Bilibili

The key is that there is near zero incremental cost to onboarding additional users, which gives Bili strong operating leverage and margin to spend on content, marketing, and platform improvements

Bilibili has all the classic benefits of a best-in-class internet platform: network effects, high and steady engagement, unpaid viral growth, and its users providing high quality content for others to consume.

This friction to comment, not only selects for higher quality users and lowers the need for moderation, but also creates “buy-in”, which reduces churn without limiting their funnel of users. MAUs just reached 202mn, +55% YoY and “official members” who passed the exam reached 103mn, +51% YoY.