This paper investigates how value is co-created by various actors in a digital content ecosystem without a focal platform provider.  The exponential growth of digital entertainment is creating value both culturally and economically at a global scale. A case study of the content-centric phenomenon of “Hallyu” (Korean Wave) is utilized to explore the process of value creation in an ecosystem without a focal platform provider. As the understanding of value co-creation has become a pre-requisite to stay relevant in a competitive market, this research further answers how value co-creation is enabled by digital platforms in digital content ecosystems by proposing three typologies of value co-creation formulated from empirical data.