Topography: I believe BILI has built a moat around its mid-form PUGC platform. It now has 130 million engaging monthly active users, and wide range type of content. The network effect of attracting highquality content creators is evident, as it organically expands user base to older millennials (in their 30s) who has no ACG-related hobby. Also based on BILI's top 100 hosts of 2019, the top 2 segments are now Life & Game, consisting of over 50% of all hosts, an indication of strong influence over expanded topics. BILI is also exploring other approaches of monetization, e.g. Online education (like Coursera) & incubating agency.