The aim of this article is to explore whether the ecosystem approach is required to understand the
new service model of crowdfunding. The value proposition approach offers different interpretations for each of the eight levels of value co-creation as seen in the service ecosystem. A qualitative
multiple case-study approach is used to analyze the two most representative crowdfunding platforms in Spain, Verkami and La´nzanos, in terms of the amounts of funds provided. This article
offers an analysis of specific cases of crowdfunding in the arts and cultural sector through the
biggest platforms in Spain. The sampling design could be improved by including the experiences of
crowdfunding projects in other countries in the analysis. The findings could assist service managers
and practitioners to improve planning of value cocreation through the value propositions
approach, with a variety of actors within the service ecosystem. This article is a contribution to the
development of service-dominant (SD) logic in relation to FP 7 and FP 10. Managerial contributions
include the development of a crowdfunding service ecosystem model for arts managers, which
offers not only a method of generating finance or economic value but also opportunities for
strengthening bonds with customers and other stakeholders. This article is unique in that it
integrates value proposition categories in micro-, meso-, and macrocontexts and analyzes the
different kinds of cocreation that exist in the crowdfunding context
