My latest contribution to theorizing value in new media is now available online from Communication Theory.
Theorists of free labor have argued that users produce value directly for capital through unwaged participation in online social media platforms. I argue that this interpretation of value is misguided. I begin with a brief overview of the labor theory of value as it has been developed by political economists in the context of new media. I then use Marxian crisis theory to demonstrate the limitations of the concept of free labor. I also elaborate how value is created within media markets through a complex set of interactions among media firms, market researchers, advertisers, finance capital, and unwaged content producers. I conclude with a discussion of the consequences of free labor theory for Marxian politics.