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

Yu-Yu Chang (), Jason Potts () and Hui-Yu Shih ()
Additional contact information
Yu-Yu Chang: National Cheng Kung University
Jason Potts: RMIT Blockchain Innovation Hub, RMIT University
Hui-Yu Shih: National Tsing Hua University

Journal of Cultural Economics, 2021, vol. 45, issue 3, No 7, 511 pages

Abstract: 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.

Keywords: Cultural entrepreneurship; Creative industries; Cultural markets; Cultural production; Meaning; K-Pop (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10824-021-09416-5

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