This paper aims to empirically identify the key factors that drive effective innovative business models in the creative industries. There have been various approaches of analyzing the impact and importance of the creative industries but few appears to address the importance of major stakeholders driving innovation potential in this arena. A case study of the Moon Lantern Festival event held in Adelaide South Australia, where it is part of the OzAsia Festival has been adopted in this paper to

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... erline the analyses of this study. Using a systems approach and stakeholder theory this research aims to develop a model that evaluates innovative business practices in major public Performing Arts Festivals. From the case study and its stakeholder analysis a new business model framework is proposed with a focus on organisational culture, idea generation, relationships and collaborations, team work and resource sharing.