Kingdom or fandom? YouTube and the changing role of gatekeeping in digital cultural markets

Research Summary How should novelty‐driven entrepreneurs best position themselves in digital cultural markets? On platforms like YouTube, cultural entrepreneurs may bypass classic gatekeepers to reach novelty‐seeking audiences through algorithms that search and recommend. However, this positive view of disintermediation ignores that novelty often needs curation by and consecration from professional audiences. We explore what these potentially conflicting dynamics imply for cultural entrepreneurs in the arena of YouTubers nominated for acclaimed Streamy Awards. Merging fine‐grained datasets and qualitative evidence, we find that general audiences value novelty they grasp well, that professional audiences undervalue novelty they should easily spot, and that cross‐audience spillovers prove negative. We discuss the implications of our results for theories toward markets serving fragmented audiences, cultural markets going online, and digital platforms. Managerial Summary How can novelty‐driven cultural entrepreneurs effectively establish themselves in digital markets like YouTube? This study guides them by highlighting that while these platforms enable bypassing traditional gatekeepers and reaching consumers directly through recommendation algorithms, recognition from professional circles may remain crucial. The research focuses on YouTube creators nominated for Streamy Awards, based on detailed data from YouTube and interviews. Key findings include that general audiences prefer novel content that is easy to curate, while professionals may overlook novel content when curation is easy. Additionally, popularity in one audience group does not guarantee acceptance in another. The study's insights are vital for understanding market dynamics in fragmented audiences, the shift of cultural markets online, and the functioning of digital cultural platforms.