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Finance and Credit
 

Digital platforms: Zombification causes and attributes

ISSUE 9, SEPTEMBER 2025

PDF  Article PDF Version

Received: 12 May 2025

Accepted: 9 June 2025

Available online: 30 September 2025

Subject Heading: THEORY OF FINANCE

JEL Classification: G32

Pages: 71-84

https://doi.org/10.24891/qpswcm

Karina L. SPOLOKHOVA corresponding author, Lomonosov Moscow State University, Moscow, Russian Federation
spolokhova.c@gmail.com

https://orcid.org/0009-0005-2660-6902

Svetlana G. MAKAROVA Lomonosov Moscow State University, Moscow, Russian Federation
svtlmakarova@gmail.com

https://orcid.org/0000-0001-9474-1739

Subject. This article discusses digital zombie platforms.
Objectives. The article aims to identify attributes and causes of zombification performed by digital platforms in multilateral markets.
Methods. For the study, we used general research methods, including analysis and synthesis, and the case study approach.
Results. The article analyzes the causes behind the emergence of digital zombie digital platforms, including the high degree of information asymmetry of such companies, their specifics of venture financing, and macroeconomic conditions. The article examines the limitations of traditional criteria for identifying zombie companies when applied to digital platforms. Based on case studies of digital platforms, the article formulates identification criteria for zombie digital platforms, focusing on the changes in venture capital raising and the specifics of management of customer base.
Conclusions and Relevance. Digital platforms operating in winner-takes-all markets are susceptible to zombification due to the specifics of their business models and capital raising strategies. The traditional approaches to identifying zombie companies are ineffective for analyzing digital platforms. The identification criteria proposed can help improve the accuracy of assessing the viability of digital platforms.

Keywords: digital platform, multilateral market, network effects, zombie company, loss-making company

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