Platform Capitalism and   Circulating Value

In contemporary platform capitalism, economic value is no longer generated primarily through consumption itself but through the circulation of reactions. According to the OECD (2021), user-generated evaluations circulate across digital infrastructures and contribute to the production of platform value. A comment, therefore, is not only an expression of opinion but a circulating economic unit within an attention-driven platform system.

​

​These dynamics become particularly visible in the case of Haidilao in London.

Haidilao is a Chinese hotpot chain known domestically for its highly standardised service culture and emotional labour model. Xiaohongshu (RED) is a China-based social media platform where consumption is continuously documented, compared, and debated. Within this configuration, London Haidilao becomes more than a physical dining site. Its offline experiences are captured as images, converted into posts, and repeatedly circulated in digital space. Visibility, comparison, and controversy participate in cycles of symbolic and economic production which shape how value is assigned and understood. This context frames the questions that follow.