New Economy of Fandom

Abstract

This article discusses five new roles that fans can play: sponsors, co-creators of value, stakeholders, investors, and filters. These roles are elements of new types of relationship between fans and artists, which are manifestations of the emergence of what can be called a “new economy of fandom.” The new economy of fandom is understood here as a condition in which empowered fan communities use the democratizing potential of new social media to communicate and cooperate with artists, without the mediation of the traditional recording industry. The emergence of the new economy of fandom may lead to a redefinition of what it means to be a fan. It also requires finding new theoretical frameworks that will help analyze new types of relationships between artists and fans. The article argues that concepts of value co-creation, and “prosumption” may help explain the ongoing changes.