中英文本

Bilibili does so in two main ways: by offering games where players purchase virtual items to advance to the next level, and access to original and licensed films and series. This Netflix-like business, launched in 2018, now has 14.5m paying subscribers.

B站主要通过两种方式实现转化这一目标：一种是向玩家提供需要氪金购买虚拟物品才能升级的游戏，另一种是提供原版和授权的电影及电视剧%d!cYKiHhFlMg(=r=。这项类似网飞的业务于2018年推出，目前拥有1450万付费用户50H-GGuL[.V-U。

The share of users who pay for things like in-game accessories and subscriptions has risen from 3.9% in 2018 to 8.0% in 2020. Receipts from these sources helped Bilibili nearly to double its revenues in each of the past three years, to 12bn yuan ($1.7bn) in 2020. It also sells adverts on parts of its platform, but they made up less than fifth of its sales (compared with the vast majority of YouTube’s).

游戏内购和付费订阅等的用户比例从2018年的3.9%上升到2020年的8.0%8CS^3]tkwP&ND!-。这些渠道的收入帮助B站在过去三年中的年收入都近乎翻了一番，到2020年达到120亿元人民币（合17亿美元）5.IL+69oQ,ns+,。B站也在其平台的部分页面销售广告位，但广告收入只占其销售额的不到五分之一（相比之下，油管的绝大多数销售额都来自广告）1AI&DzfX^^KzosuXxtm。

All this has yet to make any money. Last year Bilibili reported an operating loss of 3bn yuan, double the shortfall in 2019. Profits may remain elusive; the company must invest to maintain a pipeline of addictive games and pays top dollar to outbid big streamers like iQiyi for the rights to popular movies and shows its nascent subscription business needs.

所有这些都还没有让B站赚到钱nr8L,7)r.*g.oY^@e2G.。去年，B站公布了30亿元的经营亏损，是2019年亏损额的两倍7zbz#(&cb^AD_3B,]@;。B站的盈利仍是未知数；该公司必须靠投资来维持令人沉迷的游戏不断上新，并要以高于爱奇艺等大型流媒体的巨额价格竞争热门电影的版权，从而满足其新生的订阅业务需求.;5X@&]%s]Rzq@(aRV。

Bilibili’s executives are sanguine. “As our net revenues continue to grow, we do not expect our total content costs as a percentage of total revenue to substantially increase,” they wrote in the prospectus for the firm’s Hong Kong listing. Its share price, down by a third since its February peak, suggests investorswant finally to see some proof.

B站的高管们非常乐观#GXmy~XxRGvxF。B站在香港上市时，他们在招股书中写道，“随着净收入持续增长，我们预计总内容成本占总收入的比例不会大幅增加Bjbob=R4N7uv=。”该公司的股价自2月份达到峰值后下跌了三分之一，这表明投资者最终希望能看到一些实质证据4Q!&dF9Ml&.+sur。

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词语解释

1. It also sells adverts on parts of its platform, but they made up less than fifth of its sales (compared with the vast majority of YouTube’s).

vast majority 绝大多数

In the vast majority of cases, this should not be a problem.

在绝大多数情况下，这应该不成问题z~cVNcP=G|%jZ_8*。

2. the company must invest to maintain a pipeline of addictive games and pays top dollar to outbid big streamers like iQiyi for the rights to popular movies

top dollar 最高价格 ; 花大价钱

If you want the best, you have to pay top dollar.

你想要最好的，就得花大钱[Mzmy76fi[M。