Abstract: With the growing appeal of user-generated content (UGC) for attracting viewers, two-sided video platforms (e.g., iQIYI) have begun introducing UGC business line to attract viewers and increase advertising revenue. However, this also poses a challenge: some advertisers who originally placed advertisements directly on the platform may perceive UGC as more effective for promoting their products and shift their advertising to UGC content. For two-sided long-form video platforms, the introduction of UGC represents both an opportunity and a risk. Based on this, this paper applies two-sided market theory to comprehensively analyze the dual impact of UGC adoption on long-form video platforms. A three-party game model involving viewers, the platform, and advertisers is constructed, and platform profits are compared across three scenarios: no UGC adoption, UGC adoption by a single platform, and UGC adoption by all platforms. It examines whether and when platforms should introduce UGC and summarizes the operational impact of UGC adoption. It further explores how platforms should adjust pricing strategies to maintain optimal profits in response to changes brought by UGC adoption. The results indicate that, in competitive markets, when UGC adoption significantly affects platform advertising revenue, the key factor influencing adoption decisions is whether the platform can obtain a value advantage from UGC content. When the impact is moderate, the primary factor is the switching cost for viewers between platforms. The introduction of UGC by a platform simultaneously affects both viewer and advertiser behavior, and this effect propagates through the platform’s inherent two-sided market dynamics. Platforms that secure a substantial UGC content value advantage can attract competitors’ advertisers by lowering ad prices to offset potential losses, while competing platforms should raise ad prices to preserve profits.

Key words: streaming media platform, user-generated content (UGC), two-sided competition theory, content competition

摘要： 随着用户生成内容（UGC）引流方面的优势日益凸显,部分长视频平台（如爱奇艺）开始引入UGC业务，以期吸引观众并增加广告收入。然而，这一举措也带来了新的挑战：一些原本通过平台投放广告的广告主认为UGC更有利于产品宣传，因而转向通过UGC投放广告。对运营于双边市场的长视频平台而言，引入UGC既是机遇也是挑战。基于此，本文运用双边市场理论，综合考量UGC引入对双边长视频平台的双重影响，构建了由观众、平台与广告主三方参与的博弈模型，并对比分析了3种场景下的平台利润：无平台引入UGC、仅单一平台引入UGC以及所有平台均引入UGC。本文进一步探讨了平台是否应引入UGC、何时引入UGC，并总结了UGC引入对平台运营模式的影响。同时，研究分析了平台应如何调整定价策略，以应对UGC引入所带来的变化，从而维持最优利润水平。研究结果表明：对于处于竞争市场中的平台，当引入UGC对平台广告业务造成的冲击较强时，平台能否在 UGC内容上形成显著的价值优势，成为其是否引入UGC的关键因素；当冲击较弱时，观众的平台转移成本则成为主导因素。平台引入UGC会同时影响观众与广告主的行为决策，并通过双边市场中的网络效应进一步传导至平台的整体运营。若引入UGC的平台能够构建较大的内容价值优势，则可通过降低广告定价吸引竞争对手平台上的广告主，从而弥补因引入UGC而流失的广告资源。与此同时，竞争平台应相应提高广告定价，以尽可能维持自身利润水平。

关键词: 在线长视频平台, 用户生成内容, 双边市场竞争理论, 内容竞争