6533b86dfe1ef96bd12ca19f
RESEARCH PRODUCT
Music festivals as mediators and their influence on consumer awareness
Manuel Cuadrado-garcíaJuan D. Montorosubject
Linguistics and LanguageLiterature and Literary TheoryCommunicationmedia_common.quotation_subjectMusic festivalEconomiaConsumer awarenessLanguage and LinguisticsProfit (economics)Product lifecycleSpillover effectBusinessBrand equityPerforming artsMarketingReputationmedia_commondescription
Abstract Cultural products compete for public awareness in markets with high uncertainty, oversupply and a short product life cycle. Altogether, this means that only a small fraction of all releases generate the necessary consumer awareness to achieve a significant commercial success. This paper aims at identifying the informational function music festivals serve in cultural markets and how it translates into consumer discovery of cultural supply. To do so, we empirically measure informational spillover effects to performers at an established music festival. We hypothesize that this effect stems from the reputation attached to the brand equity of cultural organizations, is asymmetric, as it decreases with the success of the performer such that lesser-known performers profit more than well-known ones. Empirical results are consistent with our hypotheses.
| year | journal | country | edition | language |
|---|---|---|---|---|
| 2020-06-01 |