The pursuit of product innovation by cultural organizations is typically associated with the risks that come with novelty. However, few studies have analyzed the major challenges that cultural organizations face when dealing with the risks of product innovation. Moreover, the antecedents of product novelty in the cultural context remain largely unexplored. This volume bridges these gaps by identifying the different approaches adopted by cultural organizations to renew their product offerings and the strategic challenges, key success factors, and unexplored determinants of product innovation in cultural industries. The first part of the book integrates various streams of literature concerned with the evaluation of novelty in order to identify the strategic challenges faced by cultural producers in their pursuit of product innovation and the key factors responsible for the success of product novelty in the cultural context. Furthermore, it analyzes the determinants of product innovation in an attempt to highlight its enabling and constraining factors and shed light on its unexplored external and internal antecedents. In the second part of the book, the opera industry is used as a setting for studying and discussing some undertheorized antecedents of product innovation in cultural organizations. The research described in this book is distinctive in that it integrates different streams of literature to foster the understanding of product innovation in cultural industries. Moreover, the book identifies new research directions to guide research on the strategic decisions made to improve the reception of new cultural products.