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The market for meaning: A new entrepreneurial approach to creative industries dynamics

Author

Listed:
  • Yu-Yu Chang

    (National Cheng Kung University
    Cross College Elite Program, National Cheng Kung University)

  • Jason Potts

    (RMIT Blockchain Innovation Hub, RMIT University
    RMIT University)

  • Hui-Yu Shih

    (National Tsing Hua University)

Abstract

Economists have long sought to better understand how cultural value is transformed into economic value in creative industries. We propose a three-phase model for this mechanism in which the economic creation of cultural value begins with private cultural production and consumption from which a cultural entrepreneur discovers or perceives meaning. A cultural trajectory then unfolds through a second phase as meaning is refined, tested, developed into a shared experience in a cultural market. In the third phase, meaning is organized into an economic and cultural form and feeds back into cultural production. We illustrate this model of a ‘market for meaning’ with a case study of K-pop. We discuss implications of our model for theories of the entrepreneurial process and theories of cultural and creative industries.

Suggested Citation

  • Yu-Yu Chang & Jason Potts & Hui-Yu Shih, 2021. "The market for meaning: A new entrepreneurial approach to creative industries dynamics," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(3), pages 491-511, September.
    • Handle: RePEc:kap:jculte:v:45:y:2021:i:3:d:10.1007_s10824-021-09416-5
    DOI: 10.1007/s10824-021-09416-5
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    References listed on IDEAS

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    Cited by:

    1. Joanna Woronkowicz, 2021. "Arts, Entrepreneurship, and Innovation," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(4), pages 519-526, December.

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