According to the Chinese media, Bilibili (BILI) won the bid to League of Legends World Championship three-year broadcasting rights in China for a total of RMB800m.
The bottom line
We believe that this is highly accretive to BILI's live broadcasting revenue given that key events are critical differentiators for BILI to leverage on. More importantly, this allows BILI to maintain the robust broadcasting revenue growth rate with broadcasting now accounting for 24% of the total revenue and growing at a triple-digit rate. We think this segment could potentially become a key revenue