderate comments. The feature is both a technical product differentiator and a major part of Bilibili's community culture.
Live streaming
Bilibili Live
Bilibili's live-streaming service enables audiences to interact with streamers in real time. Programming includes gaming, entertainment, music, virtual personalities, and ACG-related content. The service extends the platform's creator economy beyond recorded uploads through live interaction and virtual-item transactions.
Esports and games · 2017
Bilibili Gaming
Bilibili Gaming is the company's esports and gaming arm. It has fielded teams in major competitive titles, including League of Legends, and has been connected with game publishing, game broadcasting, and related community programming.
Live event · 2017
Bilibili World
Bilibili World is an annual convention that brings together creators, fans, performers, game-related activities, merchandise, and digital-entertainment programming. It functions as an offline extension of the Bilibili community and brand.
Concert and community event · 2013
Bilibili Macro Link
Bilibili Macro Link is a large offline performance program associated with Bilibili. Its formats have included the main BML event, BML SP with overseas guests, and BML VR featuring virtual singers and virtual idols.

Controversies

2022
China's market regulator fines Bilibili, Tencent and Alibaba
China's State Administration for Market Regulation imposed a 500,000-yuan fine each on Bilibili, Tencent Holdings and Alibaba Group for violating the Anti-Monopoly Law. The regulator said the companies had failed to declare concentrations of business operators as required by law.
Source
2022
China fines Bilibili over unreported acquisition of Versa
China's market regulator concluded that Bilibili's acquisition of a 14.71% stake in Versa, through which it obtained joint control, was an unlawful concentration implemented without prior filing. The regulator said the deal had no effect of eliminating or restricting competition; the published text does not state the fine amount.
Source
2022
Bilibili launches rights-protection action over deepfake images of creators
Bilibili said it launched a dedicated rights-protection action after female creators were targeted with maliciously edited explicit images and videos uploaded to overseas platforms. It said it had removed nearly 100 links.
Source
2021
Anime and streamer remarks spark gender and content controversy; multiple brands suspend cooperation
In February 2021, the content of Bilibili's exclusive anime Mushoku Tensei and remarks by streamer LexBurner sparked community debate, and some brands stopped advertising cooperation. The platform removed the anime and banned the streamer involved, then responded that it would not disrespect users and carried out content rectification. This entry records platform content and governance controversy and does not find that all users endorsed the relevant content.
Source
2021
Maimai and Bilibili settle unfair-competition dispute
In Bilibili's unfair-competition lawsuit against Maimai, the two parties reached a court-mediated settlement. Under the settlement, Maimai submitted information about the poster involved and paid 80,000 yuan. Maimai stated that it had not used fake users to spread false and harmful statements and had not engaged in unfair competition. The dispute was resolved through court mediation rather than a contested judgment.
Source
2021
Court supports Bilibili subsidiary’s claim in dispute with Maimai
In a dispute between Bilibili subsidiary Kuanyu and Taoyou, the operator of Maimai, Kuanyu accused Taoyou of harming its commercial reputation and corporate image. The court presumed that Kuanyu’s claim that Taoyou had posted the comment was established after Taoyou refused to provide the poster’s identity. The ruling addressed the attribution of the comment at issue in the dispute.
Source
2016
Regulatory criticism of danmaku content
China's Ministry of Culture criticized the potential for scrolling comments to spread hateful or inappropriate content quickly, highlighting moderation risks associated with the format.
Source
2012
Unauthorized anime broadcasting penalty
A Fate/Zero webcast arrangement was halted after several episodes because of authorization and internet-audiovisual broadcasting issues. The operating company was fined by local authorities.
Source

Marketing campaigns

2017Bilibili World
China
Bilibili launched an annual convention centered on creators, games, animation, fan culture, and digital entertainment.
Outcome. Expanded the brand's physical event presence.
Source
2013Bilibili Macro Link
China
Bilibili developed a large-scale offline gathering and performance brand for online creators, overseas guests, virtual singers, and fans.
Outcome. Established an enduring offline extension of Bilibili's online community.
Source
2010Bilibili New Year Festival
China
Bilibili began producing a community New Year program with contributions from online influencers. The event later expanded from predominantly Japanese anime material to programming incorporating Chinese traditional culture and, from 2018, advertisers.
Outcome. Became an annual community and entertainment property.
Source

