Bilibili, founded in 2009, has become a popular ACG-based video sharing and creation platform. It has gained a large following among users and we-media creators, forming a unique ecosystem. To analyze Bilibili's operation mode, this paper combines the SWOT model to conduct an in-depth analysis. The SWOT model stands for strengths, weaknesses, opportunities, and threats. By examining Bilibili's strengths, weaknesses, opportunities, and threats, people can gain insights into its development history, advantages, disadvantages, as well as the challenges and opportunities it faces. This analysis is important because it has been observed that Bilibili faces certain problems in its high-speed development. The following sections will analyze and discuss these problems, with a focus on the impact of Bilibili's we-media on its audience and the influence of we-media on creators, audiences, and society. By applying the SWOT model, people will explore the characteristics of we-media content and the audience's response, examining the socialization and promotion of subculture in we-media.