Social Media's Dynamic Capabilities: Driving Innovation Through Value Co-Creation in Professional Football Clubs

Introduction: Objectives: This research aims to explore the essential firms’ dynamic capabilities that support effective social media use and examine the relationship between dynamic capabilities and innovation performance through value co-creation for sustainable competitive advantage. Methods: A mixed method approach was applied. First, the study conducted an in-depth interview with 12 key participants to explore the dynamic capabilities of social media use in professional football clubs. Then, this study expands the dynamic capabilities’ framework by demonstrating how these capabilities affect value co-creation and influence innovation performance. Surveys from professional football clubs in Thai League 1-3 was conducted to statistically analyze the relationship between the club’s dynamic capabilities, value co-creation, and innovation performance by using the Structural Equation Model. Results: The findings show that the essential dynamic capabilities that support social media use in professional football clubs including adaptive capability, creative capability, and social media marketing capability are identified. These capabilities did directly affect innovation performance. Rather, the findings confirmed that value co-creation mediates the effects of these dynamic capabilities on innovation performance. Conclusions: The finding highlights that successful innovation performance of professional football clubs requires the dynamic capabilities of social media use including adaptive capability, creative capability, and social media marketing capability working together with the active participation of external stakeholders in the production and consumption cycle through value co-creation.