Abstract: With the development of video websites, watching online videos have become a part of people’s life. Danmaku has improved users' video-watching experience and stickiness. However, the impact of Danmaku on video has been unknown in both the industry and academia.
Using Danmaku data of Chinese film on Bilibili website, this paper analyses the impact of Danmaku volume and emotional intensity on Video Popularity, along with the moderating effects of the number of fans and total videos of the video uploader. This study finds that the Danmaku volume and emotional intensity exert a positive impact on video popularity. The impact of Danmaku volume on video popularity is moderated negatively by the number of fans and total videos of the video uploader such that the positive effect is weaker when the number of fans and total videos of the video uploader are higher. Nevertheless, the number of fans and total videos of the video uploader cannot moderate the impact of Danmaku emotional intensity on video popularity significantly. This paper helps managers of Danmaku video websites understand the user participation and enriches the research on the relationship between Danmaku and video popularity. The impulse response analysis further shows that the emotional intensity of Danmaku has a faster effect on the popularity of video, while the number of Danmaku has a slower effect on video popularity. Variance decomposition results show that video popularity is largely affected by its own, and the number of collections and coins are also mainly affected by video popularity. In addition, the variance decomposition results also show that the influence of emotional intensity of Danmaku on the video popularity is greater than that of the number of Danmaku on video popularity.

Key words: Danmaku, Danmaku Volume, Danmaku Emotional Intensity, User Participation, Video Popularity