Intel signs Olympic sponsorship deal through 2024

These are the technologies Intel will bring to the table: aerial filming by drones, 5G wireless technology, VR, and access to artificial intelligence platforms.

On Wednesday, Intel Corp disclosed it would become a major sponsor of the International Olympic Committee till 2024, thus making it the latest tech giant to put its marketing dollars behind the global sporting event.

The move comes in the wake of McDonald’s Corp, a longtime Olympics sponsor bowing out of its sponsorship deal three years early, citing a change in the company’s priorities as it tries to rein in surging costs.

Although Intel did not disclose the financial terms of the deal, according to sources at the IOC, major sponsors typically pay nearly $100 million every 4 years. This includes winter and summer Olympic events.

The sources went on to add, the IOC has been looking to increase the cost of those deals, which could explain McDonald’s move.

With this move, Intel has joined nearly a dozen global Olympics sponsors, including Coca-Cola Co, Alibaba and Samsung.

On its part, the IOC is making efforts to make its events more tech savvy so as to appeal to the younger generation and push them to subscribe to its internet-based TV network, the Olympic Channel.

As per IOC’s CEO Brian Krzanich and its President Thomas Bach, Intel’s sponsorship is likely to open up new experiences for athletes, fans and spectators in emerging areas, including virtual reality.

“We’ll allow people online to feel like they are there,” said Krzanich at a press conference in New York.

Intel has clarified it would be providing, 5G wireless technology, drones for aerial filming or light shows, virtual reality and artificial intelligence platforms for the events.

In recent years, Intel has forayed extensively in autonomous vehicle technology and has agreed to acquire Mobileye for $15 billion in a bid that goes beyond its traditional area of microprocessor business.

Intel may be also seeking to expand its Asian reach given the fact that in 2018 South Korea’s Pyeongchang is slated to host the winter games, in 2020 Tokyo will host the Summer Olympics and in 2022 Beijing will host the Winter Olympics.

As for the 2024 summer games, the IOC has yet to decide whether it’s going to be Los Angeles or Paris.

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Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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