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Culture and CommerceThe Value of Entrepreneurship in Creative Industries$
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Mukti Khaire

Print publication date: 2017

Print ISBN-13: 9780804792219

Published to Stanford Scholarship Online: January 2018

DOI: 10.11126/stanford/9780804792219.001.0001

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Constructing Meaning and Value for Markets

(p.49) 3 Intermediaries
Culture and Commerce

Mukti Khaire

Stanford University Press

Intermediaries are entities—individuals or organizations—that do not have a direct economic stake in the value of goods. Intermediaries can either reinforce and confirm prevailing conventions of appropriateness and value or challenge and change them. The second option results in market creation as value conventions and norms are changed. Pioneer intermediaries may have the greatest potential to effect cultural change; because they are evaluators and endorsers with no economic incentive in the market, their discourse is more credible than that of producers and therefore more influential in changing culture. However, doing business as an intermediary is difficult because, by definition, they cannot capture the value they construct. Intermediaries have to adopt complex two-sided business models and face challenges in balancing revenues with relevance and managing a dual identity. Despite this, the potential for broad cultural impact is an attractive aspect of being an intermediary.

Keywords:   intermediaries, evaluation, discourse

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