In the Q2 2021 investor letter of Baillie Gifford, the fund mentioned Bilibili Inc. $Bilibili Inc.(BILI)$ , and discussed its stance on the firm. Bilibili Inc. is a China-based video game publisher, that currently has a $32.7 billion market capitalization. BILI delivered a -0.16% return since the beginning of the year, while its 12-month returns are up by 96.37%. The stock closed at $85.58 per share on July 30, 2021.
Bilibili’s range of video, gaming and anime comic content is formidable (and hugely under monetised) but the registration process for any budding Bilibili curator or commentator involves a test with one hundred multiple choice questions on topics including copyrights, commentary etiquette, platform neologism and – à la Mastermind – niche questions based on topics of the entrant’s choosing. To western observers, this is bemusing because every successful social platform in the west is focussed on reducing registration friction. But for Bilibili, the initiation ritual of the entrance exam cements the bond that users have with the platform, aligning them with the existing community to drive a stickier userbase and fewer trolls – a dynamic that is so easy for a cognitively narrow stock market to overlook.$Bilibili Inc.(BILI)$
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