Los Angeles is a hub for events in sports and entertainment. The city has two Major League Baseball (MLB) teams, two professional basketball teams, two National Football League (NFL) teams, hockey, soccer, WNBA and several other sports teams. The city is also known for its concert venues and historically how the city has been able to attract the biggest stars in entertainment.
The Staples Center is highly regarded as one of the best venues in Los Angeles, but surprisingly to many, the building is undergoing a name change that many people would not suspect.
Beginning Christmas Day 2021, the Staples Center will be changed to the Crypto.com Arena. As more consumers start to learn about cryptocurrency and its value, it is still somewhat shocking that a cryptocurrency organization can invest in such an expensive and historic venue.
The building’s owner AEG has benefitted from the excellent Staples branding since 1999. However, it is noteworthy to indicate that the new deal with Crypto.com is somewhat less than transparent. For example, citizens of Los Angeles and fans around the world were not made aware of any negotiations to change the name of the venue. The only source that is available right now is a person that has anonymously come forward to the Associated Press to disclose the date of the name change, and the fact that Crypto.com will be paying $700 million over 20 years to have their name on the building, which if enacted will go down in history as the most lucrative business deal of its kind.
The only objective data that is present at this point is the fact that Staple’s contract with AEG was not renewed; therefore, it created an opportunity for other organizations to collaborate with AEG on branding their business’ name on one of the best venues in the U.S. The 20,000-seat arena is the home of many events, and the cryptocurrency company having enough capital to get this deal done says a lot about these emerging tech companies. This may not be a one-off, other cryptocurrency tech organizations may find their names on popular venues throughout the country and globally as well.
When studying cryptocurrency and its organizations, it is important to have a global perspective because these companies exist all over the world. For example, Crypto.com is headquartered in Singapore and was founded in 2016. These cryptocurrency platforms and exchanges are experiencing tremendous growth, and consumers are growing more comfortable with them with each passing day. It would not be farfetched to think that other successful cryptocurrency organizations will be looking to expand their brand by investing in venues going forward.
The name change officially takes place on Christmas Day and will host a professional basketball game between the LA Lakers and the Brooklyn Nets.