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Bilibili hoping to break even by 2024 as revenue soars

Chinese video site Bilibili Inc is aiming to break-even by 2024 in non-GAAP financial measures, as the company has seen a steady increase in both paying users and advertisement revenue in its latest earnings report.

Bilibili raked in 5.78 billion yuan ($907.1 million), in the quarter ending on Dec 31, up 51 percent year-on-year, the company said on Thursday. Total revenue for the year jumped 62 percent to reach 19.38 billion yuan.

Some 272 million monthly active users spent an average 82 minutes per day in the app to consume all sorts of videos. The company previously vowed to have 400 million MAUs by 2023.

The number of paying users jumped 37 percent year-on-year to 24.5 million, with the overall payment ratio reaching nine percent.

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