There's an excellent book called Rational Ritual[1][2][3] which develops this idea much more fully. The thesis is that common knowledge (I know something, and I know everyone else knows it too ) is very powerful and rationally drives people's behavior. One of the arguments in the book revolves around the absurd pricing of advertising during big public events like the Super Bowl. If advertisers weren't concerned about…
With advertising, it's not so clear whether people derive value from buying the same beer everyone is buying (although for certain products, sure). Is someone more inclined to buy a Corona or a bag of Doritos from merely knowing that others have seen the ad?
Then again, if the ad is particularly funny or surprising then knowing that others know about the ad certainly makes it easier to casually converse about the ad with others. Maybe then I'll buy a corona just for shits and giggles, who knows. If this is what is meant by 'entering the culture', then maybe this theory holds water. It just seems like a really expensive way to do it.