旅游市场在高速发展下，形成了庞大的产业体系，涵盖了出行、住宿、餐饮、购物、娱乐等多个领域，因其不可替代性，已经成为生活中不可或缺的一部分。2021年全国旅游及相关产业增加值为45484亿元，国内游客旅游在2019年达到历史峰值60.06亿人次，2012 ~ 2019年期间，平均增速达6.1%，2019年居民国内游客总消费达5.7万亿元。马蜂窝依托海量丰富的目的地攻略和UGC内容，以及数字化的能力，向旅游产业链商家赋能，对旅游交易市场布局，将旅游消费决策的用户与商家精准对接，形成了“内容+交易”的商业模式的闭环，实现了消费者、平台、商家共赢。旅游市场充分验证了其内容变现的商业模式的可行性，连续4年交易额100%以上的增速，其特有的商业模式也为其带来了行前旅游决策入口的竞争优势。 本论文首先对马蜂窝的商业模式按照对企业定位、业务系统、关键资源能力、盈利能力等，进行深入分析，挖掘企业的核心价值。其次，通过宏观环境，以及国内、外旅游市场规模进行数据比较分析，发现旅游市场在逐步细分下的存量规模及增长空间，同时对产业链中利益相关者以及议价能力进行分析，确认现有市场结构中参与者的地位。最后，结合马蜂窝未来业务潜在的增长空间，内外部的优劣势，分析面对威胁与挑战时的商业模式选择。从商业模式设计分析以及创新方面，对马蜂窝公司给出建议，帮助其保持持续的竞争优势。 通过研究发现，旅游产业的发展的本质是基于“旅游+”模式与其他产业协同发展。“旅游+互联网”模式下推动高速增长的旅游市场，未来“旅游+兴趣”的模式将会成马蜂窝公司新的创新增长点。在线旅游市场在没有达到增长瓶颈之前，市场参与者将长期保持非零和博弈，国内及海外市场的用户规模的市场空间广阔，为在线旅游平台提供了更多的发展机会。马蜂窝与其他OTA、以及短视频内容平台也将长期保持着竞争与合作的关系。而马蜂窝特有的“内容+交易”的商业模式，形成了其持续的竞争优势，同时借助规模的UGC以及数字化能力，为其带来持续的创新力，将更有利于其对未来市场的把握。研究将理论与实际相结合，希望能对案例企业本身业务持续增长与创新有所帮助，同时对一些商业模式以内容为主的企业，在内容难变现的商业诅咒中，产生一定借鉴意义。
Under the rapid development of the tourism market, a huge industrial system has been formed, covering travel, accommodation, catering, shopping, entertainment and other fields. Because of its irreplaceability, it has become an indispensable part of life. In 2021, the added value of national tourism and related industries will be 4,548.4 billion yuan. Domestic tourist travel will reach a historical peak of 6.006 billion in 2019. From 2012 to 2019, the average growth rate will reach 6.1%. In 2019, the total consumption of domestic tourists will reach 57,000 billion. Relying on a large number of rich destination guides and UGC content, as well as digital capabilities, Mafengwo empowers merchants in the tourism industry chain, lays out the travel transaction market, and accurately connects users who make travel consumption decisions with merchants, forming a "content + transaction" The closed loop of the business model has achieved a win-win situation for consumers, platforms, and merchants. The tourism market has fully verified the feasibility of its content monetization business model, with a growth rate of more than 100% in transaction volume for four consecutive years, and its unique business model has also brought it a competitive advantage as a pre-trip travel decision-making portal. This paper first conducts an in-depth analysis of the business model of Mafengwo in terms of corporate positioning, business systems, key resource capabilities, profitability, etc., to tap the core value of the company. Secondly, through comparative analysis of data on the macro-environment and the scale of domestic and foreign tourism markets, it is found that the stock scale and growth space of the tourism market is gradually subdivided. The position of the participants in the market structure. Finally, combined with the potential growth space of Mafengwo‘s future business, internal and external advantages and disadvantages, it analyzes the choice of business model in the face of threats and challenges. In terms of business model design analysis and innovation, suggestions are given to Mafengwo to help it maintain a sustainable competitive advantage. Through research, it is found that the essence of the development of the tourism industry is based on the "tourism +" model and the coordinated development of other industries. The "tourism + Internet" model promotes the rapid growth of the tourism market. In the future, the "tourism + interest" model will become a new innovation growth point for Mafengwo. Before the online travel market reaches the growth bottleneck, market participants will maintain a non-zero-sum game for a long time. The market space of user scale in domestic and overseas markets is vast, which provides more development opportunities for online travel platforms. Mafengwo will also maintain a long-term relationship of competition and cooperation with other OTAs and short video content platforms. Mafengwo‘s unique "content + transaction" business model has formed its sustainable competitive advantage. At the same time, with the help of large-scale UGC and digital capabilities, it will bring continuous innovation to it, which will be more conducive to its grasp of the future market. The research combines theory with practice, hoping to help the case company‘s own business growth and innovation. At the same time, it can be used as a reference for some companies whose business model is based on content.
