Purpose – the aim of the article is to present the concept of cultural economics upon analysing the scientific literature and to single out the factors that influence the development of cultural economics.

Research methodology – analysis and synthesis of scientific literature. The articles published in CA WoS were analysed in order to extract high-quality information on the topic of cultural economics.

Findings – after analysis of the scientific literature, the factors of cultural economics have been determined. They are as follows: creativity; new technologies; consumer society; public authorities; artistic forms; media, information, digitisation; local cultural identity; public sector approach to culture; theatre, cinema, museums, crafts; media, social networks; the needs for a consumer society and culture; public sector funding for culture.

Research limitations – the main limitation of the current research is that the factors of cultural economics are distin-guished from the scientific literature. For more precise identification, the experts should be interviewed as well. Practical implications – the distinguished factors could be used for measurement of the level of a country’s cultural economics level.

Originality/Value – the article summarises the cultural and economic factors of cultural economics and proposes a new concept of cultural economics.

DOI: https://doi.org/10.3846/cibmee.2021.626