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

Yu Yu Chang, Jason Potts, Hui Yu Shih

Research output: Contribution to journalArticlepeer-review

8 Citations (Scopus)

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.

Original languageEnglish
Pages (from-to)491-511
Number of pages21
JournalJournal of Cultural Economics
Volume45
Issue number3
DOIs
Publication statusPublished - 2021 Sept

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance (miscellaneous)

Fingerprint

Dive into the research topics of 'The market for meaning: A new entrepreneurial approach to creative industries dynamics'. Together they form a unique fingerprint.

Cite this