Home Cheap jerseys Why Crypto.com Made A $ 700 Million Bet To Rename Staples Center – And Don’t Even Expect You To Use The Name – The Athletic

Why Crypto.com Made A $ 700 Million Bet To Rename Staples Center – And Don’t Even Expect You To Use The Name – The Athletic

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When news broke last month that Staples Center would be getting a new name – Crypto.com Arena, starting on Christmas Day – it didn’t take long for people to declare on social media that they don’t. would never call that.

It doesn’t matter much, said a business executive.

“He or she will call it whatever he wants, and we’ll be okay with that,” said Steven Kalifowitz, chief marketing officer of Crypto.com. “It’s part of a larger strategy to get people to know who we are. “

This brand recognition strategy, as Kalifowitz explained in a call from Hong Kong, must become both widely known and deeply trusted, in the Los Angeles community and beyond. known places.

And as a player in the emerging cryptocurrency space, the company’s idea is that investments in sports marketing like naming rights are a proven tactic to carve out brand awareness and earn. market share while its rivals are fighting over the same things.

It’s not cheap: Crypto.com, a Singapore-based crypto exchange and mobile wallet provider that claims three million users, pays $ 700 million over 20 years to rename the home of the Lakers and Clippers NBA, WNBA Sparks and NHL Kings.

Of course, the company would like everyone to use the name – especially at this price, which is the most money a company has ever spent to slap their name on a building. “Crypto.com Arena” will be used not only in signage, but also in traditional and digital media reporting on games, concerts and events in the building.

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