In fact, BIlibili bears the result of it.
These figures represent BIlibili's net losses over the years(Exchange rate: 1 RMB=0.13 USD)
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BIlibili has never made a profit in the five years since it went public, and its net loss has increased each year rather than shrinking,This year BIlibili has had to rely on massive layoffs to maintain its numbers.
Of course, Hololive is not the main cause of all this, but it also bears witness to how BIlibili lost its appeal
The biggest impact of the Hololive incident was not that Hololive lost the Chinese mainland market, because even at the peak of Hololive's popularity in BIlibili, the cn region accounted for only 1/40 of its revenue.
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The Hololive incident has completely split the Chinese and foreign language anime fan communities, People saw the irresponsibility of BIlibili and the mob acting under the national umbrella。The same thing happened many times in just a few years,as a young content platform, it has lost its most competitive ability to follow fashion.
Eventually core fans and creators fled the platform, It became a garbage platform for everyone to be disappointed