Value Drivers for Cultural Events: Empirical Evidence From Italy

In recent years cultural events have taken on increasing relevance as manifestations of the cultural industries. In both management studies and urban studies, several aspects of cultural manifestations have been investigated. However, the multifaceted value produced in the cultural setting has not been systematically explored. The authors analyze two major Italian cultural events, in Milan and Turin. They first identify four differentiated though connected value dimensions: symbolic, social, intellectual and economic. They then highlight specific value drivers of these dimensions: differentiation of the actors involved - cross-sectionality; link with the authentic roots of the urban setting authenticity; passion to produce something new and different innovation; and the dynamics of competition and cooperation among the actors co-opetition.