Mythologies of Wealth in Platform Economies: The Case of the Ride-Hailing Platform Didi in China

This article reactivates the concept of myth—which is well-developed in social science literature—to study digital technologies and platform economies. It conceptualizes platform economies as spaces full of myths and mythmaking. Elaborated through an ethnographic study of the Chinese ride-hailing platform Didi, we show how mythologies, with past-oriented story structures, help individuals who do not necessarily have technical expertise make sense of and believe in the technologies and business practices associated with platform economies. Platform mythologies are shaped by cultural frames and dominant narratives, echoing the hopes and collective experiences of the actors living with specific socioeconomic realities. They mobilize individuals and support their commitments to the platform, which enables the platform to expand its user base and makes it attractive to investors. Despite the lack of proven profitability, the continuous injection of funding to the platform is in turn partially sustained by the financial myth of “tech unicorns” popular among professionals in investment and related industries. These mythologies and speculative capital investment mutually support each other. We argue that, by sustaining the enchantment of digital technologies, myths and mythmaking through collective storytelling are an essential part of platform economies.