In the context of multi-sided platform (MSP) literature, the strategic use of first-party content is well established. In these contexts, consumers’ value perceptions of first- and third-party content is assumed to be equivalent. In the marketing literature, however, it is generally accepted that the perceived value of products from store brands is significantly lower than products from manufacturer brands. This study investigates whether the same difference exists among consumers on a multi-sided platform. The study finds that consumers perceive products sold by the platform as delivering significantly less value than substitutes from third-party brands, and that this difference persists independently of price. The implications of the findings for managers and marketers are that (i) first-party content strategies on MSPs are limited by consumers’ value perceptions. This implies that (ii) managers should calibrate their first-party content strategies according to target customers’ preferences and that (iii) in their analytics, marketers should distinguish between first- and third-party content.

在多边平台（MSP）文献的背景下，第一方内容的战略使用已经很成熟。在这些背景下，假设消费者对第一方内容和第三方内容的价值认知是相同的。然而，在营销文献中，人们普遍认为商店品牌产品的感知价值明显低于制造商品牌产品。本研究调查多边平台上的消费者之间是否存在同样的差异。研究发现，消费者认为该平台销售的产品的价值明显低于第三方品牌的替代品，而且这种差异与价格无关。研究结果对管理者和营销人员的影响是：(i) MSP 的第一方内容策略受到消费者价值观念的限制。这意味着（ii）管理者应根据目标客户的偏好调整其第一方内容策略，并且（iii）在分析中，营销人员应区分第一方内容和第三方内容。