On Wednesday, Technology chip-maker giant Intel has announced that it will be the main sponsor of International Olympics Committee. The latest deal will enable the chip-maker to bring their marketing dollars to global sporting events.
The deals comes a week after a long-standing Olympic sponsor McDonald’s Corp bowed off its sponsorship deal by quoting a change in the company’s priorities as it tries to lower its costs.
With this deal Intel will join the number of other Olympic sponsors including Coca-Cola Corp, Samsung and rectenly joined Chinese e-commerce giant Alibaba Inc.
During the interview IOC said that “IOC wants to make the Olympic more tech savvy and appealing to youngster through its online content network, the Olympic Channels.”
IOC president Thomas Bach, who was present during the deal with Intel’s Chairman, Brian Krzanich at press conference in New York said “Intel’s sponsorship will give a new experiences for athletes, fans and viewers including virtual reality.
The financial terms were not disclosed by both (IOC and Intel). But according to Reuters “the title sponsors are paying nearly to $100 million per four-year cycle, which includes a summer and winter games
Intel said that i would provide 5G wireless technology, Virtual Reality, Artificial Intelligence platforms and drones during the games.
“We’ll allow people online to feel like they are there,” Krzanich said about technology that will be used at the Games.
The IOC is looking to sign more valuable deals as brands seek to find out whether exclusive Olympics promotional rights offer the marketing impact they once did. Some companies find it much cheaper to work directly with athletes or certain countries than the IOC.
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