PyeongChang, IOC reach marketing deal
PyeongChang agreed to implement a marketing program for the 2018 Winter Olympics with the International Olympic Committee (IOC) Wednesday.
IOC President Jacques Rogge, currently visiting Korea, and Kim Jin-sun, president of the PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games (POCOG), signed the Marketing Plan Agreement (MPA). The deal will provide the legal and technical basis for the marketing program.
It entitles PyeongChang to gain benefits from Olympic marketing rights in the coming years.
POCOG expects the marketing agreement to generate some 1.1 trillion won ($1 billion), most of which will come from domestic sponsorship deals, licensing and ticketing.
In addition, the deal will allow the marketing partners for the Korean mountain town to exclusively use intellectual property from PyeongChang’s organizing team including their Olympic emblem and other symbols.
In a speech, Rogge noted the significance of the deal, saying that it will allow local organizers to "truly take ownership of their promotional and financial destiny."
"The private sector clearly plays a crucial role in delivering the games," Rogge said. "And the IOC will provide you with support and guidance, whenever you need it along the way. We're confident that you have everything in place to be highly successful in your new endeavor."
Kim, the chief organizer, said his team will launch marketing activities to generate revenue, which in turn will contribute to PyeongChang staging a successful Olympics. He also urged active participation from local businesses.
PyeongChang, some 180 kilometers east of Seoul, beat Munich of Germany and Annecy of France in a bid to host the 2018 Winter Games. PyeongChang had come up short in two earlier bids, losing to Vancouver of Canada and then Sochi of Russia.