The iconic sports arena is undergoing a huge rebranding, following the biggest naming deal in history.
On December 25, the Los Angeles landmark formerly known as the Staples Center was officially renamed Crypto.com Arena. The agreement between what is currently the fastest-growing cryptocurrency platform in the world and the leading sports and entertainment company AEG is the most expensive naming rights deal in history, costing an estimated $700 million.
“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,” said AEG CEO Dan Beckerman.
As one of the most recognized sporting and entertainment hubs, which is home to the NBA’s Los Angeles Lakers and Los Angeles Clippers, the NHL’s Los Angeles Kings, and the WNBA’s Los Angeles Sparks, it is an obvious choice for the Singapore-based platform to position itself at the forefront of the creative capital. This historic 20-year naming rights deal represents a major statement on the global cultural and economic shift in technology.
The multi-purpose arena holds hundreds of high-profile events yearly, with hundreds of people from all over the world passing through its doors every month. Along with attending audiences, major events are televised to millions of viewers, allowing brands to be part of some of the most memorable moments in history. While Staples still exists, it has faced financial difficulties over the years and, in some ways, represents a relic of retail. The aim of this dynamic partnership is to usher in the future of sports, entertainment and design, positioning the iconic arena at the vanguard.
According to a statement, the new logo and other brand assets will be unveiled on Christmas Day, with some interior signage replaced in time for the game between the Los Angeles Lakers and the Brooklyn Nets. All of the arena’s exterior rebranding will be completed by June 2022.