Film Festivals and the Enrichment Economy : Cultural Value Chains in a Digital Media Age

Responding to a question of immense interdisciplinary interest, this book investigates the construction of value in the curation of film festivals and production of cultural events undertaken by nonprofit arts organizations around the world. Combining their expertise in economics and sociology, the authors outline a theoretically and methodologically cohesive approach that puts the valuation of cinema right into the middle of global value chain research. It challenges the ways in which the interdisciplinary pursuit of cultural economics has approached cultural value, presenting a thorough analytic inquiry into who produces the value and who seeks rent in the value chain. While offering a fresh approach to cinema and media economics, the book highlights the significant way of nonprofit actor incorporation into value chains and value networks. Preface 5 References 6 Contents 8 List of Tables 11 Chapter 1: Introduction 12 Economic and Cultural Value 16 Enrichment via Immersive Events 19 Nonprofits: Putting Value into Chains with Festivals 20 Chain Integration: New Ideas for Cultural Value Chains 21 Artistic Rent: Exploiting Creativity 22 Outline of Chapters 22 Bibliography 23 Chapter 2: Research Fundamentals of Global Value Chain Analysis 28 Basic Elements of the Research Approach 29 Key Concepts for Cultural Value Chains 33 Chain Integrator 34 Governance 35 Power 36 Dyads: Bargaining and Demonstrative Power 36 Beyond Dyads: Institutional and Constitutive Power 37 Quality Conventions: Valuation Sociology for GVC Analysis 39 Rent and Value 40 Conclusion 43 Bibliography 44 Chapter 3: Introducing the Special Dynamics of the Culture Value Chain 50 The Smile Curve and the Scowl Curve 51 Cultural Value Chains: Deviating from Standard Form 53 (Re-)defining Cultural Products 57 Creative Art 58 Cultural Performance 59 Stock of Capital and Flow of Product 60 The Scowl Curve: Concluding Remarks 63 Bibliography 65 Chapter 4: Enrichment Economy 68 Media in CVCs 69 Enrichment and Value Determination 71 Enrichment and the Economic Process 72 Asset Form and Standard Form 76 Collection Form 77 How Asset and Collection Forms Inter-relate 79 Trend Form 81 Conclusion: Value Chain Analysis for the Enrichment Economy 83 Bibliography 85 Chapter 5: Source of Cultural Value-Added: Eventization 89 When Consumption Becomes Investment: Enter Events 90 Performativity 93 Impact Studies 98 Film Festivals 100 Networks and Hierarchization 101 Value Networks 104 Audience-Side Networking 104 Conclusion 106 Bibliography 106 Chapter 6: Rents and Redistribution in the Cultural Value Chain 111 Artistic Rent 112 Private, Public, and ‘Club’ Elements in Cultural Production 118 The Artistic Rent as a ‘Social Rent’ 122 Exogenous Rents in the Global Media Value Chain 124 Cultural Clusters 125 Networks 127 Arts Brokering and Management as Exogenous Rent 128 Summary 129 Bibliography 130 Chapter 7: Artistic Value, Ricardian Rent, and Power 136 Cultural Value Capture 137 Growth of Cultural Stocks and Intangible Assets 138 Balancing Value-Capture and Value-Chain Sustainability 141 Chain Integrator 142 Events as Chain Integration Sites: A Research Proposition 143 Festival Fragility Hypothesis 144 A Broker’s Solution: Organizational Grafting 148 Buzz: ‘Performing Art’ in Global Media Value Chain 149 Cultural Measurement 151 Emergent Dynamics of Socially Constructed Valuation 152 Conclusion 156 Bibliography 156 Chapter 8: Conclusion and Future Research Direction 163 Bibliography 169 Bibliography 170 Index 194