fbpx

PROFILE

MY SUBSCRIPTION

LOGOUT

x

The latest industry news to your inbox.

    

I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

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).

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Finland’s Tampere Deck to become Nokia Arena

Finland’s Tampere Deck Arena (cap. 15,000) is to become the Nokia Arena under a new naming-rights deal.

The Tampere Deck arena previously signed a ten-year naming rights agreement with technology firm Uros but the deal was terminated amid concerns about the company’s financial position.

The venue will now be named after Finnish telecommunications company Nokia, which has acquired the naming rights for five years, with an option to extend the partnership by another five.

Nokia Arena, which already has a ten-year ticketing deal with CTS Eventim-owned Lippupiste, will host 1 million visitors annually, and host a combination of musical and sporting events.

“Nokia Arena is not only a state-of-the-art venue for sport, music and business events, but also a Finnish landmark”

The venue will serve as the home rink of Tampere-based ice hockey teams Tappara and Ilves and as the main venue for the International Ice Hockey Federation’s 2022 world championship.

Tommi Uitto, president of mobile networks and country senior officer for Finland at Nokia, says: “Customer experience both in physical and virtual events is changing radically with the introduction of new digital platforms and technologies. Nokia Arena is not only a state-of-the-art venue for sport, music and business events, but also a Finnish landmark. Nokia was founded in Tampere 156 years ago and today Finland continues to be one of Nokia’s key R&D centres in 5G and beyond. This partnership further reinforces our commitment to Finland, and we look forward to seeing Nokia Arena as a pioneer in world-class stadium experience.”

Marko Hurme, CEO of the Nokia Arena, says: “This is an exciting time for the arena, and we are very proud to partner with such an iconic brand and technology leader like Nokia. When choosing our partner, we wanted to ensure that we united with a company that shares our vision and values for the arena, and understands the possibilities new technologies and connections enable in creating an engaging visitor experience. Nokia has a long history of building recognised technology clusters in Finland and in Tampere, so this is an ideal match.”

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

LA’s Staples Center to be renamed Crypto.com Arena

AEG’s Staples Center in Los Angeles is to be renamed the Crypto.com Arena as part of a new 20-year naming rights deal.

The deal with the Singapore-based cryptocurrency platform, reportedly worth US$700 million (€618m), according to the FT, was brokered by AEG Global Partnerships and comes into effect from 25 December, with all of the 20,000-cap venue’s external signage to be replaced by June 2022.

“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” says Todd Goldstein, chief revenue officer of AEG.

“It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”

As exclusive naming rights partner, Crypto.com plans to engage fans through premium branded areas of the arena including a 3,300 sq. ft activation space at the building’s entrance, as well as dedicated activation areas on the main concourse and throughout the adjacent LA Live campus.

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

This partnership is about the future

“This partnership is about the future,” adds Dan Beckerman, AEG president and CEO. “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.”

Crypto.com has committed to becoming carbon negative by the end of 2022 by offsetting more carbon than is generated by all activities across the organisation. Earlier this year, the company 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).

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.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Glasgow’s Hydro reveals sponsorship, green plan

Scotland’s Hydro arena (cap. 13,000) has secured a naming rights deal with OVO, the UK’s third-biggest energy supplier (not to be confused with Drake’s record label).

The newly renamed OVO Hydro in Glasgow re-opened its doors in September following an 18-month closure and is now gearing up for a record-breaking 2022.

Next year, the nation’s flagship venue will host 40% more events than in an average year, with concerts from world-renowned acts such as Billie Eilish, Shawn Mendes, The Weeknd, Dua Lipa and Anne-Marie.

The OVO Hydro’s biggest-ever year of live entertainment will also see the venue continue to develop its sustainability credentials as part of a journey to achieve A Greener Festival‘s (AGF) ‘Greener Arena Certification’.

The AGF certification will include external verification that carbon reduction and transition strategies are at the heart of all venue operations, from catering to materials used and circularity.

OVO will support the venue’s goal to achieve the ‘Greener Arena Certification’ through funding of specific carbon-reduction and environmental initiatives recommended as a result of the annual accreditation process.

The venue will host 40% more events than in an average year, with concerts from Billie Eilish, Shawn Mendes and The Weeknd

In turn, the OVO Hydro will support the commitments in OVO’s ‘Plan Zero‘ to become a net-zero business by 2030 and drive progress towards zero-carbon living.

Billy McFadyen, director of finance and development at the SEC (Scottish Event Campus, which includes OVO Hydro), says: “OVO Energy is the perfect partner for SEC to help achieve our sustainable goals and objectives. We’re working hard to build on our existing, multi-layered sustainability programme and look forward to working with A Greener Festival towards achieving ‘Greener Arena Certification’ for the OVO Hydro.

“We’re grateful to OVO for their support towards this incredibly important consultation and certification process and look forward to working together to further strengthen our sustainability credentials, build upon the work we have already done, and make Scotland’s flagship entertainment venue as low impact as possible.”

