Building upon the perspectives of sport value co-creation and symbolic action, this study employs a hermeneutic analysis of the socio-cultural dynamics shaping value in events. It examines the symbolic co-construction of a participatory small-scale event and the attached meanings that instantiate perceptions of value. The authors investigate a free-diving event held on the Greek island of Amorgos commemorating the 1988 film “Big Blue.” Fieldwork was conducted during the event, including focus groups, semi-structured interviews, and observation. Findings demonstrate the event’s dramaturgic hypostasis acting both as symbolic social space and multi-stakeholder value co-creation platform. Three overarching themes epitomize the actors’ experience: connecting, communing, and belonging. This reveals a dramaturgical world-making stage in which co-creative instantiators embody meanings that coordinate interaction, communicate information, integrate resources, and evaluate value. This study calls for comprehensive dramatological inquiries embracing the collective embodiment of events as social dramas that enable collaboration through the instantiation of shared meanings.