Abstract: In the context of Internet content entrepreneurship represented by network broadcast and knowledge payment, community interaction, as the main form of consumer-industry interaction, shows the characteristics of networking, knowledge and online in terms of interactive structure, interactive content and interactive place. Interactive network based on the theory of social network will be divided into weak community interaction scope and depth of the relationship between connected "denotative interaction" and the strong relationship between condensation "interactive" teaching, and introduce "distance of knowledge" depicting community middle eliminate the difference of interaction between subject knowledge base, build the heterogeneity, knowledge distance, community interaction effects on content entrepreneurship performance analysis framework. Furthermore, this paper takes Zhihu platform, an online knowledge community, as the sample source, uses web crawlers to capture the data of "entrepreneurial income" and "community interaction" of content entrepreneurs (nearly one million magnitude) respectively, and establishes an econometric model to empirically test the theoretical hypothesis proposed. It is found that the "value co-creation" and "value co-destruction" effects of community interaction are intertwined: the two types of community interaction have opposite non-linear effects on content entrepreneurship performance and are moderated by knowledge distance between producers and consumers. Literature mostly focus on traditional off-line produce interactive linear influence on entrepreneurial performance, this paper first puts forward the content business community interaction performance of the nonlinear mechanism, and based on the Internet startup practice, reveals an interesting and profound stage community interaction strategy: startup stage should pay attention to "small but beautiful" community interaction, in order to "accommodationist" establish trust relationship; Community interaction in the mature stage of entrepreneurship should focus on "large and complete", and integrate multi-source information by "reserving differences". This study has enriched the boundary research of value co-creation theory and has important theoretical guidance and management enlightenment for content entrepreneurs to carry out community operation.