Anatomy of the economic value generated by a cultural event
Abstract
The article measures the economic effects of decisions made by two agents in the cultural and creative sector. Managers of a cultural event decide to produce it: it mobilizes a flow of artists and creatives who materialize their creations. Individuals decide to visit it: it mobilizes a flow of individuals who produce experiences by attending the event. The result is revealed by the economic dimension of the value generated by a cultural event: new income and jobs for the host territory of the event and unique and authentic cultural experiences for those attending the event. The empirical literature has drawn attention to the need for more precise measures of economic value, in particular that do not overestimate. A combination of instruments is used: interviews (n = 6) with event managers/organizers; a face-to-face survey (n = 173) with representatives of commercial stalls; a face-to-face survey of attendees (n = 1,030); and, an input–output model is adapted to the area of impact. The article provides a methodologically useful framework for identifying and estimating more reliable measures of the material (economic) value created by a cultural event, which can be replicated in a variety of events around the world.
Keyword : cultural events, cultural sector, cultural value, economic value, input–output analysis, Petronio Álvarez Pacific Music Festival
How to Cite
Aguado, L. F., Heredia-Carroza, J., Espinosa-Espinosa, A., Garizado-Román, P. A., & Duque-Sandoval, H. (2024). Anatomy of the economic value generated by a cultural event. Journal of Business Economics and Management, 25(4), 828–848. https://doi.org/10.3846/jbem.2024.22066
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Getz, D., & Page, S. (2019). Event studies: Theory, research and policy for planned events (4th ed.). Routledge. https://doi.org/10.4324/9780429023002
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Devesa, M., & Roitvan, A. (2022). Beyond economic impact. The cultural and social effects of arts festivals. In E. Salvador & J. Strandgaard Pedersen (Eds.), Managing cultural festivals: Tradition and innovation in Europe (pp. 189–209). Routledge. https://doi.org/10.4324/9781003127185-14
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European Commission, Directorate-General for Education, Youth, Sport and Culture, Hoelck, K., Engin, E., & Airaghi, E. (2017). Mapping the creative value chains. A study on the economy of culture in the digital age: Final report. Publications Office. https://data.europa.eu/doi/10.2766/868748
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Getz, D., & Page, S. (2019). Event studies: Theory, research and policy for planned events (4th ed.). Routledge. https://doi.org/10.4324/9780429023002
Greffe, X. (2010). Introduction: L’économie de la culture est–elle particulière? Revue d’économie politique, 120(1), 1–34. https://doi.org/10.3917/redp.201.0001
Hewings, G. (2020). Regional input–output analysis. Web Book of Regional Science. Regional Research Institute, West Virginia University.
Hewings, G. & Fernández, E. (2019). Entropy maximization and input–output analysis. Interdisciplinary Science Reviews, 44(3–4), 272–285. https://doi.org/10.1080/03080188.2019.1670429
Higgs, P., Cunningham, S., & Pagan, J. (2007). Australia’s creative economy: Basic evidence on size, growth, income and employment (Technical Report). Faculty Research Office, ARC Centre of Excellence for Creative Industries & Innovation (CCI).
Holý, V., & Šafr, K. (2023) Disaggregating input–output tables by the multidimensional RAS method: A case study of the Czech Republic. Economic Systems Research 35(1), 95–117. https://doi.org/10.1080/09535314.2022.2091978
Hutter, M., & Frey, B. (2010). On the influence of cultural value on economic value. Revue d’économie politique, 120(1), 35–46. https://doi.org/10.3917/redp.201.0035
Klamer, A., Petrova, L., & Eva Kiss, D. (2022). Cultural value of a festival: The quality evaluator for assessing impact. In E. Salvador & J. Strandgaard Pedersen (Eds.), Managing cultural festivals: Tradition and innovation in Europe (pp. 210–231). Routledge. https://doi.org/10.4324/9781003127185-15
Kulenovic, J., & Cech, A. (2015). Six case studies of economically successful cities: Competitive cities for jobs and growth. World Bank. http://hdl.handle.net/10986/23573
Lévy-Garboua, L., & Montmarquette, C. (2011). Demand. In R. Towse (Ed.), Handbook of cultural economics (2d ed., Chapter 26, pp. 177–186). Edward Elgar Publishing. https://doi.org/10.4337/9780857930576.00032
Llop, M., & Arauzo-Carod, J. M. (2012). Identifying the economic impact behind a cultural asset: An input–output subsystems analysis. The Annals of Regional Science, 49, 861–877. https://doi.org/10.1007/s00168-011-0464-2
Mahajan, S. (Ed.) (2018). Handbook on supply and use tables and input–output tables with extensions and applications. United Nations.
