The rise of platform-based enterprises represents one of the most significant economic shifts of the 21st century, manifesting across various industries, with a pronounced trend toward emergence and monopolization in the digital publishing sector. Multi-Sided Digital Reading Platform develop and generate new values in the digital reading domain through the extensive "collective participation" of platform leaders, customers, authors, and other stakeholders. This study examines critical challenges in value co-creation faced by Multi-Sided Digital Reading Platforms across three dimensions, drawing from publishing studies, management, and economics, while incorporating platform ecosystem theory, value co-creation theory, platform economy theory, complementarity theory, and co-evolution theory. The first challenge involves managing "redundant resources" from a resource-based perspective. The second addresses the coordination of upstream and downstream value chain partners from the value chain perspective. The third focuses on developing the platform ecosystem's overall value from the platform evolution perspective. Through comprehensive literature review and case analyses, this study identifies three primary participant groups in the value co-creation ecosystem of Multi-Sided Digital Reading Platform: platform leaders, customers, and other stakeholders. Specifically, complementary manufacturers mainly consist of: content providers, copyright cooperation companies, printing enterprises, distribution companies, technical service providers, advertising and PR partners, financial service organizations, as well as other enterprises and individuals that provide complementary products for the platform. Administrative management organizations encompass relevant regulatory authorities at both the national and local government levels.Industry management organizations include practitioner associations, industry institutions, and industry associations. Among these, other stakeholders encompass complementary manufacturers, administrative organizations, industry management organizations, and additional entities. Analysis of multiple global digital reading sector cases reveals that within the value co-creation ecosystem of Multi-Sided Digital Reading Platform, the value proposition of platform leaders focuses on identifying potential shared values, establishing a complementary innovation ecosystem, and distributing platform value among all participants, while managing co-innovation risks. The value propositions among other stakeholders, including complementary manufacturers, administrative organizations, and industry management organizations, demonstrate notable variation. Customer value propositions encompass personal, practical, and holistic dimensions. Customers seek platforms that facilitate matching and integration of complementary content products and services, improve information search efficiency, provide access to knowledge-intensive expertise, and fulfill personalized customization requirements. Based on the aforementioned research findings, the study proposes specific strategies and recommendations for expanding and enhancing the value co-creation ecosystem of Multi-Sided Digital Reading Platforms. For example, attracting complementary vendors to follow and enhancing value capture capabilities; strengthening platform isolation mechanisms to build a diverse ecological network; and guiding diverse stakeholders toward mutual benefit and balanced interests. Only by pursuing an ecological strategy of co-creation and sharing can all platform participants benefit.