Abstract: Media platform enterprises represented by video portal websites have achieved rapid growth with their unique business model and have become one of the important tools for people's daily entertainment and information acquisition. Taking Bilibili Company as an example, this paper analyzes the elements and theoretical framework of the business model of media platform from four dimensions:value proposition, value creation, value transmission and value acquisition, and explores the logic of its value creation. The research shows that the essence of business model is to create value; among the four elements of value creation, value proposition is the core, and value creation, value transmission and value acquisition serve and support value proposition; financial data can be used as an effective tool for problem shooting in value creation and for evaluation of the value creation effect of business model. The research results can deepen the understanding of this type of business model and value creation mechanism, and also provide some reference for business practice.

Key words: media platform, business model, elements of business model, value creation, Bilibili