基于改进梅特卡夫模型的直播估值研究——以虎牙直播为例

Research on Live Streaming Valuation Based on Improved Metcalfe Model—A Case Study on Huya.com

对于直播平台而言,因为无形资产占比较大且没有销售收入,使用传统估值方法有较大的局限性,而梅特卡夫模型契合以用户价值为估值依据的直播平台。但梅特卡夫模型存在无法区分用户等缺陷,因此对其进行了模型改进,引入了平均用户贡献量。客单成本和市场占有率等对估值结果影响较大的因素,并对虎牙直播进行估值,结果表明,基于改进的梅特卡夫模型对直播平台估值更为准确。改进梅特卡夫模型不仅适用于直播平台,对其他平台估值也具有借鉴意义。

For live streaming platforms,traditional valuation methods have significant limitations due to the large proportion of intangible assets and the lack of sales revenue.The Metcalfe Model is suitable for live streaming platforms that are valued based on user value.However,the Metcalfe model has shortcomings such as the inability to distinguish users.Therefore,the model was improved by introducing factors such as average user contribution,order cost,and market share that have a significant impact on the valuation results.The valuation of Huya.com was also conducted,and the results showed that the improved Metcalfe Model is more accurate in valuing live streaming platforms.The improved Metcalfe Model is not only applicable to live streaming platforms,but also has reference significance for the valuation of other platforms.