数字娱乐产业、商业模式与融资渠道冲突危机——对暴风集团上市到退市案例的考察  

Digital Entertainment Industry,Business Model and Crisis on Financing Channel Conflict:From the Investigation of Listing and Delisting of Storm GroupLimited

作　　者：熊德斌[1] 杨迪 XIONG Debin;YANG Di

机构地区：[1]贵州大学经济学院,贵阳550025

出　　处：《上海商学院学报》2023年第2期90-105,共16页Business Economic Review

摘　　要：在移动互联网时代下,互联网企业要想在激烈的竞争中生存和发展,就必须发现顾客价值,并根据自身企业条件采用匹配的产品或者服务创造顾客价值和追求利润最大化。本文以暴风集团为例,基于财务分析视角,探讨暴风集团从高成长到危机发生的全过程、娱乐产业数字化的商业逻辑与暴风集团商业模式及融资渠道的冲突。通过对暴风集团从上市到退市的案例分析,我们研究发现:一是娱乐产业数字化商业逻辑随着移动互联网和文化知识产权保护力度增强而变迁;二是娱乐产业数字化发展方向与顾客消费便利性低成本冲突(TV、VR等)是导致暴风集团商业模式失败的重要根源;三是融资风险叠加商业模式风险加速暴风集团由“机”转“危”。本文的分析结论对于娱乐产业数字化趋势下互联网企业的生存具有一定的启示意义。In the era of mobile internet,internet companies must discover customer value and create customer value and pursue profit maximization based on their own business conditions by adopting matching products or services in order to survive and develop in fierce competition.Taking Storm Group Limited as an example,based on the perspective of financial analysis,this paper discusses the whole process of Storm Group Limited from high growth to the occurrence of crisis,the business logic of entertainment industry digitalization,the conflict between business model and financing channels of Storm Group Limited.Through the case analysis of Storm Group Limited from listing to delisting,we find that:firstly,the digital business logic of the entertainment industry changes with the strengthening of the mobile internet and cultural intellectual property protection;secondly,the conflict between the development direction of digitalization in the entertainment industry and the low-cost of customer convenience(TV,VR,etc.)is an important cause of the failure of the Storm Group's business model;thirdly,the combination of financing risks and business model risks accelerate Storm Group's transition from"opportunity"to"crisis".The analysis and conclusion of this paper give certain enlightenment and significance to the survival logic of internet companies in the digitalization trend of the entertainment industry.

关 键 词：娱乐产业数字化 商业模式 商业逻辑 融资风险 控制权 

分 类 号：F49[经济管理—产业经济] F832.51[文化科学] G124