PyeongChang Reaches Marketing Benchmark

(ATR) Domestic sponsors for the PyeongChang 2018 Olympics reached $925.7 million (1 trillion Won) according to organizers.

The benchmark means domestic sponsorship for PyeongChang 2018 has surpassed its original marketing goal, according to a release.The combined international and domestic sponsorship raised for the Games sits at $1.76 billion.

PyeongChang 2018 says atotal of 66 sponsors have been recruited for the 2018 Olympics. Organizers say that number could grow to 80 by the time of the Olympics.

"After consulting with the International Olympic Committee (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 in the release. "Some companies joined as donors when sponsorships in certain areas had already been signed by others."

PyeongChang 2018 says that it will continue to court public institutions for new sponsorship streams. Ahead of the Rio 2016 Paralympics the organizing committee secured deals with public companies such as Petrobras for additional revenue streams.

In August this year PyeongChang added Korea Electric Power Corporation, Korea Airports Corporation, Incheon International Airport Corporation and Korea Land & Housing Corporation as sponsors.

Organizing Committee President Hee Beom Lee said in the statement that bringing in public and private sponsors brings PyeongChang "one step closer to achieving an 'economic games’".

Former IOC marketing director Michael Payne is not impressed, saying on Twitter the achievements amount to "by far the weakest marketing program in living memory".

"[It is the] first OCOG ever to barely make budget," Payne wrote. "[The] number of sponsors, with small donations does not equate to marketing!"

Written by Aaron Bauer

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