(Bloomberg) — Spotify Technology SA, the music streaming service, signed a historic agreement to put its name on the uniforms and stadium of FC Barcelona, one of the most successful football teams in the world.
FC Barcelona will change the name of its stadium to Spotify Camp Nou in July under a long-term agreement that will continue through the refurbishment of the facilities. The Spotify brand will appear on players' shirts for the next four years, starting with the 2022-23 season, the company said in a statement. Spotify said it would also use sponsorship to promote music artists.
For a long time, big companies have paid hefty sums to put their names on sports venues and thus boost their business and benefit from the positive association that fans have with their favorite teams. The reports linked the stadium deal at 500 million euros (US$547 million), one of the most expensive sponsorship deals in the world. The parties did not disclose the terms.
Barcelona needs all the financial aid it can get. Although it is one of the most decorated football clubs in the world, it lost 481 million euros last year. On Spotify, find a company run by a football fan. Spotify co-founder and CEO Daniel Ek has expressed interest in buying FC Arsenal, one of the best teams
in the UK Barcelona started advertising their shirts in 2006, decades after most other clubs. And the first one he carried was UNICEF, free of charge, as a way of pointing out that he was doing it for a noble cause and not for money.
Original Note:
Spotify Signs On to Sponsor FC Barcelona's Jerseys, Stadium
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