To The Moon

On December 31 last year, the New Year's Eve party of Bilibili appeared as scheduled, giving an end to the unpredictable year 2022. Recalling 2022, everyone has very different feelings. But for Bilibili, 2022 is an eventful autumn. It has encountered many difficulties: falling stock prices, continuous losses, and "redundancy" disturbances, which are all bad news for Bilibili. Ideally, Station B, which accompanies users to grow up, should become the main place for users to spend after making money. But this is not the case. The core user group of Bilibili takes users under the age of 30. Many of them have just entered the society, and their consumption ability is not very strong. What is more popular for Bilibili members to buy is that the surrounding handicrafts and game equipment are all very popular at first glance, but after careful calculation of the cost, they will still rationally spend most of the salary on life necessities. In addition, the content of Bilibili will compete with a wider range of platforms such as TikTok and Kuaishou. In the past year, many content of Bilibili has become more and more TikTok, and many TikTok Internet celebrities are popular on Bilibili, which is also the epitome of this situation. Users are no longer young and more popular. At the same time, users have not developed the habit of consumption at Station B. These problems made B stand gradually lose its favor in the capital market. In 2022, even in the Internet industry, which is generally not doing well, Bilibili will be worse. I still remember that when Station B was first listed, the stock price given by the market was as high as $157.66, with a total market value of 61.96 billion US dollars. Four years later, the stock price of Bilibili once fell to $24, with a market value of $9.7 billion and an 80% evaporated. At the beginning of December last year, Bilibili also started a new round of layoffs at the end of the year. The internal tacit statement is that the proportion of layoffs is 30%, and all departments and positions are involved, including the main station operation center, games, live broadcast, stars and other departments. In fact, as early as May last year, Bilibili opened a round of layoffs, involving games, overseas business, and OGV (copyright video) departments. In addition to layoffs, the organizational structure of Bilibili has also changed a lot. In July last year, Liu Zhibo, vice president of Bilibili and former head of operations, was adjusted to the commercialization department, and the former head of commercialization center and marketing center resigned and transferred respectively. In November last year, Zhang Feng, vice president of Bilibili, was no longer responsible for the game business, and the game business reporting line was adjusted to Chen Rui, the company's CEO. In addition, Bilibili has also made a lot of actions to promote business upgrading this year. Many Bilibili users should note that in 2022, Bilibili will increase the promotion of vertical screen video. One of the reasons is that the interactive rate of vertical video advertising is five times that of the horizontal version. In September last year, Station B launched the "Selection Square" and invited merchants to enter, improving the high-quality supply for UP owners and doing a good job in infrastructure for video delivery. By the third quarter of last year, Bilibili upgraded six functions of the UP main content cooperation platform "Flowerworks" to strengthen the UP main commercial realization ability. During Double Eleven, Bilibili joined the competitive army of live streaming, trying whether live streaming can bring more commercial possibilities to Bilibili. Various actions can be seen that Bilibili is eager to increase income. The main reason why Bilibili carries out such large-scale organizational adjustments and business actions is to meet the expectations of the market and be responsible for the falling stock price. But in the past two years, the downturn of the world economy has made Bilibili lose time, and capital needs Bilibili to give a commercial answer. Unfortunately, there are many negative cases and special cases, but they do reflect the current dilemma of Bilibili. Therefore, the recovery of Station B this time does not mean that the problem of Station B has been solved. Even with the rise of the small broken station, it is difficult to change the performance of Bilibili to the next level. Of course, now that Chinese concept stocks are starting to be hot, it is not ruled out that there will be a wave of rises in Bilibili, but I always feel that the performance of the first quarter in the future will be a factor in whether Bilibili can continue to rise.

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