Bilibili is a video community platform in China targeting the Gen Z+ demographic. The platform is built around long-form, interest-driven PUGV (content made by amateur and semi-professional creators) across categories including gaming, anime, education, and lifestyle. Bilibili's defining community features include a 100-question membership exam that new users must pass to unlock interactive features, and "bullet chatting" — real-time comments that scroll across videos — which creates a shared viewing experience. As of year-end 2025, Bilibili had ~284 million official members, ~368 million MAUs, and ~112 million DAUs, with users spending an average of 108 minutes per day on the platform. Bilibili monetizes through four streams: VAS (~39% of FY25 revenue), which includes premium anime subscriptions, live streaming virtual gifts, and creator fan-charging; advertising (~33%), which sells access to Bilibili's Gen Z+ audience to performance and brand advertisers; mobile games (~21%), where Bilibili distributes third-party titles and develops its own, earning a share of in-game purchases; and IP merchandise (~6%). Advertising is the highest-margin and fastest-growing segment, up 23% in FY25. Bilibili's profitability is driven by the ongoing revenue mix shift toward advertising and games, which carry higher gross margins than content licensing. Bilibili operates via a VIE structure, as Chinese regulations prohibit direct foreign ownership in internet content businesses.