The work with OVO and AGF will build on sustainability initiatives already in place across the SEC campus, which includes a sustainable food strategy, a pivot to digital ticketing and a long-standing partnership with conservation charity Trees for Life.

The SEC campus comprises the OVO Hydro, SEC Armadillo (cap. 3,000) and SEC Centre (cap. 13,000).

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Manchester Arena renamed the AO Arena

Manchester Arena (cap. 21,000) has been renamed the AO Arena, after announcing a five-year sponsorship deal with the Bolton-based online electricals retailer.

The announcement comes as operators ASM Global submit a planning application for the arena’s redevelopment which will aim to improve visitor experience, transport access and sustainability.

James Allen, general manager of the AO Arena commented on the news: “We are thrilled to have secured this partnership and we look forward to a dynamic relationship with this exciting brand.

“Marking our 25th anniversary with redevelopment plans and our new partnership with AO highlights our commitment to the future of this venue”

“Marking our 25th anniversary with redevelopment plans and our new partnership with AO highlights our commitment to the future of this venue in the heart of Manchester. And after such a long period of pause, we look forward to being able to press play and welcome fans back to the AO Arena.”

AO founder and CEO, John Roberts commented on the announcement; “The Arena holds a special place in the hearts of so many people in Manchester so we’re hugely proud to add the AO smile, especially after such an emotional and difficult period. Our home is firmly in the North West, something we’ve never forgotten while building the business into a global destination for electricals.”

The newly rebranded arena was revealed yesterday (2 September), marking the arena’s first naming rights sponsor since 2014.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Tampere Deck signs naming-rights deal ahead of 2021 open

Finnish technology company Uros has acquired the naming rights of the under-construction Tampere Deck Arena, which is scheduled to open in 2021.

Under the ten-year deal, the 15,000-capacity arena in the Finnish city of Tampere will be known as the Uros Live arena.

The arena, which already has a ten-year ticketing deal with CTS Eventim-owned Lippupiste, will host 1 million visitors annually, and host a combination of musical and sporting events.

The venue will serve as the home rink of Tampere-based ice hockey teams Tappara and Ilves and as the main venue for the International Ice Hockey Federation’s 2022 world championship.

“The best partners are those who can add value to our visitors. In addition to the naming-rights deal, we are looking forward to working with Uros on a digital platform that will bring together all the services related to the arena experience,” says the arena’s chief executive, Marko Hurme.

“We are working with Uros on a digital platform that will bring together all the services related to the arena experience”

“There is demand for a versatile arena in our modern world; a world in which people are choosing experiences and services over possessions. Through the value created by teaming up with Uros, our arena partners will be able to build a more intense and deeply-rooted connection with arena visitors, and bring fan engagement to a new level.”

“With this announcement we are excited to share the news of our branching out into the digital experience space, an extension of our commitment to strategically develop smart city solutions,” adds Uros Group CEO Jerry Raatikainen.

Officials behind the arena maintained in February that the project remains on track after construction company SRV significantly reduced its stake in the venture.

SRV has said it will sell three quarters of its stake in Uros Live to other investor partners in the project, namely OP, Ilmarinen and Lähi-Tapiola.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Arena Birmingham to become Utilita Arena Birmingham

Arena Birmingham is set to be renamed Utilita Arena Birmingham as a part of a naming-rights deal with UK energy supplier Utilita.

The 15,800-capacity city-centre venue, operated by NEC Group, was formerly known as Barclaycard Arena and has been called Arena Birmingham since 1 September 2017. It is one of two UK arenas managed by NEC Group, along with sister venue Resorts World Arena (formerly Genting Arena), located on the National Exhibition Centre (NEC) site.

Utilita customers will have access to exclusive presales for the arena’s shows, which have recently included Ariana Grande, Take That and Jack Whitehall, while the energy provider also becomes a partner to Resorts World Arena.

Utilita has a growing presence in the UK live business, having sponsored with a number of major music festivals in recent years, including Parklife, Trsnmt, Creamfields, V Festival, Bestival and Camp Bestival, as well as ASM Global’s Utilita Arena Newcastle.

“We’re looking forward to working with Utilita to get our audiences thinking about their environmental footprint”

“Within our venues we’re working hard to have optimum energy usage, and we consider the new Utilita partnership to be an extension of the NEC Group’s award-winning environmental and sustainability commitments,” says NEC Group CEO Paul Thandi CBE.

“The best partners are those who can add value to our visitors, and we’re looking forward to working with Utilita to get our audiences thinking about their environmental footprint.”

The venue will take up its new name on 15 April 2020.

NEC Group, based in Birmingham, UK, recently joined Oak View Group’s International Venue Alliance as its second member.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Buenos Aires Arena renamed to Movistar Arena

Telecommunications giant Movistar has signed a naming-rights deal with ASM Global-operated Buenos Aires Arena (15,000-cap.).

The arena is the third South American venue to take Movistar’s name, following similar partnerships with arenas in Santiago, Chile and Bogotá, Colombia.

