| The network video industry is developing rapidly,and newly established network video platform enterprises are emerging in an endless stream,but few can achieve effective growth and profitability of the platform.According to the content production model,this paper divides the network video industry into professional content production mode(PGC),professional user production content mode(PUGC)and user content production mode(UGC).Based on the theory of bilateral market,the differentiated growth path of the three models of online video platforms is studied,and the layout of investment and mergers and acquisitions is different,and each model selects a representative enterprise for case analysis: i Qiyi(PGC),Bilibili(PUGC)and Kuaishou(UGC),through the study of the growth path and public investment events of representative enterprises,it is found that there are differences in the embodiment of bilateral market elements and investment and merger preferences,and finally use financial indicators and non-financial indicators to measure the investment and M&A performance of the three platforms according to bilateral market elements.Studies have shown that platforms under different modes follow two core logics in the development process,the first is to build the main body of the platform,aggregate users to enhance network effects and diversify operations.The second is to expand the supply and demand sides of the platform and enhance the network effect through investment and mergers and acquisitions.The differences are mainly as follows: the PGC model pays attention to the investment of content resources to meet the needs of users’ professional videos,and the user stickiness is weak but the user monetization ability is strong.In order to meet the needs of users to share their lives conveniently,the UGC model pays attention to platform construction investment,and the user stickiness is strong and diversified business results are better.In order to meet the diversified entertainment needs of users,the PUGC model pays attention to the expansion and investment of the supply side,and the diversified operation is centered on the user’s monetization ability.In order to achieve effective growth,online video platforms should pay attention to the balance of bilateral market element expansion,continuously enhance user stickiness and payment ratio,and explore profit models that are in line with the development of the platform. |
