影音直播平台之銷管費用與價值管理 —以L公司為例

Abstract

隨著行動網路普及與數位娛樂型態轉變，直播產業已成為高度競爭的市場。在此環境下，平台業者需投入大量資源於技術研發、市場推廣與內容治理。然而，既有文獻較少探討直播平台的費用配置如何具體驅動商業價值的產生。本研究旨在探討直播平台之銷管費用（SG&A）與價值管理之間的關聯，並以台灣本土直播平台「浪LIVE（L公司）」為個案進行深入分析。 本研究結合Banker et al.（2011）之費用觀點與Rohn et al.（2021）之數位平台價值管理架構，將平台營運劃分為價值創造、價值傳遞與價值擷取三個階段，並檢視研發、銷售與管理費用在其中的角色。研究發現：（1）研發費用透過建置高規格音訊技術與遊戲化互動機制，為平台奠定了「價值創造」的基礎，並展現了營運槓桿效益；（2）銷售費用透過簽約關鍵意見領袖（如職業啦啦隊）與舉辦大型盛典，有效降低獲客成本並擴大社群網絡，實現了「價值傳遞」；（3）管理費用則透過嚴格的綠色直播治理與資安合規，建立了品牌信任資產，確保了平台「價值擷取」的永續性。 本研究結果顯示，直播平台的費用支出並非單純的成本消耗，而是驅動商業模式運轉的策略性投資。各項費用在實務上具有跨構面的整合綜效，共同構建了平台難以模仿的生態系壁壘。

With the ubiquity of mobile internet and the shift in digital entertainment consumption, the live streaming industry has become a highly competitive market. In this environment, platform operators must invest significant resources in R&D, marketing, and content governance. However, existing literature has rarely explored how expense allocation specifically drives value creation in live streaming platforms. This study aims to investigate the relationship between Selling, General, and Administrative (SG&A) expenses and value management, using the Taiwanese live streaming platform “Lang Live (Company L)” as a case study. This study integrates the expense perspective of Banker et al. (2011) with the digital platform value management framework of Rohn et al. (2021). It divides platform operations into three stages: value creation, value delivery, and value capture, examining the roles of R&D, selling, and administrative expenses within them. The findings indicate that: (1) R&D expenses lay the foundation for “value creation” by establishing high-quality audio technology and gamified interaction mechanisms, demonstrating operating leverage; (2) Selling expenses achieve “value delivery” by signing key opinion leaders (such as professional cheerleaders) and hosting large-scale events, effectively lowering customer acquisition costs and expanding social networks; (3) Administrative expenses ensure the sustainability of “value capture” by establishing brand trust through strict green live streaming governance and information security compliance. The results suggest that SG&A expenses in live streaming platforms are not merely cost consumption but strategic investments that drive the business model. In practice, these expenses demonstrate cross-dimensional synergies, collectively building an inimitable ecosystem barrier for the platform.