Modified DEVA Valuation Model To Study The Valuation Of Douyu TV

The year of 2016 is called the first year of live streaming industry by the investors.With a market size of 20 billion yuan,the live streaming industry has become a new investment outlet.The total number of users in the whole industry is 325 million,with 24 million active users and more than 100 live broadcast platforms in China.Douyu TV and Yingke TV have grown into the unicorns in this outlet.Douyu TV is valued at 10 billion yuan,and Yingke TV is valued at 7 billion yuan.But their main assets are just Internet technology,anchors and content.It completely subverts our perception.How did these valuations come about? Are they really worth the valuations?This paper analyzes the Douyu TV from the user's perspective,trying to find the valuation logic behind it.And it also helps to understand the valuation of Internet enterprises more deeply.This paper summarizes the Douyu TV and the live streaming industry at the beginning.Compare and analyze the applicability of traditional valuation models in the following,finding that they are no longer applicable.So we used the revised DEVA valuation model to value Douyu TV.In order to get a more exact result,we used a relative valuation method at the same time.And there are three revisions to the DEVA valuation model.First of all,with the increasing of customer value,enterprise value has certain growth limit and enterprise value and customer value do not show exponential relationship anymore.So I changed the function relationship to nln(n)based on the Zipf's Law instead of the Metcalfe's Law.Second,it is obviously not objective to calculate the unit customer cost only by registered capital.This paper revised it to the sum of finance capital instead.At last,with the premium coefficient as the factor K,the effect of Matthew on enterprise value is better reflected and quantified.