BrandArena: Pyeongchang 2018: Domestic Sponsorships Hit $918 million As Althetics

Wednesday, 29 November 2017

Pyeongchang 2018: Domestic Sponsorships Hit $918 million As Althetics

Winter Olympic and Paralympic Games - Pyeongchang 2018 billed to take place from February 9 to 25, has clearly made lot of economic impact in the host county, South Korea as the games continue to generate significant revenue through domestic sponsorships.  The Organising Committee yesterday revealed the event has exceeded higher than its original target of $871 million (£654 million/€732 million) by 7.6 per cent.

It comes as a result of Pyeongchang 2018 signing deals with 66 private and public corporations in South Korea. This includes companies such as car manufacturers Hyundai, Korean Air and multinational retail conglomerate Lotte Group.

The figure is higher than the 44 Russian entities which sponsored the 2014 Winter Olympic and Paralympic Games in Sochi.

Pyeongchang 2018 are still seeking to strike further deals with South Korean companies from the public sector in the build-up to the event.

Korea Electric Power Corporation, Korea Airports Corporation and Korea Hydro and Nuclear Power are among the public companies to have already siged an agreement with organisers.

Domestic support for the Games, due to take place from February 9 to 25, had been one of the main concerns of the International Olympic Committee (IOC) in the early stages of the preparations of Pyeongchang 2018.

Fears were partially alleviated last year when Pyeongchang 2018 signed a string of agreements with companies in the nation, who have all pledged their support for the Winter Olympic and Paralympic Games.

In a statement, Pyeongchang 2018 said they had consulted with the IOC in a bid to target suitable South Korean organisations to partner with the Games. "After consulting with the IOC we tried to bring in sponsors in areas like semiconductors, department stores, duty free shops and catering services, which were not seen in other events," Pyeongchang 2018 said.

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