Digital innovation has developed into an intensely discussed area of research in the information systems field. While there is much research that focuses on the description of the phenomenon, the evidence for value creation that digital innovation can enable for organizations is less synthesized and visible. With this in mind, we conduct a literature review to identify innovations based on information technology and to answer the research question of where digital innovation can create economic value for organizations. Our synthesis depicts existing value dimensions of digital innovation with the help of five value loci. Moreover, we derive a set of white spots and research directions that surface three potential avenues for future research. We contribute to digital innovation research in that we (1) analyze and synthesize the existing digital innovation value literature and (2) propose avenues for future digital innovation value research.