Video sharing platform Bilibili just launched a new livestreaming function in a bid to revamp its loss-making business. But is it too late?
What Happened: A new player is joining this year’s “Double 11” e-commerce battle: Bilibili (also known as B Station). Ahead of China’s biggest shopping bonanza, the 13-year-old video sharing site officially launched a livestreaming shopping function.
At present, Bilibili’s live broadcast rooms offer products from its self-operated stores (digital collectibles, virtual clothing, membership purchases) and those from Alibaba’s Taobao and JD.com. For items from third-party suppliers (such as Dyson, Xiaomi, and L’Oréal), shoppers need to click and jump to an external page to complete the purchase. This tactic was also adopted by short video apps Douyin and Kuaishou in the early stage of livestreaming development to save on supply chain expenses. But given the fierce competition, can Bilibili make a dent in sector?
The Jing Take: Bilibili has already experienced two consecutive quarters of revenue decline in 2022 after once being hailed as a Chinese tech star. As it aims to reach profitability by 2024, the tech giant urgently needs to turn losses into gains. And with China’s livestreaming market expected to reach $85 billion (624 billion RMB) by 2023, it is no wonder B station joined this field to diversify and provide new growth points. Continue to read the full article here