TEN Buys Snowboard Festival
Deal accelerates TEN's experiential event strategy.
Terms of the deal weren't released, but the event puts a new angle on TEN's event assets in that it's anchored in music and a decidedly consumer-facing, experiential format.
TEN's Sports & Entertainment Group, where the festival will be integrated, includes like-minded brands Transworld Snowboarding and Snowboarder and has two existing events—Snowboarder Superpark and the TransWorld Snowboarding Trans Am Series.
Snowboard on the Block is held annually in downtown Denver and attracted 8,000 attendees in 2014. The event was founded in 2013 by Adam Schmidt, who will join TEN as director of event experience, sports & entertainment.
“We are constantly looking for ways to expand our relationship with consumers while bringing more solutions to our media partners," Norb Garrett, executive vice president and general manager, TEN Sports & Entertainment, tells Folio:. "Acquiring 'Snowboard on the Block' and adding its founder, Adam Schmidt, to our team allows us to accelerate our efforts in experiential events and leverage our brands and marketing platforms through consumer-based events.”
The deal is a strategic one in the sense that the Sports & Entertainment group events spring out of editorial concepts for an existing audience. Snowboard on the Block adds an audience development component for TEN's brands.
"Strategically, we are adding more consumer-facing events in order to grow audience and exposure for our brands," adds Garrett. "The Snowboard on the Block event structure allows us to use our authentic and powerful lifestyle brands as the centerpiece for a multimedia lifestyle gathering at which consumers pay for an experience that includes sports, music, film, food and fun all built around the lifestyle activity—in this case, snowboarding."
Going forward Garrett says TEN will add a second snowboarding event in another U.S. city in 2016 and plans to repeat the event concept across other brands.