Last checked at 6 Mar 2013 07:00
Parallel Media Group PLC
("PMG" or the "Company")
PMG launches the inaugural Blue & White Festival in PyeongChang, South Korea
PMG, the AIM quoted sports, entertainment and media agency, announces the successful launch of the Blue & White Festival in PyeongChang, South Korea, the venue of the 2018 Winter Olympics.
The Blue & White Festival has been created by PMG as part of its strategy to build up a portfolio of key entertainment rights across Asia. The jazz festival has secured initial sponsorship support from Fila, one of the world's largest sportswear manufacturing businesses and the intention is to sign up secondary sponsors to promote individual artists.
The initial format of last Saturday's jazz concert will be expanded next year to cover a dozen concerts over two weekends in February. By 2018, PMG expects that the festival will have become an annual sponsored winter jazz festival, with artists performing from all over the world.
David Ciclitira, Chairman of PMG, said:
"It is 5 years to go to the XXIII Winter Olympics at PyeongChang. The Blue & White Festival, drawing on the traditions of the great European festivals such as Montreux, is set to become part of the PyeongChang cultural Olympiad but its legacy will endure beyond 2018."
"The Company's strategy to create key entertainment properties across Asia during 2013 has started extremely well with the AIA K-Pop concert in Hong Kong in January and now the successful launch of the Blue & White Festival which will become an annual event leading up to the Winter Olympics in 2018."
"This year's event was primarily sponsored by Fila and featured Kyle Eastwood but next year we will see a dozen performances by different national artists all of which will be sponsored by a national brand."
"We see this event developing into a major contributor to our entertainment division revenues."
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For further information, please contact:
Parallel Media Group plc 020 7225 2000
Amelia Wix a.wix@parallelmediagroup.com
Northland Capital Partners Limited 020 7796 8800
Luke Cairns, Edward Hutton