Purpose. The aim of the article is to present the annual Jan Kiepura Festival in Krynica Zdrój as a tourism product as well as to draw attention to the importance of taking care of the jointly valued creation by all stakeholders for the development and long-term success of all events of that kind. Method. The study is the result of using the critical method of analysing literature on the subject, the press, media industry reports, the case study method in the form of in-depth analysis of data and secondary materials by institutions dealing with: organization/co-organization, documentation of history and services of visitors to the Krynica Zdrój Festival and also qualitative, partly, structured interview methods with representatives of the Krynica Tourist Organization, Prezydent, Stefania, Czarny Groń hotel owners, President of the Krynica Board– Żegiestów SPA, Żegiestów Spa, employees of the Board Office of Krynica – Żegiestów SPA, The main Pump Room, Public Library and the mayor of the city of Krynica-Zdrój. Results. The analysis of data showed that the Jan Kiepura Festival meets all the conditions to be described as a tourism product. In addition, it was proved that the success of the oldest festival in Poland is conditioned by the care for joint-value creation by all stakeholders. Research and conclusions limitations. The author’s research presented in the study focuses on the value which the town of Krynica Zdrój gains from the organization of this festival. However, this does not include a wider group of stakeholders (i.e. artists, music-lovers and tourists). Practical implications. The results of research provide information on how the festival can become a valuable tourism product for all its stakeholders, while, at the same time, being the basis for formulating recommendations for the organizers of festivals of any kind, including opera-related ones. Originality. The article concerns an opera festival which has never before been described as a tourism product. In addition, it shows what value the Jan Kiepura Festival generates for the town of Krynica Zdrój. Type of work: Review article.