VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Bilibili Inc. vs Spotify Technology S.A.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Bilibili Inc.

BILI · Nasdaq Global Select Market

Market cap (USD)$7.4B
Gross margin (TTM)36.8%
Operating margin (TTM)4.1%
Net margin (TTM)4.6%
SectorCommunication Services
IndustryElectronic Gaming & Multimedia
CountryKY
Data as of2026-05-01
Moat score
60/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Bilibili Inc.'s moat claims, evidence, and risks.

View BILI analysis

Spotify Technology S.A.

SPOT · New York Stock Exchange

Market cap (USD)$106.4B
Gross margin (TTM)32.3%
Operating margin (TTM)13.7%
Net margin (TTM)15.5%
SectorCommunication Services
IndustryInternet Content & Information
CountryLU
Data as of2026-01-06
Moat score
65/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Spotify Technology S.A.'s moat claims, evidence, and risks.

View SPOT analysis

Comparison highlights

  • Moat score gap: Spotify Technology S.A. leads (65 / 100 vs 60 / 100 for Bilibili Inc.).
  • Segment focus: Bilibili Inc. has 4 segments (39.3% in Value-Added Services); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Bilibili Inc. has 7 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Bilibili Inc.

Value-Added Services

Market

China online video community VAS, live broadcasting, premium memberships, fan charging and premium content services

Geography

China

Customer

Video users, premium members, live-streaming users, fan communities, hosts and content creators

Role

Video community operator, creator monetization platform, premium-content distributor and live-broadcasting virtual-item platform

Revenue share

39.3%

Spotify Technology S.A.

Premium (subscription)

Market

Paid music and audio streaming subscriptions

Geography

Global

Customer

Consumers (end-users) and distribution partners (e.g., telcos)

Role

Streaming platform operator

Revenue share

88.2%

Side-by-side metrics

Bilibili Inc.
Spotify Technology S.A.
Ticker / Exchange
BILI - Nasdaq Global Select Market
SPOT - New York Stock Exchange
Market cap (USD)
$7.4B
$106.4B
Gross margin (TTM)
36.8%
32.3%
Operating margin (TTM)
4.1%
13.7%
Net margin (TTM)
4.6%
15.5%
Sector
Communication Services
Communication Services
Industry
Electronic Gaming & Multimedia
Internet Content & Information
HQ country
KY
LU
Primary segment
Value-Added Services
Premium (subscription)
Market structure
Competitive
Oligopoly
Market share
33%-34% (implied)
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
60 / 100
65 / 100
Moat domains
Network, Demand, Supply, Legal
Network, Demand, Legal, Supply
Last update
2026-05-01
2026-01-06

Moat coverage

Shared moat types

Two Sided NetworkData Network EffectsContent Rights CurrencyBrand Trust

Bilibili Inc. strengths

Habit DefaultDistribution ControlEcosystem Complements

Spotify Technology S.A. strengths

Interoperability HubScale Economies Unit Cost

Segment mix

Bilibili Inc. segments

Full profile >

Value-Added Services

Competitive

39.3%

Advertising

Competitive

33.1%

Mobile Games

Oligopoly

21.1%

IP Derivatives and Others

Competitive

6.5%

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.