ABSTRACT

This chapter addresses the conceptual and philosophical issues associated with placing a value on a festival from many perspectives. Given the almost innumerable value perspectives that can be taken on festivals, the chapter focuses on providing a framework for analysis, research and theory development. The most important considerations pertain to intrinsic versus extrinsic approaches, as these reflect quite different philosophies of value and lead to quite different metrics. Portfolios of festivals, managed for policy and strategy, present opportunities for synergies and long-term sustainability. Whereas one festival can enhance a city's image or help in its (re)positioning, many festivals can offer greater balance, reduce risk and generate efficiencies. Value perspectives on festivals vary over time and through space, and this is a rather neglected area of research. The value of festivals is a well-established theme within the 'classical' sociological and anthropological literature.