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

Nevertheless, the aura of the close-knit ACG community continues to permeate the platform, with more thoughtful and less offensive commentary than other open social communities. The quality of the community is in no small part thanks to the 100 question test users must pass to gain commentary privileges, which covers various interest-topics and acc... See more

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.