This paper argues for the need to go beyond appreciating co‐production as a stand‐alone process. Rather it offers a holistic model of value creation for public services, by integrating insights from both the public administration and management and the service management and marketing literatures. The components of this model are the loci, elements, and processes of value creation. Co‐production is located within this model but only as one process, not as the pre‐eminent one. The implications of this new model for public management theory and practice are explored.