媒介跨界融合下的商业模式创新路径研究——以光线传媒收购猫眼为例

Research on the Innovation Path of Business Models under the Cross-Border Integration of Media—A Case Study of Enlight Media’s Acquisition of Maoyan

摘要: 在数字化变革与媒介边界重构的进程中，光线传媒通过控股猫眼，对其进行整合，实现了战略、运营与财务的深度协同。双方依托内容制作优势、数据服务能力以及用户运营体系等核心能力，构建了以“内容生产–数据驱动宣发–渠道分发”为核心的全产业链闭环，推动资本嵌套与主导权再分配，促进资源高效整合与协同创新。基于价值共创理论，光线传媒与猫眼通过联合管理机制、数据中台共享及多元营收协作，实现了商业模式的系统创新。这一媒介跨界融合实践为传统传媒企业突破产业边界和壁垒、重塑商业逻辑提供了可借鉴的范式。

Abstract: In the process of digital transformation and the reconfiguration of media boundaries, Enlight Media has achieved deep synergy between “content production and channel distribution” by taking a controlling stake in Maoyan and integrating it. Relying on core capabilities such as content production advantages, data service capabilities, and user operation systems, the two have restructured the entire industrial chain loop from “production-promotion and distribution-channels”, forming a new path of business model innovation oriented towards value co-creation. Through the integration of ticketing entry points, the upgrade of data-driven promotion and distribution tools, and the construction of a diversified profit structure, Enlight and Maoyan have transformed from single content output to platform-based and ecological operations. This cross-media integration practice provides a reference model for traditional media enterprises to break through industrial boundaries and barriers and reshape their business logic.