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Bilibili

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Bilibili is a massive online video-sharing platform based in Shanghai, China. Often nicknamed "B Site," it allows users to submit, view, and interact with various types of video content. While it originally focused on a niche market of animation, comics, and games (ACG), it has expanded into a major over-the-top streaming service. Today, Bilibili hosts diverse themes including music, dance, science, technology, and documentaries. By the third quarter of 2022, the platform reached approximately 332.6 million average monthly active users. Among these, about 28.5 million are paying users who access premium features.

The most distinctive mechanism of the site is its real-time captioning system known as danmu, or "bullet comments." This system creates a "bullet curtain" effect where user comments scroll across the screen as overlaid subtitles. These comments visually resemble a danmaku shooter game, moving from right to left. Users have significant control over these subtitles, including their style, format, and movement. There are three primary types of bullet comments: rolling, top, and bottom comments. While anonymous visitors can leave short comments, registered users can write longer messages of up to 120 characters. They can even edit the size and color of their text to stand out.

Bilibili's history began on June 26, 2009, inspired by sites like Nico Nico Douga and AcFun. Founder Xu Yi initially created a prototype called Mikufans.cn to serve as a community for Hatsune Miku fans. He later reshaped the site into Bilibili and officially launched it on January 14, 2010. The name itself is a nickname for the character Mikoto Misaka from the anime "A Certain Scientific Railgun." Because of this connection, the site celebrates Mikoto Misaka's birthday every year on May 2. In 2011, the company had to switch its domain from bilibili.us to bilibili.tv due to registration restrictions.

Following its early development, the company underwent major leadership and structural changes. In November 2014, Chen Lei was appointed CEO and chairman of the board. Under his leadership, Bilibili expanded through various acquisitions and sponsorships. In 2016, the company sponsored the Shanghai Sharks basketball team. In 2017, it purchased an e-sports team named Bilibili Gaming (BLG). The company also grew its presence in professional gaming by purchasing the Overwatch League team Hangzhou Spark in 2018. These moves helped transition Bilibili from a niche community into a diverse media powerhouse.

The platform's financial growth is marked by several significant milestones on global stock exchanges. In March 2018, Bilibili filed for an initial public offering (IPO) on the New York Stock Exchange. It eventually listed on the NASDAQ on March 28, 2018. Later, in March 2021, the company pursued a secondary listing on the Hong Kong Stock Exchange (HKEX). This move allowed the company to raise US$2.6 billion. Bilibili also formed a major partnership with Sony-owned Funimation in 2019 to license anime for both the U.S. and Chinese markets. Sony Corporation of America even acquired a 4.98% minority stake in the company in 2020.

Bilibili has developed a unique culture through specific communication tools and community rules. Users frequently use unique slang, such as the code "2333" to indicate laughter. They also use "high energy alerts" to warn others that an exciting or climactic moment is approaching. To maintain quality, Bilibili uses a membership system that sometimes requires users to pass tests. In the past, registrants had to answer 100 questions about ACG topics to become premium members. The site also employs a "discipline committee" and account blocking functions to regulate content and penalize offensive behavior.

The community even influences the platform's identity through the election of official mascots. The mascots, named "22" and "33," were chosen during a community vote in 2010. The election was unique because the two top artworks tied with exactly 1,824 votes each. As a result, Bilibili decided to let both winners stand, naming them after their election serial numbers. The creator of mascot 22 is the artist Hao, while the creator of mascot 33 is the artist AUER. This deep connection between the users and the platform's symbols illustrates the strong cohesion of the Bilibili community.

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