By Eric X.D. Tan, founder of SWAY. Published 15 October 2026.
Your fandom needs more than a shelf.
You watch a character online. Save the fan edit. Discuss the latest release. Then you travel across the city to stand beside people who understand why it matters.
That journey is the interesting part of Bilibili’s place in Shanghai’s fandom economy.
WHAT IS BILIBILI’S ROLE IN OFFLINE FANDOM?
For Western readers, Bilibili is a Chinese video community with deep roots in animation and gaming. Calling it “China’s YouTube” misses the communities built around those interests.
The company reported 116.5 million average daily active users in its latest quarterly results. That is platform reach, not an event audience.
At WF Shanghai, the figure and model exhibition operated by Bilibili, more than 400 brand exhibitors participated, according to reporting published by Shanghai’s government portal.
WHY MORE MERCHANDISE IS NOT ENOUGH.
But the Chinese retail report supplied for this piece describes another Shanghai: merchandise shops closing, tenants leaving and some established pop-up programmes losing momentum.
Both stories can be true. People can love the characters without needing another shop selling familiar merchandise.
In Chinese fandom retail, “guzi” means character goods: badges, acrylic stands, cards and other collectibles. The challenge is not simply stocking them. It is giving fans a reason to choose your location, then return.
A creator appearance. An exclusive release. A shared ritual. Something they cannot get from another checkout page.
THE QUESTION FOR WESTERN IP OWNERS.
For Western publishers, labels and IP owners, this changes the China brief. Do not stop at “Which platform gives us reach?” Ask who can connect the content, creators, merchandise and physical experience without making the community feel like an afterthought.
Bilibili’s event activity makes that question worth investigating. It does not, by itself, prove profitable events or repeat retail spending.
The opportunity is not another branded shelf. It is a place fans want to belong.
ARE YOU GIVING FANS SOMEWHERE TO SHOP, OR SOMEWHERE WORTH SHOWING UP?
Explore SWAY’s analysis of games, music and culture in Asia, or discuss your next cross-market brief.
SOURCES AND EDITORIAL NOTE.
Bilibili’s audience figure comes from its unaudited second-quarter 2026 results, covering the quarter ended 30 June. Exhibitor participation comes from Shanghai’s government portal, reproducing Jiefang Daily’s WF2026 report dated 4 October. That coverage describes attendance as expected, so we do not present its projection as a confirmed final visitor count.
The wider retail context comes from the reader-supplied trade report from 雷报, “上海IP商业战争再洗牌：谁出局，谁入场，谁推倒重来？”, by 田野. Its store-level claims have not been independently verified here. The shopping-centre examples are not described as Bilibili-owned businesses. Strategic conclusions are SWAY’s interpretation. The cover is an editorial illustration, not an actual Bilibili venue, WF event photograph or official campaign image.