The purpose of this study is to analyze, what are the risks and benefits involved in co-creating a cultural brand ecosystem by adopting the perspective of one stakeholder. The longitudinal empirical study follows an owner-manager of a small VillaSpa located in a historic area of summer villas. Interviewing the owner / manager
gave us an in-depth understanding of the phenomenon as we gathered data on how that single actor
constructing a brand ecosystem viewed value co-creation. We explored the data by reference to prior
literature on value co-creation and brand ecosystems. The results contribute to the research on brand
ecosystems by discussing a case that is novel in researching the building of a brand ecosystem in the context
of heritage and tourism. The results demonstrate the importance of involving all relevant stakeholders in cocreating a brand ecosystem. The findings should encourage future research on the joint narratives of all
relevant stakeholders. The research also illustrates a perspective on failing in the course of building a brand
ecosystem.