Popular crypto exchange platform Crypto.com has officially bought 20 years of naming rights for L.A's iconic sports stadium -- currently known as the Staples Center -- renaming it the Crypto.com arena. Home to the Lakers, Clippers, Kings, and Sparks, the stadium will receive its new name and accompanying logo on Christmas Day.
Crypto.com paid a whopping $700 million for the 20-year contract, significantly surpassing Staple's previous $100 million purchase for ten years worth of naming rights. The purchase of the stadium naming rights belongs to a broader marketing strategy by Crypto.com, which aims to become a top-20 brand within the next five years.
"In the next few years, people will look back at this moment as the moment when crypto crossed the chasm into the mainstream," said Crypto.com CEO Kris Marszalek in an interview with the Los Angeles Times
Crypto-Branded Sports Stadiums
The Staples Center Will Be Renamed the Crypto.com Arena This Xmas
Trend Themes
1. Crypto-branded Stadiums - More sports stadiums will be renamed and branded by crypto companies as naming rights become a new opportunity for crypto marketing.
2. Crypto Sponsorships in Sports - Crypto companies will increasingly sponsor sports teams and events as a strategy to gain mainstream recognition and adoption.
3. Crypto Marketing in Real Life - Crypto companies will continue to explore offline marketing strategies such as stadium naming rights as a way to increase brand awareness and appeal to new audiences.
Industry Implications
1. Sports and Entertainment - Sports teams and stadiums can benefit from the influx of crypto companies' sponsorships and naming rights purchases, which can bring significant financial gains.
2. Cryptocurrency - Crypto companies can leverage sports sponsorships and naming rights as a strategy to increase mainstream adoption and position their brand as a leader in the crypto industry.
3. Marketing and Advertising - Naming rights opportunities for stadiums and other public spaces provide a new avenue for crypto companies to explore innovative marketing and advertising strategies.