Value Assessment Of Online Video Enterprises Form User Perspective

Online video Internet enterprises are an important part of the current Internet sector.At present,the scale of online video users is huge,and user demand is long.The online video industry obviously has a strong traffic accumulation ability and broad development prospects.Among them,representative enterprises include head platforms Youku and iqiyi in the medium and long video category,and Kwai and Tiktok in the short video category.Due to the huge market scale and social influence of the online video industry,it has always been concerned and favored by the capital market from the perspective of financing or investment.However,the phenomenon of high flow,high income,high valuation but actual operating losses,which is almost universal in the industry,is also characterized by different opinions from the outside world.Because Internet enterprises have special attributes different from traditional industries,such as asset light,user dominance,and income uncertainty,traditional valuation methods,such as DCF(free cash flow discount method),dividend discount method,asset based method,or real option method,market method,have certain limitations in use and lack of applicability.This is especially true for online video internet enterprises with perennial book losses,even insolvency,and few comparable objects.According to the characteristics of Internet enterprises,as far as the existing theories are concerned,Metcalfe’s Law is widely recognized;In practice,there are Guotai Jun’an model,DEVA model,etc.Online video internet enterprises urgently need more sophisticated and delicate valuation methods.Based on the industry characteristics of the online video Internet industry and the view that the core driver of the online video Internet enterprise value is users,this paper measures the value users can create for the enterprise from multiple dimensions of scale,cost and contribution,discusses the measurement methods of each dimension,and verifies them with the case company.The research path of this paper is as follows:(1)Sort out the current literature related to the value evaluation of Internet enterprises based on user value,especially the literature related to Metcalfe’s law and DEVA model.(2)Classify and define online video enterprises,and determine that the model is applicable to online video enterprises of medium and long video platform enterprises.The reasons why traditional methods are not suitable for evaluating online video enterprises are explained in detail.(3)The DEVA model is modified according to the characteristics of medium and long video platform enterprises:user category is modified from the characteristics of difference between paying users and ordinary users,and user contribution is modified from the characteristics of large revenue risk.(4)The modified DEVA model is applied to the selected case company Bilibili,and various parameters are selected in combination with the user group characteristics.The innovations of this paper are as follows:(1)Combining the high content cost characteristics of the industry,the content cost that needs to be continuously invested is taken as the user cost and embedded into the valuation model in combination with the user contribution.Instead of ignoring the cost of maintaining users,users’ income is only equal to their contribution.(2)The grey prediction method is used to judge whether there is any change in the unit user’s contribution value.First,when measuring the enterprise value of online video internet,we should consider the impact of user costs,especially the impact of high content costs,otherwise it is easy to overestimate the enterprise value.Secondly,the key of Internet enterprise value is user value,and how to measure user value has become a new direction of exploration.This paper argues that under the premise of limited user scale growth,one of the important determinants of user value is user liquidity.Therefore,online video enterprises need to focus on how to improve users’ business conversion rate,cultivate users’ loyalty to the platform,and realize full realization of user traffic.