Argentine singer Tini Stoessel marked the opening of the new arena on 1 November, which was free-to-enter for all Movistar customers that registered for tickets via Club Movistar.

Other acts to have performed at the arena include Spanish musicians Serrat and Sabina and Puerto Rican singer Chayanne, with upcoming shows by Abel Pintos, Keane, Ricardo Montaner, Andrés Calamaro, Shawn Mendes and J Balvin.

“This alliance is a milestone for our company”

Originally slated to be operated by AEG Facilities, the arena later came under ASM Global’s management, which was formed as the result of a merger between AEG Facilities and SMG. The venue is owned by Buenos Aires Arena SA, an entity controlled by La Nación, Argentina’s biggest media company.

“We are proud to be able to partner with this new concept of shows in Argentina,” comments Federico Rava, executive president of Movistar owner Telefónica Argentina. According to Rava, the new partnership “combines the best live entertainment with a unique experience for those present, exclusive benefits for Movistar clients and access to the latest technology and connectivity during the shows.”

“This alliance is a milestone for our company. We are very excited to welcome Movistar as our main sponsor, which will enhance the experience of spectators attending shows at Movistar Arena,” adds the arena’s president Natalia Mouhapé.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.

Dubai Arena signs naming-rights deal with Coca-Cola

Dubai Arena, AEG Ogden’s new 17,000-capacity venue in the UAE’s largest city, will be named Coca-Cola Arena when it opens this June.

The new name follows the signing of a ten-year naming-rights agreement by AEG Ogden, AEG’s Asian/Australasian venues arm, with soft drinks giant Coca-Cola, reports Arabian Business.

The project has been three years in the making, originally announced in late 2016. The capacity has since been reduced from a projected 20,000, though the completed Coca-Cola Arena will still be the largest indoor in arena in the Middle East, with no less than 42 hospitality and corporate suites and capability to host concerts, sporting events, exhibitions and conferences.

“This is a milestone deal for the Coca-Cola Company”

Comedian Russell Peters, promoted by Live Nation Middle East, will open the new arena on 6 June, with its first concert following eight days later, on Friday 14 June: Maroon 5, promoted by Done Events.

“This is a milestone deal for the Coca-Cola Company as the Coca-Cola Arena will bring more than 40 events every year to the hugely anticipated destination, putting us at the centre stage of entertainment,” comments Murat Ozgel, general manager of Coca-Cola Middle East and deputy business unit president of Coca-Cola Middle East and North Africa.

“The Coca-Cola Arena will firmly position itself as a leading destination helping Dubai claim its place among the main global metropoles like New York, Tokyo, Paris and London,” says Ozgel.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free digest of essential live music industry news, via email or Messenger.

Newcastle Arena becomes Utilita Arena

Arena operator SMG Europe has announced that its 11,000-capacity arena in Newcastle, UK, has entered into a naming rights partnership with energy supplier Utilita Energy. The former Metro Radio Arena will now be known as the Utilita Arena.

Utilita Energy currently supports sporting venues, including the football stadiums Villa Park (Aston Villa), Ibrox Stadium (Rangers) and Selhurst Park (Crystal Palace). The company hopes that the partnership with Newcastle Arena will facilitate expansion in the entertainment industry.

“We know just how important this venue is to the north east, so to have our name above the door is an absolute honour,” comments Nic Rhodes, head of brand marketing at Utilita Energy.

“As Utilita continues to grow, our Utilita Extra customer rewards programme becomes increasingly important to us – and the Utilita Arena will play a major role in this. The venue has a brilliant reputation across the UK so we are absolutely delighted be on board.”

The energy supplier takes over from regional radio station Metro Radio as Newcastle Arena’s naming partner. The radio station sponsored the arena for 15 years and will continue to be the official media partner for Utilita Arena.

“We know just how important this venue is to the north east, so to have our name above the door is an absolute honour”

Ailsa Oliver, who became general manager of Newcastle Arena in January 2017, says: “We are thrilled to begin this new phase in the arena’s timeline. I look forward to an extremely dynamic relationship with Utilita Energy and our continued exciting work with Bauer Group Media Metro Radio going from strength to strength.”

Executive vice-president of venue operator SMG Europe, John Sharkey, says he is “delighted” by the appointment of the new naming right partner.

SMG Europe’s arena portfolio includes the Manchester Arena (21,000-cap.), the First Direct Arena in Leeds (13,500-cap.), the SSE Arena, Belfast (11,000-cap.) and the Event Complex Aberdeen (12,500-cap.), due to open this summer.

“The north east has an exceptional community spirit and loyal connection with the Arena. We are excited for all involved to reap the benefits Utilita will now offer not only to guests of the venue but the industry as a whole,” comments Sharkey.

This year, Utilita Arena will welcome artists including Boyzone, George Ezra, Westlife, Rod Stewart, Little Mix and Kiss. The arena is the largest concert and exhibition venue in the north east of England.

 


Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.