This paper studies the impact of O2O (Online-to-offline) platforms on the performance of participating firms. Specifically, the study uses a sample of 3406 cinemas to investigate the moderating effect of O2O platforms, particularly proprietary platforms, on the relationship between cinemas’ resources and their performance. Resources are measured in two dimensions. One dimension is physical resources, measured by the number of seats, while the other dimension is intangible resources, measured by the operating duration of a cinema. The findings show that both O2O platforms and proprietary platforms have significantly positive impact on the relationship between the number of seats and firm performance. O2O platforms negatively moderate the relationship between duration and firm performance, while proprietary platforms positively moderate the relationship. Implications of the findings are discussed.