Abstract: The influencer economy is the product of the deep development of the Internet, and e-commerce live-streaming is its most representative business model. The realization of the value co-creation of the e-commerce live-streaming ecosystem is the internal condition for the healthy development of the e-commerce live-streaming, and also the goal of the emerging business model development under the background of the influencer economy. Based on the value co-creation theory, we make a study on the value co-creation of e-commerce live-streaming and reveal the essence of the value co-creation of e-commerce live-streaming ecosystem through systematic description of the main elements and their relationships of e-commerce live-streaming ecosystem under the background of influencer economy, and give an explanation of the internal mechanism and constraints of the value co-creation ecosystem of e-commerce live-streaming. The research holds that the value co-creation of e-commerce live-streaming ecosystem is the result of interest interaction among the parties involved. According to the different roles of each party in the ecosystem, value co-creation can be categorized into trust value co-creation, product value co-creation, platform value co-creation and experience value co-creation. Its essence is the process of overcoming constraints, and achieving value participation, value creation, and value enhancement by the parties involved in the internet celebrity live streaming e-commerce ecosystem.

Key words: influencer economy, E-commerce live-streaming, ecosystem, value co-creation, digital economy, network power