On May 23, Bilibili unveiled its unaudited financial report for the first quarter ending on March 31, 2024.
The report reveals that in the first quarter, Bilibili's total revenue increased by 12% year-on-year to 56.6 billion RMB, with advertising business growing by 31% year-on-year.
In Q1, Bilibili's gross profit surged by 45% year-on-year, with a gross profit margin reaching 28.3%, marking a continuous increase for 7 quarters.
In terms of reducing losses, the company significantly narrowed its adjusted operating loss and net loss by 52% and 56% year-on-year respectively, achieving positive operating cash flow for 3 consecutive quarters.
In Q1, Bilibili's daily active users grew by 9% year-on-year to 102 million, while monthly active users exceeded 341 million. The daily average usage time reached 105 minutes, setting a new historical record.
The daily video views in Q1 approached nearly 5 billion, up by 22% year-on-year.
By the end of the first quarter, 236 million users passed the entrance exam to become "official members" of Bilibili, showing a 15% year-on-year increase, with a stable 12-month retention rate of around 80%.
In Q1, over 1.5 million content creators on Bilibili earned income, with a 51% increase in the number of creators earning through single advertising and a 105% increase in those earning through e-commerce.
Moreover, creators have diversified income streams, with a 40% increase in the number of creators earning through the workshop.
Bilibili's Chairman and CEO, Chen Rui, stated: "In Q1, while ensuring the healthy development of our community ecosystem, we achieved high-quality revenue growth, opening up new prospects for the company's full-year development. In 2024, we will continue to promote the healthy development of content ecology and community, providing users with more diverse and high-quality content.
At the same time, we will focus on discovering and nurturing high-quality content creators, offering more growth opportunities and commercial channels for talented creators. With enhanced commercial capabilities and operational efficiency, we are confident that we will continue to convert high-quality community traffic into revenue growth, steadily advancing towards profitability goals."
