Bilibili’s Q3 Gaming Revenue Falls 17%, Hopes on 'Escape From Duckov'

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Bilibili’s gaming revenue declined by 17% in the third quarter after experiencing significant growth the previous year thanks to the success of the mobile strategy game San Guo: Mou Ding Tian Xia. The company is now banking on its latest release, Escape From Duckov, to achieve similar results.

During the three months ending September 30, gaming revenue hit approximately $212.2 million, accounting for CNY 1.5 billion, according to a recent financial report. Overall revenue increased by 5%, reaching CNY 7.7 billion.

Since its launch on October 16, Escape From Duckov—a top-down, single-player extraction shooter featuring adorable ducks—has sold over 3 million copies worldwide. This positions it to potentially become the second-best-selling Chinese single-player game ever, as noted by Bilibili’s chairman and CEO during an earnings call. The game’s peak concurrent player count on Steam, a digital distribution platform, exceeded 300,000.

While currently only available on PC, plans are already underway to release Escape From Duckov on consoles and mobile devices, the company’s CEO revealed.

The top-selling Chinese single-player game remains Black Myth: Wukong, developed by Game Science. Launched in August last year, it has sold 28 million units, generating over CNY 9 billion (around USD 1.3 billion) in revenue.

Despite the dip in gaming revenue, Bilibili posted a net profit of CNY 469.4 million (about USD 65.9 million) last quarter, compared to a net loss of CNY 79.8 million (roughly USD 11.2 million) a year earlier. This marks only the third profitable quarter for the company since going public in March 2018.

Revenues from value-added services—including memberships—rose 7%, reaching CNY 3 billion. Advertising revenue increased by 23% to CNY 2.6 billion, while income from intellectual property derivatives and other sources grew by 3% to CNY 582.3 million (around USD 81.9 million).

Bilibili turned profitable for the first time in the fourth quarter last year with a net profit of CNY 88.9 million. The company’s profit was driven by the surge in revenue from San Guo. It then reported a loss of CNY 10.7 million in the first quarter of this year, but rebounded with a profit of CNY 218.3 million in the second quarter.

In Hong Kong, Bilibili shares closed 1.8% lower at HKD 209 (approximately USD 26.89) per share today, while its U.S.-listed stock on NASDAQ fell 4.8% to USD 25.89 yesterday.