Abstract: Online video platforms are an emerging form of two-sided markets that connects consumers and advertisers by offering consumers video content paired with advertisements. These platforms generate revenue from both sides: consumers pay membership fees, while advertisers are charged ad rates. To explore the dynamics of such platforms, this paper develops a game model that incorporates typical features of online video platforms, including customer streaming levels, ad aversion, and network externalities. It investigates how these factors influence the platform’s decisions regarding service modes (free versus hybrid), two-sided pricing (membership fees and ad rates), and advertisers’ advertising decisions. These findings reveal that the platform’s choice between free and hybrid service modes depends on a cost threshold—determined by the maximum customer stream level, the proportion of consumers with high ad aversion, and advertiser-side network externalities. Specifically, the platform adopts the hybrid mode when the ad-acceptance cost for highly ad-averse users exceeds the threshold; otherwise, it opts for the free mode. Moreover, the maximum level of customer stream positively affects ad rates in both service modes. In the hybrid mode, an increase in customer stream level leads to lower membership fees and higher optimal advertising volumes. These effects vary depending on the chosen service mode. Additionally, advertiser network externalities positively influence both optimal advertising volumes and ad rates, with stronger effects observed in the free mode compared to the hybrid mode. Conversely, customer network externalities negatively impact membership fees on the platform.

Key words: online video platform, customer stream level, network externality, two-sided pricing, advertising

摘要： 作为一种新兴双边平台，网络视频平台连接消费者和广告商，为消费者提供含广告的视频内容，通过向广告商收取广告费、向消费者收取会员费等方式实现盈利。构建了考虑网络视频平台典型特征的博弈模型，分析了消费者流量水平、广告厌恶度及网络外部性等因素对平台服务模式选择（免费模式或混合模式）、双边定价（广告费与会员费）以及广告商广告投放决策的影响。研究结果表明：存在一个成本阈值，当高广告厌恶度消费者的广告接受成本大于该阈值时，平台选择混合模式，返之则选择免费模式；该阈值取决于高广告厌恶度消费者比例、消费者流量水平上限以及广告商网络外部性强度。在两种服务模式下，消费者流量水平上限对平台广告费率均具有正效应；而在混合模式下，消费者流量水平上限对平台会员费率具有负效应。消费者流量水平上限对广告商最优广告投放量具有正效应，但在不同服务模式下影响幅度不同。广告商网络外部性对广告商最优广告投放量和平台广告费率均具有正效应，且其对免费模式下最优广告投放量的影响大于混合模式。在混合模式下，消费者网络外部性对平台会员费率具有负效应。

关键词: 网络视频平台, 流量水平, 网络外部性, 双边定价, 广告投放