| Since 2014,the live broadcast market has exceeded 10 billion,and the number of users of the live broadcast platform has reached 400 million.In April 2019,"EU Live" submitted an IPO application to the NYSE.In sharp contrast,the "XB Live",which once had a valuation of 5 billion yuan,permanently shut down the server in March2019.What factors have caused the two giants of the live broadcast platform to "same in the same way" in 2019,one side is continued to be hailed by capital,and one party is cleared by the market.These live broadcast platforms that rely on Internet technology and anchor talents have reached the tens of billions of valuations in a few years without the support of traditional industrial systems.The valuation of live platform is still lacking in valuation methods that are compatible with its value characteristics.Reasonable valuation methods are increasingly important for assessing the value of today’s live broadcast platforms.As the "new format" enterprise in the Internet industry,the live broadcast platform is experiencing a period of explosive growth.The free cash flow of each period is calculated to be negative,and it is difficult to use the DCF method for valuation.This paper first analyzes the characteristics of the live broadcast platform,and takes the long-term live broadcast platform as the research object.Then it briefly analyzes the limitations of the live platform for evaluating the live platform based on the traditional enterprise value valuation method based on report data.Based on the unique value characteristics of the live broadcast platform,this paper chooses the DEVA valuation model that is more suitable for the business model of the live broadcast platform.After correcting the number of users in the original model,the average contribution of each user,and the initial capital invested,the two parameters of the user’s fee penetration rate and the live platform Matthew effect factor were added,and a new value evaluation for the live platform was derived.Improved DEVA valuation model.Finally,taking the “RN Live” listed on the US stock market in May 2018 as an example,the value of the company was evaluated using the improved DEVA valuation model.It can be seen from the comparison of the evaluation results that the error rate of the improved DEVA estimation model is-9.6%.Compared with the pre-improved DEVA estimation model +506.6% and the error rate of the DCF method-61.5%,theerror is significantly reduced.This shows that compared with the traditional valuation method,the improved DEVA valuation model can better dig out the intrinsic value of the live platform. |
