How Bilibili Evolved from a Niche Anime Site to a Multibillion‑Dollar Media Platform

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What began as a tiny bullet‑screen video site has grown into a major player. In 2007, AcFun (A‑Station) was the first Chinese bullet‑screen platform, focusing on Japanese anime. Poor management caused many users, including passionate fan Xu Yi, to leave. In 2009, Xu Yi founded Mikufans, later renamed Bilibili in 2010, borrowing the name from a sound in the anime "A Certain Scientific Railgun." The early community attracted ACG fans, offered ad‑free playback, and relied on users who uploaded content without monetary reward.

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After receiving angel investment from Chen Rui, Xu Yi realized that Bilibili needed strong leadership. Chen Rui, then a senior executive at Cheetah Mobile and an avid anime fan, became Bilibili’s chairman and CEO in 2014. Under his direction the platform began commercializing, adding content divisions such as film and technology, and improving user experience. Bilibili also entered original animation, securing licenses for the "Fate" series and later expanding into gaming, notably the exclusive partnership with "Fate/Grand Order" which drove massive revenue growth.

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Commercialization accelerated: Bilibili launched merchandise sales, live events (Bilibili Macro Link), and paid memberships. It invested in original documentaries, expanded into esports with the BLG team, and secured exclusive streaming rights for the League of Legends World Championship in China. The platform’s content portfolio broadened to include food, fitness, technology, Vlogs, and education, attracting creators like law professor Luo Xiang and finance commentator "He Tongxue." Incentive programs such as the "Charging Plan" and "Oasis Plan" helped creators monetize their work.

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Critics argue that Chen Rui’s leadership has commercialized Bilibili, risking a loss of its original sub‑culture identity. Nevertheless, the company maintains its slogan “All the videos you’re interested in are on Bilibili,” and continues to grow its user base, diversify revenue streams, and position itself as a leading content ecosystem for China’s Generation Z.