Bilibili, a Chinese video streaming platform known for its content targeting younger audiences, booked a wider net loss for the first nine months of 2022, as the Shanghai-based company still burn cash for expansion and struggles to find break-even point.
Bilibili booked a 27.5 cent rise in net losses to RMB 6.01 billion for the first nine months of 2022. Bilibili blamed the widened loss to the high cost for its marketing, branding and research and development.
Although its net losses has narrowed down during the third quarter, the company CEO Chen Rui believed Bilibili still far beyond achieving break-even point.
As of the end of third quarter of 2022, Bilibili monthly active users surpassed 300 million, and paid users rose 19 percent year-on-year to 28.5 million. The penetration rate of paid users was 8.6 percent.
Operating expenses increased 13 percent year-on-year to RMB4.7 billion due to increased channel and brand marketing expenses and promotional expenses for mobile games.
Value-added service was the biggest revenue contributor for Bilibili during the reporting period, rising 26.3 percent year-on-year to RMB6.36 billion.
Revenue from mobile games rose 2.1% to RMB 3.8 billion for first nine months of the year.
Advertising business generated RMB3.5 billion in revenue for the period, representing a year-over-year growth of 21.1% from the same period of 2021.