但广告化并不天然等于价值创造。当所有商户都必须通过竞价才能被看到时，广告费便从增量工具演化为入场券。单个商户的理性选择，是继续加价以维持原有订单量；但从整体看，供给侧为此付出的总成本却在不断上升，而需求并未同步扩大。平台收入提高，但供给侧整体并未获得更多有效需求，反而陷入内耗式竞价。这种结构下，广告化更像是将抽佣换了一种更隐蔽的形态，甚至加剧了零和博弈。
18:16, 27 февраля 2026Россия
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第六十一条 仲裁庭发现当事人单方捏造基本事实申请仲裁或者当事人之间恶意串通，企图通过仲裁方式侵害国家利益、社会公共利益或者他人合法权益的，应当驳回其仲裁请求。
Leeds say they will struggle to break even on Vegas as the Super League teams have to pay all their own costs. So how difficult a decision was it to give up a home game to go? “It was a big decision and one that we didn’t take lightly. Part of our strategy is to constantly raise our profile and when you looked at the results from a marketing and audience perspective for Wigan v Warrington in Vegas last year, the eyeballs on that were incredible. You don’t get given a pot of money: you have to generate your own money through ticket sales. But like Leeds, we felt that we have a big enough fanbase to financially support our ability to go out there. It’s an incredibly tough schedule but to put ourselves on that stage was too big an opportunity to turn down. A year ago we said: ‘What if we won the Grand Final? It’ll be the World Club Challenge and straight into Vegas.’ We just decided to worry about it when it happens. And now it’s happened!”