SAN FRANCISCO: On Wednesday , Intel Corp stated that it would become a main sponsor of the International Olympic Committee, preparing the chipmaker the newest technology company to set marketing dollars behind the international sporting event.
2024, arrives a week after longtime Olympics sponsor McDonald’s Corp bent out of its sponsorship agreement before, citing a replacement in the company’s preferences as it attempts to hold down price.
Intel entered around a dozen worldwide Olympics sponsors like Coca-Cola Co and Samsung around six months later Chinese e-commerce company Alibaba signed on until at least 2028. The IOC has been attempting to create the Olympics more technologically shrewd and request to younger people by its online content sites, the Olympic Channel.
Thomas Bach, IOC President , who signed the agreement with Intel’s Chief Executive Officer Brian Krzanich at a seminar in New York, stated Intel’s sponsorship will accelerate new knowledge for players, fans and viewers involving in virtual reality.
Monetary terms of the agreement were not revealed but IOC authority have earlier told Reuters that main sponsors contribute around $100 million per four-year period, which involves one summer and one winter sports. Sources earlier stated, the IOC has been seeking to increase the price of those agreements.
Intel stated it would give 5G wireless technology, virtual reality, artificial intelligence platforms, and drones to the Sports.
“We’ll allow people online to feel like they are there,” Krzanich stated about technology that will be utilized at the Sports.
Intel’s business has underwent huge changes in current years. In March, it admitted to purchase independent vehicle technology corporation Mobileye for $15 billion in a bid to develop its ablity beyond its core microprocessor business, which has experienced falls along with the private computer market.
The IOC is seeking to confirm costlier agreement even brands are attempting to find out whether unique Olympics sponsorship rights provide the marketing effect they once did. Some companys discover it lot low-cost to work straight with players or particular countries than the IOC.
Intel may be looking to develop its extent in asia, which is making to host three consecutive Olympic Games. South Korea’s Pyeongchang is staging the 2018 winter games, Tokyo the 2020 summer Olympics and Beijing the 2022 winter games. The IOC is discussing among Paris and Los Angeles for the 2024 summer games.