IOC, PyeongChang 2018 Organizing Committee Sign Marketing Deal That Could Generate $1B
The IOC and the PyeongChang 2018 Organizing Committee signed the Marketing Plan Agreement, which allows POCOG to start its marketing activities. IOC President Jacques Rogge and POCOG President Jin Sun Kim formally signed the agreement in front of an audience of about 120 South Korean dignitaries and members of the media. The MPA is a written agreement between the IOC and the POCOG, which specifies the obligations of the organizers in relation to their marketing program (IOC). In Seoul, Kang Seung-woo reported POCOG expects the marketing agreement to generate 1.1T won ($1B), most of which "will come from domestic sponsorship deals, licensing and ticketing." Additionally, the deal will allow the marketing partners for PyeongChang to "exclusively use intellectual property from PyeongChang's organizing team" including its Olympic emblem and other symbols. In a speech, Rogge noted the significance of the deal, saying it will allow local organizers to "truly take ownership of their promotional and financial destiny" (KOREA TIMES, 1/30).