Short videos and UGC squeeze; the high-quality content barriers behind membership fees are not that strong. This is the tricky business value of iQiyi.
By contrast, although the current commercialization of Bilibili is not good enough, we can at least see the upward development of content (both qualitative and quantitative). From the perspective of the venture capital circle, looking at content platforms all over the country and shaping the attributes of the community, I am afraid that only fast hands, Zhihu and Bilibili. If you simply look at “the possibility of the future”, Bilibili is of course more valuable.
So my conclusion is that Bilibili is definitely not blowing up, and the investment market expectations are reasonable. It’s just that what the future is like, what we say is not counted, we still have to look at the course of history.