Paramount Global is considering selling its huge internet video event, VidCon.
What is VidCon?
VidCon is a popular annual convention focused on online video content, primarily catering to creators, fans, and industry professionals involved in digital media. It was founded in 2010 by Hank and John Green, two prominent YouTubers, and has since grown into a significant event in the online video community.
VidCon features a variety of activities such as panels, workshops, performances, and networking opportunities. Creators often use VidCon as a platform to connect with their fans, collaborate with other creators, learn about new trends and technologies, and gain insights into the online video industry.
VidCon’s Background and Growth
VidCon was acquired by Viacom (now Paramount Global) in 2018 and has then grown steadily. However, due to the pandemic, attendance dipped in recent years.
Despite setbacks, VidCon remains popular, expanding its reach globally with events in Baltimore, London, Sao Paulo, and Mexico City. Last year, the Anaheim event drew 55,000 attendees, generating revenue from ticket sales and sponsorships, notably from YouTube.
Exploring a potential sale
To explore the possibility of selling VidCon, Paramount hired the bank Oaklins DeSilva+Phillips. Although the talk of the sale is in its early stages, the company hopes to find a strategic buyer rather than a private equity group. This decision is part of Paramount’s larger plan to focus on its primary operations.
Sam Thompson of Progress Ventures commented, “This is a consideration that has almost certainly been influenced by Paramount’s extraneous plans, but it also allows them to focus resources internally in more important areas.”
Paramount is currently in the middle of a lot of changes. Selling VidCon could help Paramount focus more on their main line of work, including making movies and TV shows.
