You’ve probably heard about Staples Center in Los Angeles. It’s a huge arena located in the heart of L.A.’s downtown. It’s home to the Clippers, Lakers, Kings, and other L.A. sports teams. However, it appears that the venue’s name will be changing from Staples Center to Crypto.com Arena. So, why are they changing the name? And how much did Crypto.com pay to rename the venue? Let’s take a look.
Why is Staples Center Being Renamed to Crypto.com Arena?
Staples Center is changing its name to Crypto.com Arena. The rebranding is expected to take effect on Christmas Day, with physical signage expected to be in place by June 2022. So, why change the name? Well, the venue is owned by AEG, and they have a few reasons for wanting to make the change.
As it turns out, AEG has been looking for a new partner for a while. According to AEG CRO Todd Goldstein, Staples name has become “stale” and AEG wants a new branding partner with the ability to impact the next generation of fans over the next two decades. He said: "We think there is a future and we think there is a need for this industry,” referring to the cryptocurrency industry.
“This partnership is about the future,” said Dan Beckerman, President and CEO of AEG. “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.” Clearly, AEG sees potential in the crypto world and wants to be a part of it. Meanwhile, for Crypto.com, the Staples Center rebranding is just an opportunity to build its brand and gain a foothold in the Los Angeles market.
How Much Did Crypto.com Pay for Staples Center?
According to LA Times reporter, Arash Markazi, Crypto.com will pay $700 million for a 20-year naming rights deal.
Undoubtedly, the Staples Center is a huge deal for Crypto.com. They have been working hard to build their brand and are looking to become the world’s most popular crypto exchange. But, they need to get a lot of exposure. And, the Staples Center deal is their chance to do just that.
Crypto.com Co-Founder and CEO, Kris Marszalek said: “We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world-class sports, entertainment and technology for fans in LA and around the world.”
The branding could help the company to promote the idea of crypto as a safe and convenient alternative to traditional payment systems. Ultimately, this will help to spread awareness of crypto and gain mainstream adoption.