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Kritika Kultura

Author ORCID Identifier

https://orcid.org/0009-0006-3686-9981; https://orcid.org/0009-0002-5890-4283

Abstract

Despite the escalating importance of intellectual property (IP) in the entertainment industry, perspectives for assessing its holistic value beyond the conventional legal framework have been insufficiently discussed. This study posits fandom as a core source in the formation of value for content-based IP. To this end, the study critically examines the limitations of traditional IP perspectives and aims to establish a theoretical foundation for a fandom-centric theory of IP value by drawing upon participatory culture theory and brand equity theory. Furthermore, this paper proposes the Fandom Asset Model (FAM), which incorporates the scale (S), intensity (I), and duration (D) of fandom as core variables. Through a case study of the Weverse platform, the model’s utility is demonstrated, showing the explanatory power of a fandom-centric IP valuation in practical business settings. The significance of this approach lies in its adoption of a relational perspective, which views the value of content IP as emerging from the interplay of various factors centered on fandom. The Fandom Asset Model, expressed as V=S×I×D, is designed to capture the notion that this value is determined not only by the intrinsic attributes of the IP itself but also by the dynamic interaction and the quality of the relationship between the IP and its fandom. This finding underscores the necessity of strategies grounded in respect for fandom for the future development of content businesses and IP policies. It implies that corporations should perceive fandom not merely as transient consumers but as long-term partners, necessitating investment in fostering a healthy ecosystem that encourages and sustains their active engagement.

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