The strategy would also create a framework to ensure major events have a “lasting, positive impact on local people, local businesses, communities and the Sheffield economy,” the council added.
Martin Smith, chair of the council’s economic development and skills committee said events were “big business” across the UK.
“Not only is the economic impact of events significant for the city, but events help us build our reputation and allow others to see and experience Sheffield on a different scale,” he said.
“Hosting more events, and more diverse events will help us attract more visitors to the city, generate more income, they will bring investment and help us to grow our economy.”
Alongside high-profile events, Sheffield has a number of homegrown festivals including DocFest, which has been in the city for over 30 years, to Tramlines, one of the UK’s longest running, city-based music festivals.
Tramlines alone attracts 40,000 visitors and organisers believe it adds £3.8m to the economy through spending by festivalgoers on transport, food and accommodation.
Earlier this year, a brand-new podcast festival, Crossed Wires, was also launched in the city, attracting talent from across the UK and beyond, to Sheffield.
The council said the major events plan would ensure events were of real benefit to the city.
Councillors will be asked to approve proposals next week.
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