The emergence of social media platforms as the main representatives of Web 3.0 applications significantly impacts the co-creation activities among enterprises, customers, and other stakeholders, and has enabled firms to benefit from creativity and ideas of their users and customers for developing and rendering innovative services. This study aims to investigate how the co-creation activities of users on social media platforms have an effect on the enterprises’ innovative services. For this purpose, the authors surveyed customers of innovative services who used social media platforms to meet their needs from the enterprises that innovatively offer such services. An online questionnaire was designed and distributed among the sample of customers, and 505 completed questionnaires were analyzed following the PLS-SEM approach. The findings revealed that customer citizenship behavior and customer participation behavior on social media platforms positively affect the rendering of innovative services. Findings also highlighted that an increase in social co-creation activities, as moderator, positively affects customer citizenship behavior on service innovativeness, and negatively affects customer participation behavior on service innovativeness. The findings of this research could be useful for entrepreneurs and managers of the enterprises that offer innovative services to efficiently use social media tools to benefit from the customers’ co-creation activities and to perform more competitively and sustainably in a hostile business environment.