Matarasso, F. (1997). Use or Ornament? The social impact of participation in the arts. Comedia.
McCain, R. (1979). Reflections on the cultivation of taste. Journal of Cultural Economics, 3(1), 30–52. https://doi.org/10.1007/BF00167321
McCarthy, K., Ondaatje, E., Zakaras, L., & Brooks, A. (2004). Gifts of the muse: Reframing the debate about the benefits of the arts. Rand Corporation, Santa Monica, United States. https://doi.org/10.7249/MG218
Meeprom, S., & Fakfare, P. (2021). Unpacking the role of self-congruence, attendee engagement and emotional attachment in cultural events. International Journal of Event and Festival Management, 12(4), 399–417. https://doi.org/10.1108/IJEFM-02-2021-0018
Miernyk, W. H. (2020). Regional and interregional input–output analysis. The elements of input–output analysis. Web Book of Regional Science. Regional Research Institute, West Virginia University.
Miller, R., & Blair, P. (2022). Input–output analysis: Foundations and extensions (3rd ed.). Cambridge University Press. https://doi.org/10.1017/9781108676212
Moggridge, D. (Ed.) (1982). The collected writings of John Maynard Keynes. Vol. XXVIII: Social, political and literary writings (Chapter 3, pp. 341–349). The Macmillan Press.
Organization for Economic Co-operation and Development. (2005). Culture and local development. OECD Publishing.
Organization for Economic Co-operation and Development. (2023a). How to measure the impact of culture, sports and business events: A guide, Part I, No 2023/10 (OECD Local Economic and Employment Development (LEED) Papers). OECD Publishing.
Organization for Economic Co-operation and Development. (2023b). Impact indicators for culture, sports and business events: A guide – Part II, No 2023/11 (OECD Local Economic and Employment Development (LEED) Papers). OECD Publishing.
Palma, M., Palma, L., & Aguado, L. (2013). Determinants of cultural and popular celebration attendance: The case study of Seville Spring Fiestas. Journal of Cultural Economics, 37(1), 87–107. https://doi.org/10.1007/s10824-012-9167-5
Partal, A., & Dunphy, K. (2016), Cultural impact assessment: A systematic literature review of current methods and practice around the world. Impact Assessment and Project Appraisal, 34(1), 1–13. https://doi.org/10.1080/14615517.2015.1077600
Pereira, F., Amaral e Silva, M., & Martins de Brito, D. (2023). The economic contribution of the cultural sector in Brazil: an input–output approach with different income groups. Creative Industries Journal. https://doi.org/10.1080/17510694.2023.2203397
Pereira, L., Jerónimo, C., Sempiterno, M., Lopes da Costa, R., Dias, Á., & António, N. (2021). Events and festivals contribution for local sustainability. Sustainability, 13(3), Article 1520. https://doi.org/10.3390/su13031520
Petrova, L., Graça, S., & Klamer, A. (2022). Evaluating qualities of cultural production: a value-based approach. Media Practice and Education, 23(2), 112–125. https://doi.org/10.1080/25741136.2022.2056793
ten Raa, T. (2009). The economics of input–output analysis. Cambridge University Press. https://doi.org/10.1017/CBO9780511610783
Rodrigues-Ferreira, A., Afonso, H., Mello, J. A., & Amaral, R. (2023). Creative economy and the quintuple helix innovation model: A critical factors study in the context of regional development. Creativity Studies, 16(1), 158–177. https://doi.org/10.3846/cs.2023.15709
SACO. (2016). National arts festival. Monitoring and evaluation: Key development indicator report on a DAC intervention. South African Cultural Observatory, SACO, Department of Arts and Culture, Republic of South Africa, Port Elizabeth, Republic of South Africa.
SACO. (2019). An input–output model for the cultural and creative industries in South Africa and possible extension. South African Cultural Observatory, SACO, Department of Arts and Culture, Republic of South Africa, Port Elizabeth, Republic of South Africa.
Šagovnović, I., Pivac, T., & Kovačić, S. (2022). Examining antecedents of residents support for the European Capital of Culture project – event’s sustainability perception, emotional solidarity, community attachment and brand trust. International Journal of Event and Festival Management, 13(2), 182–202. https://doi.org/10.1108/IJEFM-02-2021-0009
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