VOL. XCIV, NO. 247
WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES
Stock Profile
Bilibili Inc. (BILI) Moat Analysis
Bilibili Inc.
BILI · Nasdaq Global Select Market
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Bilibili Inc. is a Cayman-incorporated, China-operated video community with dual-primary listings on Nasdaq and Hong Kong; this record uses the Nasdaq ADS. Q2 2026 revenue mix was about 37% value-added services, 39% advertising, 18% mobile games and 6% IP derivatives/other, while management reports only one operating segment. Its strongest mechanisms remain in the core video community: a user-creator network, creator monetization, bullet-chat and social-viewing habits, and engagement of 116.5 million daily active users and 113 minutes per day in Q2 2026. Advertising benefits from controlled native inventory, but growth and AI tooling alone do not establish a separate data network effect. Games retain a fragile, title-specific rights moat through exclusive and long-running licenses; IP derivatives remain merchandise-dependent without a standalone barrier.
Primary segment
Advertising
Market structure
Competitive
Market share
1.2%-1.3% (implied)
HHI: —
Coverage
4 segments · 7 tags
Updated 2026-09-05
Segments
Value-Added Services
China online video community VAS, live broadcasting, premium memberships, fan charging and premium content services
Revenue
37.4%
Structure
Competitive
Pricing
moderate
Share
34%-35% (implied)
Peers
Advertising
China internet advertising, including performance-based ads, brand ads, native ads and creator-commerce marketing
Revenue
39.4%
Structure
Competitive
Pricing
moderate
Share
1.2%-1.3% (implied)
Peers
Mobile Games
China mobile game publishing, distribution and operation services
Revenue
17.5%
Structure
Oligopoly
Pricing
weak
Share
2.4%-2.5% (implied)
Peers
IP Derivatives and Others
China ACG/IP merchandise, e-sports copyright sublicensing, collectibles and platform e-commerce
Revenue
5.7%
Structure
Competitive
Pricing
weak
Share
—
Peers
Moat Claims
Value-Added Services
China online video community VAS, live broadcasting, premium memberships, fan charging and premium content services
Q2 2026 revenue was RMB2967.415M of RMB7,939.923M. This analytical revenue category is not a separate reported operating segment. Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526371261/d434015dex991.htm
Two Sided Network
Network
Two Sided Network
Strength
Durability
Confidence
Evidence
Bilibili's value-added services connect users, creators and hosts. An engaged audience attracts creators, and tools that help creators earn income give them a reason to keep publishing.
Two Sided Network moat: definition, examples, and stocks
Erosion risks
- Creators multi-home to Douyin, Kuaishou, Xiaohongshu or WeChat Channels
- Creator revenue sharing becomes uneconomic
- Content regulation reduces high-engagement categories
Leading indicators
- Monthly active creators
- Average monthly submissions
- Creator income growth
Counterarguments
- Bilibili is smaller than leading short-video platforms
- Creators can distribute the same content on multiple platforms
Habit Default
Demand
Habit Default
Strength
Durability
Confidence
Evidence
Record viewing time, official-member retention, bullet-chat interaction and cultural rituals create habitual use, especially among younger and ACG-oriented audiences.
Habit Default moat: definition, examples, and stocks
Erosion risks
- User tastes shift toward disposable short video
- Community quality declines as the platform broadens
- Membership benefits become less differentiated
Leading indicators
- Average daily time spent
- Official-member count
- 12-month official-member retention
Counterarguments
- Habit strength is niche relative to super-app ecosystems
- Video users can switch among platforms at low monetary cost
Advertising
China internet advertising, including performance-based ads, brand ads, native ads and creator-commerce marketing
Q2 2026 revenue was RMB3130.759M of RMB7,939.923M. This analytical revenue category is not a separate reported operating segment. Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526371261/d434015dex991.htm
Distribution Control
Supply
Distribution Control
Strength
Durability
Confidence
Evidence
Bilibili controls native ad formats, Sparkle creator marketing and inventory across its video-community scenarios, giving advertisers access to niche, high-trust content contexts.
Distribution Control moat: definition, examples, and stocks
Erosion risks
- Higher ad loads damage user experience
- Brands demand stronger closed-loop transaction attribution
- Creator-sponsored content migrates to rival platforms
Leading indicators
- Sparkle revenue growth
- Ad revenue per MAU
- Advertiser retention
Counterarguments
- Distribution control is constrained by user tolerance for ads
- Most advertisers can reach young users through larger platforms too
Mobile Games
China mobile game publishing, distribution and operation services
Q2 2026 revenue was RMB1391.902M of RMB7,939.923M. This analytical revenue category is not a separate reported operating segment. Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526371261/d434015dex991.htm
Content Rights Currency
Legal
Content Rights Currency
Strength
Durability
Confidence
Evidence
Exclusive and long-running licensed games give Bilibili title-specific content rights that competitors cannot distribute on the same terms. The moat is fragile because licenses expire, revenue is concentrated in hits, and Bilibili lacks the portfolio scale of Tencent or NetEase.
Content Rights Currency moat: definition, examples, and stocks
Erosion risks
- Licensors renegotiate or award future rights to larger publishers
- Existing titles age faster than replacements scale
- Game approvals or content restrictions delay launches
Leading indicators
- License renewals and new exclusive-title awards
- Revenue concentration by game and title lifecycle
- New-game pipeline and paying-user trends
Counterarguments
- Exclusive rights are temporary and economics can accrue mainly to licensors
- Tencent and NetEase have much broader publishing and IP portfolios
IP Derivatives and Others
China ACG/IP merchandise, e-sports copyright sublicensing, collectibles and platform e-commerce
Q2 2026 revenue was RMB449.847M of RMB7,939.923M. This analytical revenue category is not a separate reported operating segment. Source: https://www.sec.gov/Archives/edgar/data/1723690/000119312526371261/d434015dex991.htm
Insufficient segment-specific evidence to assign a moat claim.
Evidence
approximately 4 million monthly active content creators
Shows creator-side scale in the platform network.
nearly 3 million content creators earned income
Shows how income opportunities can attract and retain creators.
Average daily time spent was 119 minutes
Record time spent supports habitual daily engagement.
over 284 million official members
Official-member scale and retention indicate deeper user commitment than casual viewing.
DAUs rose 7% to 116.5M and average daily time spent was 113 minutes, supporting engagement while not measuring competitor switching.
Showing 5 of 15 sources.
Risks & Indicators
Erosion risks
- Creators multi-home to Douyin, Kuaishou, Xiaohongshu or WeChat Channels
- Creator revenue sharing becomes uneconomic
- Content regulation reduces high-engagement categories
- Short-video platforms capture more user time
- User tastes shift toward disposable short video
- Community quality declines as the platform broadens
Leading indicators
- Monthly active creators
- Average monthly submissions
- Creator income growth
- DAU/MAU ratio
- Official-member retention
- MPU growth
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