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This paper estimates the economic benefits that can accrue to a small local economy as the result of staging a major cultural event – a two-day rock festival starring the band Oasis. The paper shows that one-off events do bring economic benefits to the local area, but that they are short-lived, and enjoyed by a few rather than the community as a whole. An events strategy needs to be developed to enable the local business community to plan in advance to take full advantage of the commercial opportunities that such events bring.
Senior et al. (Tue,) studied this question.