This chapter explores whether value and risk exist for both firms and customers when collaborating during the development process in the video-game industry. We base our analysis of two separate case studies on contemporary approaches for understanding user collaborative activities; these approaches are also further developed and critiqued during the course of the research. The chapter is specifically designed to assist firms within the video-game industry to gain an insight into the specific value areas that can be accessed through activities such as crowdsourcing, co-creation and crowdfunding. Assessing the value that can be accessed by both firms and customers within the video-game industry is currently under-researched, therefore, we aim to generate new insights not only into this particular area of research, but also into the nature of novel video-game development strategies looking to the future. We also identify and contrast the differences between the two chosen cases from a secondary level of comparative analysis in terms of both risk and value perspectives. Concluding, we highlight the key strands of new developing approaches in the area of user-collaborative activities based on our findings from the case studies, together with recommendations for potential strategies for video-game firms that operate in an extremely dynamic environment.