The co-evolution of actor engagement and value co-creation on digital platforms
通过比较资产管理和金融科技领域的两种平台即服务模式（免费增值和订阅制），研究了参与者投入与价值共创如何共同演化，并识别了影响平台发展的关键因素。
Increasingly, digital platforms connect suppliers, customers, and other ecosystem parties, facilitating the introduction of various Platform-as-a-Service (PaaS) offerings. This study examines the co-evolution of actor engagement (AE), reflecting actors’ dispositions to invest resources in interactions, and value co-creation (VCC), demonstrated through reciprocal resource integration. The focus is on PaaS initiatives in the asset management industry. Using a comparative case study approach, we analyze two fintech-generated PaaS offerings: a freemium model and a subscription-based model. Our findings reveal distinct pathways for platform development and scaling, driven by the interplay between AE and VCC. The freemium model fosters a “viral” community-building path, where early VCC serves as the engine for AE-VCC co-evolution. Conversely, the subscription model follows a “controlled” ecosystem-building path, with AE driving the process. We observe a gradual involvement of additional ecosystem partners, leading to upgraded solutions, expanded PaaS offerings, and platform upscaling. We identify key factors influencing these dynamics, including business model characteristics, actor roles, and feedback loops. Our study contributes to the literature on digital servitization and platform ecosystems by highlighting the importance of integrating AE and VCC practices to enhance platform utilization and scalability. We propose a framework and research propositions to guide future studies on PaaS development in complex, institutionalized industries. These insights also provide implications for managers aiming to implement effective PaaS strategies and foster innovation in the financial services sector. • Examines how digital platforms enhance actor engagement and value co-creation. • Analyzes fintech platforms in the asset management industry. • Compares freemium and subscription platform-as-a-service models. • Presents a framework for pathways to platform co-evolution.