Plans to make the Notting Hill Carnival more profitable have been unveiled as new figures reveal the event contributes £93m to London's economy each year.
Last year's carnival attracted 1.16m people
Carnival mugs, books, CDs and T-shirts could be used to make the most of the carnival 'brand', a report commissioned by the London Development Agency (LDA) has said.
According to figures released on Wednesday, the west London Caribbean carnival supports 3,000 full-time jobs and the 1.16m people who attended last year spent £45m - an average of nearly £39 per person.
But the report says more can be done to increase the events earning power.
The group is to start looking at pursuing an international publicity campaign and fundraising strategy to get money from the public and private sectors in the UK and abroad.
Chief executive Michael Ward said: "Carnival brings visitors and businesses to London.
"It is one of Europe's most spectacular tourist attractions. It could bring even more benefits with support."
Other suggestions included a Carnival Visitor Centre to help examine relevant experiences in the UK and abroad.
Of those arriving at carnival last year, up to 316,000 had travelled from outside London but within the UK and 90,000 came from abroad.
The event cost about £5m to police because of concerns over crowd safety and street crime.
This year the Arts Council has given money directly to the performers and organisers London Notting Hill Carnival Ltd have been looking at ways to increase sponsorship.
Additions to this year's carnival will include four screens along the route displaying moving advertisements and there will be some promotional stands.
David Weaver, who researched the report, said: "It is also important to ensure that those that are primarily responsible for creating this value, the artists, properly benefit from any expansion of the brand."
Independent researchers carried out the report on behalf of the LDA, who will now assess its recommendations.