Yes, incorrect setup. You have created a year-long event and set that long event to happen each week. You need to set the initial event as just the one day (so change the end date). Then the one day event can repeat and display on each Friday.
OK thanks for that. I'm still not able to get it to work though. Here I my settings:
[attachment=1:6u2o7cze]<!-- ia1 -->events.jpg<!-- ia1 -->[/attachment:6u2o7cze]
You are also missing the repeat parameter for how long. You need to either give a number of repeats or give a date that the repeat will continue until.