China Arts and Entertainment Group and IMG Artists have set a joint venture that promises to expand opportunities for Chinese performing arts talent.
Deal creates an entity dubbed Sino America Global Entertainment, which will focus on sharing resources, marketing expertise and creating new showcases for talent through arts festivals and other events. The partners will focus on opportunities for classical music and dance performances.
Launch of the venture was set to be unveiled Friday at a Carnegie Hall signing ceremony attended by Liu Yandong, Vice Premier of the State Council, and Ding Wei, Vice Minister of the Ministry of Culture.
“Working with such a trusted U.S. partner as IMG Artists, this endeavor will enable CAEG to deepen bilateral cooperation and exchange with performing arts institutions and explore other substantive business opportunities that ultimately strengthen the overall performing arts market,” said China Arts president and general manager Zhang Yu.
According to a news release, the partners are promising an investment of “several hundreds of million dollars” to support arts initiatives in China and the U.S. There is also a plan to improve music education standards across China and to develop a TV show built around the search for China’s next great classical musician.
China Arts and Entertainment Group is described as an entertainment and exhibition company that accounts for 50% of China’s foreign commercial performance business. It was created in 2004 through the merger of China Performing Arts Agency and China International Exhibition Agency.
IMG Artists reps classical musicians, dancers and performing artists, and is active in coordinating tours and producing festivals.
“IMG Artists is confident this partnership will quickly become a cornerstone of our strategic pursuits in the all-important Chinese market and we will work together to help bring new forms of entertainment to global audiences,” said Jerry Inzerillo, IMG Artists president-CEO.