Brand decisions

2020
Sony strategic investmentM&A
Background
Bilibili and Sony had complementary interests in anime distribution and mobile games in China.
Action taken
Sony Corporation of America announced a minority investment and an agreement to cooperate in anime and mobile games.
Aftermath
The investment strengthened the companies' strategic relationship in digital entertainment.
Sony investment. US$400 million investment; approximately 4.98% minority stake (Announced April 2020)
Source
2018
Nasdaq initial public offeringOther
Background
Bilibili required capital to support its expansion in video, games, content, and community services.
Action taken
The company completed an initial public offering and began trading on Nasdaq on 28 March.
Aftermath
Bilibili became a public company with access to United States equity markets.
Source
2017
Acquisition and renaming of IM esports teamM&A
Background
Bilibili sought a larger role in competitive gaming and gaming-related entertainment.
Action taken
The company acquired the IM League of Legends team and renamed it Bilibili Gaming.
Aftermath
Bilibili Gaming became a visible part of the company's esports activities.
Source
2016
Launch of premium membershipStrategy
Background
Bilibili was expanding beyond its original niche while developing recurring revenue sources alongside advertising and other platform businesses.
Action taken
The company introduced a paid membership service offering selected viewing, quality, access, and discount benefits.
Aftermath
Membership became one component of Bilibili's broader monetization model.
Source

Recent events

2026.10.23
Reported2026.10.23
RayNeo launches bilibili limited-edition GT Max AR glasses[14]雷鸟创新发布哔哩哔哩限定版 GT Max AR 眼镜finance.sina.com.cn
RayNeo announced and formally released the bilibili limited-edition GT Max AR glasses in collaboration with bilibili.
2026.08.21
Reported2026.08.21
Bilibili relaunches international app worldwide[15]哔哩哔哩全球重新发布国际版应用ibtimes.co.uk
Bilibili relaunched its international app worldwide, starting with Android while iOS support and additional countries are coming soon. Sign-ups no longer require passport or identity documents, and the app offers improved localisation and AI translation tools. Bilibili is recruiting community managers in Los Angeles, London, Mexico City, São Paulo, Istanbul and Tokyo, and building global AI-powered content moderation systems based in Singapore.
2022.01.19
Bilibili completes full acquisition of Youyaoqi comics platform[16]哔哩哔哩完成对有妖气漫画平台的全资收购finance.jrj.com.cn
A corporate registration change on January 19 showed that the Bilibili-affiliated company Shanghai HuanDian Information Technology became the sole shareholder of the company associated with the Youyaoqi comics platform, after the previous shareholder AoFei Entertainment exited. The article also notes that Bilibili had previously announced a full acquisition for RMB 600 million.
2022.01.05
Reported2022.01.05
China’s market regulator penalizes companies over unreported business concentrations[11]China's market regulator fines Bilibili, Tencent and Alibabafinance.people.com.cn
China’s State Administration for Market Regulation announced administrative penalties against Tencent, Harmony Auto, Alibaba Venture Capital, Bilibili and other companies in cases involving business concentrations implemented without required filings.
2022.01.05
Reported2022.01.05
China fines Bilibili over unreported acquisition of Versa[12]China fines Bilibili over unreported acquisition of Versafinance.sina.com.cn
China's market regulator concluded that Bilibili's acquisition of a 14.71% stake in Versa, through which it obtained joint control, was an unlawful concentration implemented without prior filing. The regulator said the deal had no effect of eliminating or restricting competition; the published text does not state the fine amount.
2022.01.05
Reported2022.01.05
China's market regulator fines Bilibili, Tencent and Alibaba[10]China's market regulator fines Bilibili, Tencent and Alibabaeurope.chinadaily.com.cn
China's State Administration for Market Regulation imposed a 500,000-yuan fine each on Bilibili, Tencent Holdings and Alibaba Group for violating the Anti-Monopoly Law. The regulator said the companies had failed to declare concentrations of business operators as required by law.
2022.01.01
Reported2022.01.01
Bilibili launches rights-protection action over deepfake images of creators[13]Bilibili launches rights-protection action over deepfake images of creatorssetn.com
Bilibili said it launched a dedicated rights-protection action after female creators were targeted with maliciously edited explicit images and videos uploaded to overseas platforms. It said it had removed nearly 100 links.
2021.12.10
Bilibili launches the Brand Bank commercial platform system[17]B站发布商业中台系统“品牌银行”chinaz.com
At its AD TALK 2021 marketing conference, Bilibili launched its Brand Bank commercial platform system, comprising a commercial traffic management system, an advertising system, and the Huahuo creator-brand collaboration platform.
2021.12.10
Bilibili launches its Brand Bank commercial platform[18]哔哩哔哩发布商业中台系统“品牌银行”donews.com
Bilibili announced the launch of Brand Bank, a commercial platform system comprising commercial traffic management, advertising, and the Huahuo creator-commerce platform.
2021.11.09
Reported2021.11.09
Bilibili and other working-group initiators make 28 accessibility patents available for free licensing[19]哔哩哔哩等工作组发起单位免费开放许可28件无障碍专利finance.sina.com.cn
The working-group initiators announced that 28 patents related to adapting technology for older people and assisting people with disabilities would be made available for free licensing.