In recent years, the video game industry has rapidly grown into the largest grossing entertainment industry in the world, surpassing both the film- and music industries. However, many of the popular games today are free to play and does not require any subscription, yet they still generate high amounts of revenue each year, partly due to the offering of loot boxes in video games. Loot boxes are available for purchase within games in exchange for real currency, and they contain virtual items that the player is able to use while playing the actual game. The study is focusing on the video game called Counter-Strike: Global Offensive. The purpose of this study is to conduct an exploratory case study investigating how loot boxes generate perceived customer value; and how the elements of service outcome is utilized to create that perceived value. The research for this thesis is based on a value-creating framework which describes four major types of customer value in service companies. The methodology used is a qualitative approach where seven active Counter-Strike: Global Offensive players was selected for interviewing in order to get an understanding of what the customers value the most in loot boxes. The conclusion of the study revealed that utilizing the value-creating framework identified the most important elements of a loot box, and how to utilize them to increase the outcome value; making consumers willing to pay more, or make purchases more frequently.