PurposeThe purpose of this paper is to examine the mediating effect of perceived festival value on the relationship between satisfaction and experiences in the context of a music festival. The study presented herein also examined festival experiences based on the experience economy model.Design/methodology/approachA face-to-face survey was performed at the rock music festival Kuzey Fest in Sinop/Turkey, where 336 questionnaires were completed. The statistical analyses conducted to establish the relationship between experiences, perceived value and satisfaction comprised explanatory factor analyses and multiple regression analysis.FindingsThis study showed that the experience economy in the context of music festivals consists of four experience dimensions. According to the findings, the participants had predominantly entertainment and aesthetics experiences through passive participation. The study concluded that there were partial and full mediating roles of perceived festival value in the relationship between some experience dimensions and satisfaction; however, it was also found that escape experiences did not significantly affect satisfaction. Finally, the aesthetics, education, entertainment and festival value variables were important pioneer variables for satisfaction.Practical implicationsThis study provides industry practitioners with meaningful insight on how to build rich festival experiences and satisfaction.Originality/valuePerceived value is a critical factor for developing satisfaction and gaining a competitive edge. While much is known about the effect of festival experiences on satisfaction, there is little research examining festival value within the framework of experiences and satisfaction. This research also provides valuable insights for applying the experience economy within the context of events management.