You are planning on founding the software platform company $$ChatBot$.$ It offers the app DirectChat, which is an instant messenger that can be downloaded to Android$-$ and iOS$-$based smartphones. Its key purpose is to allow for text$-$message exchange between its users. The ChatBot platform also allows for the download and use of third$-$party apps within the messenger DirectChat, which are free of charge for the users of DirectChat. These third$-$party apps are voluntarily developed by external software developers and generate revenue by the display of advertisements within them. The ChatBot platform aggregates this ad space and offers it to interested advertisers. Hereby, ChatBot acts as an intermediary and keeps $50\%$ of the revenues from the advertisements. The remaining $50\%$ of advertising revenues are given to the developers of the app in which the respective advertisement is displayed to the user.

a$)$ Please briefly explain the concept of multi$-$sided platform markets and correspondingly direct and indirect network effects.

Subsequently describe how ChatBot$$s business model fits into the understanding of multi$-$ sided markets and illustrate network effects. Please refer to the following actors: ChatBot, third$-$party app developers, advertisers and consumers. You may use an illustration if you like.

b$)$ How do DirectChat$$s users benefit from the multi$-$sided platform model? Please refer to direct

and indirect network effects.

c$)$ ChatBot wants to expand its operations and looks for innovative ideas for new revenue streams.

Based on its current platform business model, please briefly outline two possibilities for new

revenue streams.

$$ Please use scientific sources to your explanations. It is mandatory to cite all used sources in

Harvard Style.

$$ It is mandatory to create at least one visualization.