What has been known as the iconic Staples Center is now being renamed to Crypto.com. In a deal announced last week, Crypto.com will be the title sponsor of the arena and has been said to be the biggest naming rights deal in the world of sports. Beyond the fact that it is officially the biggest naming rights deal in sports history, this also serves as an indicator of pushing the legitimacy of cryptocurrency and increasing consumer appeal of the rise of the finance niche.
The agreement also goes beyond the arena. In fact, the official designations will include the Los Angeles Lakers, the Los Angeles Kings, L.A. Live, the Microsoft Theatre, and the Novo. As a new platform partner for the Los Angeles Lakers and Los Angeles Kings, the cryptocurrency platform is expected to see great benefits in the long-term contract with AEG.
While the specific terms of the agreement were not reported, it was reported that Crypto.com paid more than $700 million for the 20-year naming rights contract, resulting in being the largest naming rights deal in sports history.
On Christmas Day, the 20-year naming rights deal between AEG and Crypto.com will become official. AEG is the arena’s owner and Crypto.com is known as the fast-growing cryptocurrency platform. You can expect to see the new logo and branding and internal signage changes on Christmas Day, which is also the day the Los Angeles Lakers play against the Brooklyn Nets. The external signages are said to be replaced in June 2022.
The Staples Center is also home to the Los Angeles Clippers, the WNBA’s Los Angeles Sparks, along with many other big events, including the Grammy Awards, all-star events for both the NBA and NHL, along with many more iconic events. According to AEG, the arena brings in a whopping 4 million people annually.
Since the establishment of the Staples Center in 1999, it has been one of the most iconic venues to date. Located in the heart of downtown Los Angeles, the venue has served as the place for some of the most unforgettable spaces for both sports and live entertainment for the past 20 years. And with the new partnership between both AEG and Crypto.com, fans and visitors alike can expect the same for the next 20 years to come.
In a press release found on the Staples Center website, Kris Marszalek, co-founder and CEO of Crypto.com stated, “Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment. We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world-class sports, entertainment, and technology for fans in LA and around the world.”
Situated in the heart of the entertainment and creative capital of the world, both AEG and Crypto.com are excited for what’s to come.
“This partnership is about the future,” said President and CEO of AEG, Dan Beckerman. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”
With a commitment to serving as partners, AEG and Crypto.com are passionate about teaming up and creating a one-of-a-kind future for Los Angeles and the world of sports and entertainment.
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From a Branding Perspective
The 20-year deal represents not only the importance of change but of branding. Branding Los Angeles’ CEO, Ben Behrooz, shared his thoughts on the new deal on SpectrumNews1 LA, “Cryptocurrency is our future. The geniuses behind Crypto.com were able to create a strong campaign in a world now where social proof is everything and they were able to make themselves a part of Los Angeles history, the same way people will always think of the Staples Center and Kobe Bryant.”