Chinese entertainment platform Bilibili reported RMB 3.9 billion (USD 595.4 million) in revenue for the first quarter of 2021, up 68% year-on-year (YoY), according to its earnings release on Thursday.
The company generated RMB 1.2 billion (USD 178 million) in mobile games, up 2% YoY, and collected nearly RMB 1.5 billion (USD 228 million) from value-added services, such as premium memberships and live broadcasting, up 89% YoY. Advertising contributed a total of RMB 714.7 million (USD 109 million), marking a 234% YoY growth, which Bilibili attributed to the increased brand recognition in China’s online ad market, as well as improved efficiency. E-commerce, where the firm partners with Alibaba, brought in RMB 519.2 million (USD 79 million), representing a 230% increase from the same period last year.
However, the Q1 revenue growth of 68% is the smallest in recent quarters, following a 91% YoY growth in Q4. Bilibili also saw slower expansion of its user base. Average monthly active users reached 223.3 million in the first quarter, representing a 30% YoY increase. In Q1 of last year, at the height of the pandemic, Bilibili increased its MAU by 70% YoY to reach 172.4 million.
The company nearly doubled its net losses to RMB 904.9 million (USD 138 million) in the quarter, from RMB 538.6 million in the same period of 2020.