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The terms ‘co‐creation’, ‘co‐production’, and ‘prosumption’ refer to situations in which consumers collaborate with companies or with other consumers to produce things of value. These situations sometimes appear to blur the traditional roles of ‘producer’ and ‘consumer’. Building on Marx's distinction between ‘use value’ and ‘exchange value’, we argue that, when consumers perform tasks normally handled by the company, this does not necessarily represent a fundamental change in exchange roles or economic organization. We then argue that, when individuals who are traditionally defined as ‘consumers’ produce exchange value for companies, this does represent a fundamental change.