This study is about how festival stakeholders perceive the New Zealand International Arts Festival(NZIAF) and compared to Korean festival.Especially, the author analyzed perceptions of festival product groups (included the festival committee, central government, local government and local businesses)and mediate groups (the NZ press and local NGOs) that involved in festival policy and strategy by means of semiotic method. Also, a role relationship model between festival stakeholders based on the role relationship of Greimas’s Actant model was formed by text analysis. Newspapers articles from January 2008 to July 2010 were analyzed, most NZIAF product groups and mediate groups granted cultural and economic meanings. Namely, both subject groups of the NZIAF granted meaningful value towards local cultural industrialization through the NZIAF. This paper is available to utilize for basic research data and for efficient forms of governance, cooperation and to facilitate networks between festival organizations and stakeholders.