Culture is playing an increasingly important role in the economic development of industrialised countries. Thus, the management of large cultural events and the relationship between cultural management and cultural policies will be key elements in the development of the so-called cultural economy. This article looks at the concept of cultural economy, in terms of the appearance of the idea and the different European methodological positions. The case of the Berlin International Film Festival is taken as an example to show the importance of cultural management with regard to economic development of the sector. This case study also allows for the analysis of the increasingly complex forms of cultural management adopted, as well as their effects on the regulation of the cultural market and their links to other basic economic sectors in urban development.