Where does value come from in the evolving media landscape? Does it lie in the properties themselves, or in what people do with these properties? Do creative companies create value or does value creation also occur on the consumption side, as audiences discover hidden potential in existing properties, make their own emotional and creative contributions to the mix, and spread the brand to new, previously unsolicited markets? With the rapid emergence of user-created content, can we consider audiences participants in the creation of the value media properties hold? How do we account for the non-monetary value of media properties? How should gains from media value be distributed through the networks of creatives who collaborate in production?