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IMG Artists & China Arts and Entertainment Group Announce New U.S., China Joint Venture
U.S. and China Performing Arts Leaders Unveil New, Multi-Million Dollar Arts and Entertainment Powerhouse
Largest ever U.S.-China performing arts joint venture seeks to transform and expand access to China’s arts and entertainment industry
The China Arts and Entertainment Group and IMG Artists announced a new joint venture called Sino America Global Entertainment (SAGE) – effectively establishing the largest private, performing arts partnership between the United States and China. The official signing was overseen by Liu Yandong, Vice Premier of the State Council, and Ding Wei, Vice Minister of the Ministry of Culture, during a Symposium in New York attended by dignitaries and executives from the leading arts, education and culture institutions in New York held at Carnegie Hall.
China Arts and Entertainment Group (CAEG) is the largest entertainment and arts exhibition company of its kind in China, with a global business in stage entertainment and art exhibitions that represents 90% of China’s overseas commercial performance business. IMG Artists represents over 500 of the world’s leading artists and is the global leader in the performing arts management, tours, festivals, events and consulting business.
SAGE heralds a new era for US-Sino cooperation in entertainment and the performing arts, and will offer significant financial, logistical and resource advantages for both countries. Through an investment of several hundred million dollars, SAGE will reduce inefficiencies and build new platforms for global entertainment and performing arts initiatives including international arts festivals, talent exchange, sharing of local market expertise and more.
SAGE will also create new avenues for entertainment programming, distribution and marketing in the United States and China. The venture seeks specifically to develop opportunities that further classical music and dance artists through television programs, theater and nurturing of young talent. The first two projects will include a musical talent show to search for the next great Chinese classical musician and plans to coordinate the music education field in China through standardize grading.
“CAEG is honored to partner with IMG Artists who have deep, unparalleled understanding of the global performing arts industry. Working with such a trusted US 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 president and general manager Zhang Yu.
“IMG Artists is honored to partner with CAEG, whose accomplishments, and forward- looking efforts to support and promote the performing arts are extraordinary. 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 and CEO.