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Crypto.com currency ‘up 70%’ after LA arena deal

Crypto.com’s currency, CRO token, surged almost 70% in the wake of the platform’s naming rights deal for AEG’s Staples Center, according to a new report.

The 20-year deal with the Singapore-based cryptocurrency company is reportedly worth US$700 million (€622m), with all of the 20,000-cap venue’s external signage to be replaced by June 2022.

However, Forbes reports the coin’s value has risen 69.9% since last week’s announcement that the 20,000-cap Los Angeles venue is to be renamed the Crypto.com Arena from 25 December following an agreement brokered by AEG Global Partnerships. The news prompted Meltem Demirors, chief strategy officer at CoinShares International, to say the deal had already paid for itself more than a dozen times.

The deal paid for itself – 13x over

“Crypto.com put $700M into a 20 year sponsorship, and the resulting PR doubled its token price and led to a $9B run-up in market cap the deal paid for itself –13x over,” she tweeted, “difficult to untangle token distribution and who benefited, but smart token marketing strategy!”

The new relationship will result in the first name change in the venue’s 22-year history and will also see Crypto.com featured prominently across the venue with large-scale, premium branding and signage.

“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,” said Crypto.com co-founder and CEO, Kris Marszalek.

Opening its doors in 1999, the downtown Los Angeles arena is home to the NBA’s LA Lakers and LA Clippers and the NHL’s LA Kings and LA Sparks and hosts over 240 major high-profile events a year, including 19 of the last 21 Grammy Awards shows. Upcoming concerts include Enrique Iglesias & Ricky Martin, Bad Bunny, Justin Bieber, Imagine Dragons and the Bud Light Super Bowl Music Fest series.

Earlier this year, Crypto.com became the first crypto platform to partner with an F1 team (Aston Martin), the first to partner with an NHL team (Montreal Canadiens), and the first to partner with a professional sports league (Lega Serie A).

 


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AEG Global Partnerships brings in Lara Fox as VP

AEG Global Partnerships has hired seasoned sales and marketing executive Lara Fox as VP.

Based in AEG’s Los Angeles HQ, Fox will be responsible for building strategic relationships and partnerships for the company’s tours, festivals, venues and other assets, as well as its subsidiaries.

Fox will also manage brand deals for AEG’s network of live music venues, with a focus on the West Coast.

“Lara’s impressive career combined with her proven ability to drive significant revenues and build innovative partnerships with some of the biggest brands in the world, makes her a perfect fit for AEG,” says Andrew Klein, MD, AEG Global Partnerships. “We have a one-of-a-kind global portfolio with some of the most coveted music and live entertainment assets in the world, and this is an incredibly exciting time to be joining our company.

“We are confident Lara will be an incredible asset to our business and our partners as we continue to shape the future of music and live entertainment.”

Live music is back and going to be bigger than ever

Fox joins AEG after more than a decade with global media and entertainment firm Complex Networks where she served as VP of brand partnerships and oversaw deals with brands such as Apple, Starz, Amazon, Walmart, Target, Netflix and EA.

Additionally, she was part of the original team that helped produce and create brand partnerships for the first ever ComplexCon, a two-day cultural Super Bowl.

Previously, Fox held roles at Condé Nast’s W Magazine followed by ViacomCBS, where she managed media, content, and event sponsorships for MTV.com while also working as a freelance writer for MTV News and MTV Clubland.

“Live music is back and going to be bigger than ever. I am thrilled to have joined such a prestigious team under extremely smart executive leadership,” says Fox. “AEG has the best music festivals, sports teams and facilities in the world. This is a dream job for me.”

Acting as an internal agency for AEG and AEG Presents, Global Partnerships oversees worldwide sponsorship sales and activation for over 135  properties across five continents, including venues, sports franchises, events, tours, festivals and digital content.

 


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AEG Global Partnerships makes senior hire in France

AEG Europe Global Partnerships has appointed Stéphan Degos as its new senior director of sponsorship sales, replacing the departing Emmanuel de Sola.

In his new role, Degos will oversee sponsorship and partnerships for for the 20,300-capacity Accor Arena in Paris.

He joins AEG from Pollen (the company formerly known as Verve, and before that as StreetTeam), having spent more than 20 years in live entertainment marketing, including seven years as head of brand marketing partnerships at Live Nation.

“I’m really looking forward to maximising the opportunities in the French region”

Paul Samuels, executive vice-president of AEG Europe Global Partnerships, comments: “We are looking forward to Stéphan joining our team and driving the strategic ambitions we have in France. As we reflect on our current successes in the region, we would like to thank Emmanuel de Sola for his contribution and wish him well with his new personal projects.”

“I am delighted to be joining AEG at this pivotal time,” adds Degos. “They are world leaders in entertainment and have a reputation for delivering exceptional deals for world-class brands. I’m really looking forward to maximising the opportunities in the French region and delivering against AEG’s strategic aims.”

 


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