Purpose - The purpose of this paper is to contribute a framework that explains how value is formed during the usage of immersive technologies in industrial contexts.

Design/methodology/approach - Drawing on activity theory and a customer-dominant logic, the authors tentatively develop an activity-centric framework for value formation enabled by physical and mental activities conducted by users of immersive technologies. The authors evaluate the framework through a case study focusing on the use of virtual reality (VR) in an industrial setting.

Findings - The findings from the case study illustrate the tentative framework and specify how it is enacted by users in the studied context through three physical activities constituted by a set of actions and reflected in five emotional responses.

Research limitations/implications - Both researchers and practitioners may use the framework presented in this paper as a guide for further academic and practical developments concerning the value of immersive technologies such as VR and augmented reality.

Originality/value - The activity-centric framework contributes a novel perspective to the literature on value formation enabled by immersive technologies.

Purpose: Although the literature acknowledges the importance of value proposition change, existing research on how the value proposition can change remains relatively limited. The aim of the study was to develop a framework to explore how the value proposition evolves over time in the case of emerging technologies.

Methodology/approach: Based on a single case and a processual approach, the longitudinal research design tracks changes in the value proposition over a 25-year period.

Findings: The study provides a nuanced account of how framing of the value proposition shifted from vision to network and finally to usage through synergetic relationships with customers as the firm moved from startup to IPO and ultimately to public company. On this view, the value proposition emerges as a dynamic communication process that reduces customer uncertainty about the value of new technologies, leveraging company's resources and competencies.

Research implications: The findings confirm that value proposition change can be understood as a dynamic communication process that can reduce uncertainty about new technologies and highlights the role of vision in guiding the overall evolution of the value proposition over time, including networking and usage.

Practical implications: The study confirms the importance of reframing the value proposition over time to address customer uncertainty about the value of new technologies, enabling companies to influence expectations by making certain benefits salient. The study also confirms the importance of adopting a proactive approach to value proposition change.

Originality: The study's primary contribution is the development of a framework for exploring value proposition change in emerging technologies in terms of three distinct frames: vision, network, and usage.