Crypto Partnerships Boost NBA’s Sponsorships to $1.6 Billion
- Cryptocurrency companies boosted the sponsorship revenue of the NBA to a record $1.6 billion.
- The figure is up 14.28% from the previous season.
- “The cryptocurrency category’s sponsorship sending spree is like nothing we have ever seen before,” says the managing director of IEG.
In the 2021/2022 season, cryptocurrency companies heightened the sponsorship revenue of the National Basketball Association (NBA) to a record $1.6 billion.
This disclosure came via a report from the Consumer News and Business Channel (CNBC) today, June 1, 2022.
The $1.6 billion sponsorship revenue of the NBA represents a 14.28% increase when compared to the $1.4 billion it earned in the previous season. In the 2018/2019 season, the NBA made $1.2 billion in sponsorship money.
The year-on-year increase in partnership revenue from crypto companies puts it as the second most lucrative sponsorship category for the NBA after the technology category.
Peter Laatz, the global managing director of the International Events Group (IEG), said:
The cryptocurrency category’s sponsorship sending spree is like nothing we have ever seen before.
The sponsorship agreements often include arena naming rights, company name or logo attachments on players’ jerseys, etc.
One of the NBA’s crypto deals this season includes a league agreement with Coinbase, a leading cryptocurrency exchange based in the United States. The deal is worth $192 million over four years.
The Los Angeles Lakers also signed a 20-year arena-naming rights contract with Crypto.com. The contract is worth $700 million. Likewise, the Golden State Warriors signed a $10 million global rights agreement with FTX, a crypto derivatives exchange. FTX also secured the arena naming rights for the Miami Heat on April 7, 2022.
Other categories estimated to pay the NBA over $100 million annually include banks, telecom, and merchandise.
Read more: https://coinquora.com/crypto-partnerships-boost-nbas-sponsorships-to-1-6-billion/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
