That's interesting. We have a similar festival over here but called "The Collor Run" where you basically do a mini marathon of running which ends up with music and lots of colours just like this one. I always said to myself that I should participate one day but however I never did it by now ☹️
We have the Color Run here every year as well. My wife and daughter did it a few years ago and it was so much fun taking photos during the race.