Crypto deals helped the National Basketball Association (NBA) to reach an all-time high revenue of $1.6 billion in sponsorships for the 2021/2022 season, CNBC reported Wednesday.
NBA Revenue Hits ATH With Crypto Deals
Citing estimates from sports partnerships consultancy firm IEG, CNBC noted that the figure is up by 13% from the $1.4 billion earned in the previous season. The league earned $1.2 billion in the 2018/2019 season. This places crypto deals as one of the most profitable sponsorships for the NBA, only trailing the technology category.
“The cryptocurrency category’s sponsorship sending spree is like nothing we have ever seen before,” Peter Laatz, IEG’s global managing director, said.
According to the report, the figure ranks the NBA third in sponsorship revenue with the NFL claiming the first spot, which earned approximately $2 billion in the 2021 season.
NBA partnerships with crypto firms include naming rights and jersey sponsorship deals. One of the early deals for the season is the league’s four-year partnership, worth $192 million with leading US crypto exchange Coinbase.
As Coinfomania reported last November, the Los Angeles Lakers signed a $700 million naming rights deal with crypto trading platform CryptoCom.
Other categories to have paid above the $100 million range for sponsorship deals with NBA yearly include banks, telecom, and merchandise. The Golden State Warriors, for instance, inked a $10 million sponsorship rights deal with crypto exchange FTX in December.
Crypto and Sports
Meanwhile, partnerships between crypto and sporting firms have become common in recent times. Crypto firms are looking to attract a larger audience via these deals, and sporting companies want to engage fans with the emerging asset class.
In April, cryptocurrency financial services firm BlockchainCom announced a partnership deal with NFL’s Dallas Cowboys.
Last month, digital asset platform WhaleFin landed a sponsorship deal worth $20 million with Chelsea Football Club. The deal will see the WhaleFin logo displayed on both the club’s men’s and women’s team kits from the 2022/23 season.
Source: https://coinfomania.com/crypto-deals-boost-nba-revenue/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=crypto-deals-boost-nba-revenue