Business Model Evolution of Content Platform in Emerging Economy: A Case Study of Bilibili

Content platforms are becoming popular all over the world, especially in China. As a content platform, Bilibili’s story shows the development process of content platforms in emerging economies. This research explores the content of Bilibili at different stages of development from the perspective of business model, and tries to show a new growth path for enterprises in emerging economies. This research finds that in the three development stages of Bilibili, the nine elements of business model presented different characteristics and were combined into three distinct models. This study provides a reference for the theory and practice of the growth of emerging economies and the evolution of business models.