Beijing (PingWest)- Shanghai-headquartered online entertainment and gaming platform Bilibili reported its second quarter revenue rose 70% to CNY2.62 billion driven by strong growth in mobile gaming.
Net losses widened to CNY475.7 million from CNY256.1 million a year earlier.
Selling and marketing expenses nearly doubled to CNY675 million due to increased channel and brand marketing expenses and promotional expenses for mobile games.
As of the end of second quarter, average monthly active users reached 171.6 million, representing a year over year growth of 55 percent.
Mobile games continued to be the biggest revenue contributor for Bilibili, accounting for 48% of the company’s total revenue in the second quarter.
Revenue from mobile games rose 36% to CNY1.24 billion in the second quarter.
Revenues from live streaming and value-added services saw the big jump in Q2, rising 153% from last year to CNY825.3 million
Advertising business generated CNY348.6 million in revenue for the quarter, representing a year-over-year growth of 108% from the same period of 2019, while e-commerce and other areas generated a revenue of CNY195.8 million, an increase of 58% year over year.
“We have reported a solid financial results in the second quarter driven by the stable performance of existing mobiles games and the successful newly launched titles such as Princess Connect, Bilibili said in a press release.
Bilibili has 11 games that have obtained approvals and are scheduled to be release in the coming months. New titles include Magia Record, [Foreign Speech], a highly anticipated ACG title adapted by a popular Japanese anime, and Sword Art Online.
“We will strengthen our ACG game operation, while continue to expand offerings in high-quality games. Along with the expanded user base, user engagement continues to be strong. In the second quarter, our users spent an average of 79 minutes per day on our Bilibili app,” Xin Fan, Chief Financial Officier of Billion said in the second quarter earning conference call.
Bilibili outperformed rivals NetEase by growth in game revenue, which posted a 21 percent increase in game revenue. However, Bilibili’ s game revenue growth is still slower than that of Tencent, whose game revenue grew 40 percent in the second quarter.