Value Co-creation of Community E-commerce Platform: How Does Bilibili Balance Between Content and Commercialization?

With the rise of social e-commerce, community e-commerce which is driven by content emerges and is fundamentally changing people's life. Community e-commerce have advantages of community and e-commerce, which also have the risk that communities will be overexploited. How to balance between content and commercialization? This is the key problem for the development of community e-commerce. Bilibili was founded in 2009, which is a leading video community with a mission to enrich the everyday life of young generations in China after twelve years of growth. According to the third quarter 2021 financial results, average monthly active users (MAUs) reached 267.2 million, and mobile MAUs reached 249.9 million. Users spent an average of 88 min per day on Bilibili, the longest time they have seen in their operating history. The company is listed on the Hong Kong stock exchange for a Secondary Listing in March 2021. However, Bilibili is facing with an unavoidable problem: loss! Why can Bilibili be recognized by the capital market even in a state of continuous loss? In the face of continued losses, how does Bilibili alleviate the anxiety between content and commercialization? Has Bilibili found a way to break the balance between content and commercialization?