This study aims to explore the factors affecting the success of a popular tourist product, namely, theatrical performance, within the context of China's tourism industry and develop a model based on previously successful productions. Using qualitative software, 22 Chinese-language articles on theatrical performances are analyzed to generate a list of success factors, classified as internal and external. The internal factors are storyline and performing, market positioning and marketing strategy, investment and financial support, operation and management, performing team, outdoor venue, indoor/outdoor stage supporting facilities, continuous improvement, and production team. The external factors are collaboration between cultural industries and local tourism, government support, privatization, and social and cultural effect. This study also provides suggestions for the future development of theatrical performances in China.