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You are probably missing the Italian translation files. The web based Italian translation is currently 55% complete, and does include that string. Since it is only 55% it is not available automatically, but you can download the .mo/.po files and add them to your site via ftp.

Thank your quick reply, I do know that I can translate it using the Po Edit but I actually would like to modify that text as my events point directly to an external subscription form so that link should say something like “subscribe now!”.
Is it possible?

Thank you again.

Right now the only way is to modify the translation files. I do have a note to add an option to specify this text, it will probably be included in the next major release.

Ok, thank you for your kind reply.

Version 4.4.0 now provides an option to modify this text.