Bilibili does so in two main ways: by offering games where players purchase virtual items to advance to the next level, and access to original and licensed films and series. This Netflix-like business, launched in 2018, now has 14.5m paying subscribers.
B站主要通過兩種方式實現轉化這一目標:一種是向玩家提供需要氪金購買虛擬物品才能升級的游戲,另一種是提供原版和授權的電影及電視劇。這項類似網飛的業務于2018年推出,目前擁有1450萬付費用戶。
The share of users who pay for things like in-game accessories and subscriptions has risen from 3.9% in 2018 to 8.0% in 2020. Receipts from these sources helped Bilibili nearly to double its revenues in each of the past three years, to 12bn yuan ($1.7bn) in 2020. It also sells adverts on parts of its platform, but they made up less than fifth of its sales (compared with the vast majority of YouTube’s).
游戲內購和付費訂閱等的用戶比例從2018年的3.9%上升到2020年的8.0%。這些渠道的收入幫助B站在過去三年中的年收入都近乎翻了一番,到2020年達到120億元人民幣(合17億美元)。B站也在其平臺的部分頁面銷售廣告位,但廣告收入只占其銷售額的不到五分之一(相比之下,油管的絕大多數銷售額都來自廣告)。
All this has yet to make any money. Last year Bilibili reported an operating loss of 3bn yuan, double the shortfall in 2019. Profits may remain elusive; the company must invest to maintain a pipeline of addictive games and pays top dollar to outbid big streamers like iQiyi for the rights to popular movies and shows its nascent subscription business needs.
所有這些都還沒有讓B站賺到錢。去年,B站公布了30億元的經營虧損,是2019年虧損額的兩倍。B站的盈利仍是未知數;該公司必須靠投資來維持令人沉迷的游戲不斷上新,并要以高于愛奇藝等大型流媒體的巨額價格競爭熱門電影的版權,從而滿足其新生的訂閱業務需求。
Bilibili’s executives are sanguine. “As our net revenues continue to grow, we do not expect our total content costs as a percentage of total revenue to substantially increase,” they wrote in the prospectus for the firm’s Hong Kong listing. Its share price, down by a third since its February peak, suggests investorswant finally to see some proof.
B站的高管們非常樂觀。B站在香港上市時,他們在招股書中寫道,“隨著凈收入持續增長,我們預計總內容成本占總收入的比例不會大幅增加?!痹摴镜墓蓛r自2月份達到峰值后下跌了三分之一,這表明投資者最終希望能看到一些實質證據。
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