This paper focuses on the value co-creation mechanism of the value constellation of a digital services platform exemplified by the case of Kuaishou. This born-digital platform business is among the largest short-form video platforms in the world connecting makers, shoppers, performers, advertisers, and others. Using business model theory to understand the firm, this study employs "gravities theory" as the main framework to identify where and how value is created and shared among the platform's

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... articipants. The study concludes that valuerecognizing gravity, value-sharing gravity, and value realizing-gravity are found in the Kuaishou value constellation. Kuaishou forms the center dominating the internal value gravities while value gravities are found also externally, around the platform. Analysis of the business model shows that the platform's distinct culture is a valuable mechanism of success within China, but may be a contributing factor to the so far slow international development.