Chapter 25: Blockchain ecosystems in the creative industries: big dreams for micro-payments
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Blockchain technology has hyped up the creative industries, as seen from the rise of blockchain startups in the media and entertainment and arts that attract multiple collaborators to co-create value. Some business ventures want to disrupt the Hollywood studio model, while others aim to "cut the middleman." This chapter explores the value creation processes in blockchain ecosystems in the creative industries, relying on document analysis of blockchain ventures' strategic documents and interviews with CEOs and founders. It highlights new units of value used by blockchain entrepreneurs to attract a large pool of micro-investments. Building on the innovation ecosystem-based perspective, the chapter presents how blockchain startups define value propositions that aim to correct market imperfections and the bottlenecks that might hinder the value creation processes.

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