Value creation in cultural and creative industry

Compared to most industries, cultural and creative industries have stronger spillover effects and can better motivate rapid development in surrounding industries, urban and rural areas, regions, or even national economies by creating massive economic benefit and employment opportunities. This shows the potential for value creation and addition in cultural and creative industries. Even though various governments are proactively in using policy tools in this regard, there is limited research on related industries and management. In terms of academic theory, it is difficult to give further guidance and suggestions to governments and industries. Compared to traditional industries and e-commerce, only the logic of value creation in the cultural and innovative products has more discussion and empirical proof in the design industry. This study proposes four paradigms of value creation, which are value production, value co-production, value co-creation, and value appropriation. The various fields of cultural and creative industries can have a more complete picture through analysis of the four paradigms, and would create better points for exercising policy as well.