The acquisition represents the latest in a line of quick purchases by Bogdanovich.
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The deal, announced on Tuesday – April 18 in a release, was completed three weeks ago in Kingston. The structure of the transaction, especially the precise entity acquiring the brand, the monies associated with the deal and associated rights, was undisclosed.
DSR will be working closely with previous principals Johnny Gourzong, Robert Russell and Tina Davis who have developed the brand for 25 years for the 2016 staging of the event in what they describe as a transitioning period.
According to Bogdanovich, Summerfest’s CEO, Johnny Gourzong, felt that it was for a number of reasons, including the fact that both he and Robert Russell, Summerfest’s chairman, liked his “new and fresh” ideas to revitalise Reggae Sumfest.
“We are satisfied that Sumfest under Joe will evolve and get bigger and better,” said Robert Russell, chairman of Summerfest Productions, told media reporters.
“Yes, the brand has a value, but I will not disclose it,” he said.
Bogdanovich said that there will be major changes in the next two years for the brand.
Changes discussed will involve the team seeking an international sponsor rather than the usual strategy of a local title sponsor.
The team also plans to increase revenues from streaming the event globally, utilising interactive ‘360’ virtual reality technology. On the flip side, the company will seek to cut costs by reducing the live show nights from three to two.
Other changes will include signing younger more popular local and international acts that still reflect the dancehall/reggae ethos.
“In order to make this industry thrive, it is critical that the home of reggae music gets its house in order,” said Bogdanovich in the release.
He also noted that unity will be the focus as it is through unity that music is a key factor for success in the festival business.
“Artists must understand and work together as well as the sponsors and government agencies to accept the fact that Reggae/Dancehall is a natural resource of the country and that it’s the responsibility of the country for it to be developed and protected,” added Bogdanovich.
He added that the new administration will continue to give support, with an eye on true international exchange.
The annual Sumfest music festival has supported tourism and the city of Montego Bay for two and half decades.
It has been reported that Reggae Sumfest brought US$6 million worth of tourism last year into Montego Bay — the city and new Reggae Sumfest administration is hoping to top that this year.
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