Bilibili reports new revenue highs

Bilibili Inc, a popular video site in China especially among the younger generation, reported robust growth in revenue and monthly active users in the second quarter ending June 30.

The company registered a 72 percent increase in total net revenues to 4.49 billion yuan ($696.2 million), according to the latest earnings report released on Thursday. Average monthly active users reached 237.1 million, up 38 percent from the same period last year.

"Our users remain sticky and engaged, with average user time spent on Bilibili rising to an impressive 81 minutes per user per day, the most we have seen in the second quarter throughout our operating history," chairman and CEO Chen Rui said in a press release. Bilibili was founded in June 2009.

"Looking ahead, we hope to take on more social responsibility, increasing our facilitation of social development, bringing more fulfilling and positive cultural influence to society and introducing more 'Made-in-China' content to the world," he said.

Among the biggest drivers include revenue from advertising, which witnessed an increase of 201 percent year-on-year to reach 1.05 billion yuan. This represented growing recognition of the Bilibili brand in China's online advertising landscape.

Value-added services also fueled growth, led by increases in the number of paying users for services like premium membership program, live broadcasting and others. Average monthly paying users reached 20.9 million, up 62 percent year-on-year.

For the third quarter of 2021, the company currently expects net revenues to be between 5.1 and 5.2 billion yuan.