China s Bilibili Focuses on Growth as Losses Double
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Chinese video entertainment platform Bilibili saw its losses deepen in 2020, but they reflected further investment in growth, as Middle Kingdom consumers become increasingly digitally focused.
Average monthly active users (MAUs) reached 202 million representing an increase of 55%, compared with 2019. Those paying for use reached 17.9 million, a 103% increase.
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Bilibili’s total net revenues were RMB3.84 billion ($589 million) in the calendar year, an increase of 91% from the same period of 2019. Net losses extended from RMB1.3 billion in 2019 to RMB3.1 billion ($468 million).
But investors appeared to buy the growth story. The NASDAQ-listed company saw its ADR-shares dip before the results announcement, but the stock gained nearly 4% to $131.88 in after-hours trading. At that price, Bilibili has a market capitalization of $45 billion.
New York City Movie Theaters Can Reopen at Limited Capacity, Gov. Cuomo Says
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After nearly a year of closures, New York Gov. Andrew Cuomo has given movie theaters in New York City permission to reopen at limited capacity starting on March 5.
During his daily press briefing, the Empire State leader said cinemas in the city will be permitted to operate at 25% capacity, with no more than 50 people. Moreover, other safety measures such as masks, social distancing and heightened sanitizing measures will be required. Last October, New York venues outside of the city were allowed to reopen with similar restrictions.