Value drivers for cultural events: empirical evidence from Italy

In recent years, events have acquired increasing relevance as specific manifestations of cultural industries. Considering both management and urban studies, several aspects of cultural manifestations have been investigated, but the multifaceted value produced in the cultural setting has not been systematically explored. By analysing two major Italian cultural events in Milan and Turin, we first identify four differentiated, though connected, value dimensions: symbolic value, social value, intellectual value and economic value. Secondly, we highlight specific value drivers that contribute to generating these value dimensions: the differentiation of the actors involved – ‘crossectionality’; the link with the authentic roots of the urban setting – ‘authenticity’; the passionate desire to produce something different and new – ‘innovation’; and the contextual presence of dynamics of competition and cooperation among the actors involved – ‘coopetition’.