Bilibili started as an anime fan's hobby site — it became a billion-dollar video platform

In 2009, Xu Yi was an anime fan and early user of AcFun, a Chinese video site. When AcFun had server issues and internal conflicts, Xu Yi created a backup site called Mikufans.cn as a hobby for fellow Hatsune Miku fans. He was a web developer, not a businessman. The site was a small project with nine members, all anime fans.

The site was renamed Bilibili in January 2010 after the nickname of the protagonist Misaka Mikoto from the anime A Certain Scientific Railgun. Xu Yi ran the site as a hobby while working his day job. The site featured a danmaku (bullet comment) system that created a strong community feel. It was a niche site for anime fans, not a business.

The site grew organically as anime fans migrated from AcFun. By 2011, Xu Yi founded Hangzhou Huandian Technology to operate Bilibili professionally. In 2014, Chen Rui, an early community member, became CEO and brought investment and management experience. The platform expanded from anime into documentaries, variety shows, original programming, and live streaming.

Bilibili went public on the NASDAQ in March 2018 at a valuation of over $3 billion. By 2024, it had over 300 million monthly active users and was one of the largest video platforms in China. A fan's hobby site for Hatsune Miku became a public company.

Xu Yi built a hobby backup site for Hatsune Miku fans, added danmaku comments for community, and it grew into a NASDAQ-listed platform worth over $3 billion.

Xu Yi was an anime fan who created a site for Hatsune Miku fans — his hobby was never intended to be a business, it was a backup for AcFun

The site was run as a side project while Xu Yi worked his day job, with a small team of nine anime fans — no one expected it to become a company

A hobby site for anime fans became a billion-dollar public company listed on the NASDAQ — the side project outgrew everything the founder planned

Xu Yi was an anime fan who created a site for Hatsune Miku fans. It was a hobby backup for AcFun. The site became a major video platform. A fan's hobby site became a billion-dollar public company.