"Los Angeles is not only the entertainment capital of the world, it has become a cultural 'Mecca,'" said L.A. Opera Director Placido Domingo.
It's called The Ring Festival of Los Angeles. The festivities are based on the opera by the late German composer Richard Wagner. The event will showcase art exhibits and musical performances around Los Angeles.
The festival will run for 10 weeks, from April to June of 2010.
One of the many performances for The Ring Festival will happen at the Dorothy Chandler Pavilion in downtown Los Angeles.
Wagner's work will certainly draw a crowd. His music was featured in such popular films as "Apocalypse Now."
On Monday members of 50 local art and cultural institutions announced they will help fund the multimillion-dollar project. Investors say the project could bring in an additional $1 billion in added revenue to the city.
"We probably create close to 10,000 new jobs and $55 million or more in tax revenues," said Eli Broad, an investor.
The event isn't exactly the Olympics, but the goal is to put Los Angeles on the map as the newest cultural destination in the world.
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