| Along with the rapid development and expansion of the Internet and 5G in China,the cross-border integration and sharing economy under the "Internet+" is in full swing.Under the new trend of "Internet+",people’s material life is getting richer and their spiritual needs are growing.The development of the streaming media industry has enabled people to enjoy online entertainment content without leaving home,and the outbreak of the epidemic has led to a rapid increase in this demand.Healthy and warm realistic entertainment is still early in the industry,with streaming companies such as i Qiyi,Tencent and Youku going public one after another.How to apply practical methods to valuing streaming media companies and provide operators as well as more investors with relevant decision-making basis has become a new topic.The DEVA model is considered to have good applicability to the valuation of Internet enterprises after referring to the relevant studies on streaming media and enterprise valuation by domestic and foreign scholars.However,the DEVA method has been introduced for more than 20 years,and the increase in Internet penetration has led to diversified factors influencing the value brought by users to enterprises,and the network effect,Matthew effect and economies of scale have put forward higher requirements for enterprise value assessment.In addition,the traditional valuation methods based on financial indicators cannot reflect the potential value of streaming media companies because of the lack of profitability and business risks faced by streaming media companies.Therefore,based on the valuation needs of the streaming media industry,this paper introduces Zipf’s law and relevant non-financial indicators to optimize and adjust the DEVA model,which can more effectively cope with the problems often existing in the valuation of the streaming media industry and avoid the limitations that may exist in the original valuation method,and is more practical and effective in terms of valuation methods.This paper firstly compares the literature related to the valuation of streaming media industry at home and abroad,secondly explains the current industry overview,enterprise characteristics and profitability model of streaming media,introduces the traditional methods such as income method and asset-based method and their limitations,combines the factors affecting the value of streaming media enterprises and finds that the traditional valuation methods are not applicable to the valuation of streaming media enterprises,so the DEVA model based on the number of users is chosen.As the original DEVA model has obvious defects,it needs to be further improved by combining with the industry situation,including revising the subscriber and user value relationship and introducing the paid subscriber rate and market share index to get the final DEVA model.Finally,Mango Super Media was used as a valuation case for specific valuation analysis to derive valuation results.The asset-based method,the discounted free cash flow model,the original DEVA valuation results and the improved DEVA valuation results were compared,and another company in the same industry,Bili Bili,was valued to verify the validity of the model.The final conclusion is that,firstly,user size is important to the valuation of streaming media enterprises,and there is an obvious Matthew effect in the streaming media industry,and the head enterprises have competitive advantages in acquiring users and other aspects.Secondly,the valuation results and errors of Mango Super Media are within acceptable limits,and the improved DEVA model is verified to be reasonable and more in line with objective reality.Therefore,in order to expand the scale of users,streaming media companies should continue to cultivate user consumption habits,consolidate their market position and improve user satisfaction,so as to enhance their own value. |
