Thursday night, the 23rd December 2021, marked the end of an era – The Staples Center, home of the Lakers and Clippers from 1999-2021, from now on will go by the name of Crypto.com Arena.
AEG, the owner and operator of the arena, announced the agreement with Crypto.com last month, saying in a statement that the deal “places the Crypto.com brand at the center of some of the biggest and most important sports and live entertainment moments set to take place over the course of the next two decades.”
This partnership is about the future. 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.Dan Beckerman, president and CEO of AEG
Crypto.com paid more than $700 million for the 20-year naming rights, according to the Times. The new agreement includes official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, the Los Angeles Lakers and the LA Kings, strategically placing the fastest growing crypto platform at the forefront of the global sports and live-entertainment industry for the next 20 years.
The company was founded in 2016. In 2018, Monaco (MCO) – the cryptocurrency visa card company, purchased the domain Crypto.com for $12 million. The domain name was registered back in 1993 by Matt Blaze, a professor of computer and information science at the University of Pennsylvania.
Today Crypto.com serves over 10 million users with the world’s fastest growing crypto app, along with the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com NFT is the premier platform for collecting and trading NFTs, carefully curated from the worlds of art, design, entertainment and sports. The company is known for its bold brand partnerships and sponsorships, filly living their « fortune favors the brave » moto – UFC, F1, Paris Saint-Germain, UFC and F1® are among the list of brands they have partnered with, to name a few. Here is their global campaign with Matt Damon if you missed it.
Having the right brand name and the matching domain name allows Crypto.com to heavily invest in brand awareness without fearing customer confusion or traffic leaks. Crypto currencies are still widely seen as risky investments and so partnerships and association with well established global brands have a direct effect on their public image and market share. After the naming deal was announced Crypto.com’s coin, CRO went up over 24% in 24 hours.
Rival FTX was the first cryptocurrency company to complete a naming rights deal – it signed a 19-year partnership with the Miami Heat arena for $125 million.
Fans travel everywhere to watch their team play. These are all opportunities to build an affinity and brand loyalty for these fan bases. Airlines put themselves right at the front of the line.Rob Yowell, Gemini Sports Group President
Even after naming deal has ended, companies will see fans stick with their brand due to familiarity.
Another good example of the direct correlation between a strong brand and customer trust, reflecting in stock performance, is Monday.com. Back in 2017 the company then known as Dapulse, rebranded to Monday.com. The following year, the company reached a $550 million valuation amid U.S. expansion, with offices in New York, as well as London and Sydney.
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