Alibaba become major Olympics partner
Sponsorships are one way for a company to become more recognisable and get their products and services in front of new people. It is with this in mind that Alibaba, the Chinese ecommerce giants, have agreed a huge new deal with one of the most-watched, most prestigious, sporting spectacles possible.
Sporting events are enjoyed by people of all backgrounds, religions, races and ages and are often seen as a platform for unity. Because of this, businesses are always trying to become associated with different sporting events, whether this is through social media, physical advertisements, broadcasting advertisements or, indeed, sponsorships.
Alibaba have shown just how much value and importance they place in this area, by announcing a new deal that will see them become one of the major sponsors of the Olympic Games until 2028. This news will come as no surprise to people paying close attention to sports news in this part of the world, as their increasing investment in sports such as football and golf has been widely documented.
The deal, emblematic of Chinese companies flexing their financial muscles to agree sporting deals, has been described by Alibaba’s CEO as ‘historic’ for the company.
Sean Ingle, writing in The Guardian, reported: ‘Under the terms of the deal, announced at the World Economic Forum in Davos, Alibaba joins McDonald’s, Coca-Cola and Visa on the International Olympic Committee’s highest level TOP partnership programme for the next six Games, as well becoming the IOC’s official Cloud Services and e-commerce platform services partner. It will also become a partner in the Olympic Channel, a digital TV service intended to promote the games to younger sports fans.’
Thomas Bach, president of the IOC, said: "In this new digital world, Alibaba is uniquely positioned to help the IOC achieve a variety of key objectives outlined in Olympic Agenda 2020, while positively shaping the future of the Olympic Movement. This is a ground-breaking, innovative alliance, and will help drive efficiencies in the organisation of the Olympic Games through 2028, whilst also supporting the global development of digital opportunities including the Olympic Channel."
Jack Ma, founder and chief executive of Alibaba Group, said: "Alibaba's partnership with the IOC is built on a foundation of shared values and a common vision for connecting the world and enriching people's lives. We are proud to support Olympic Agenda 2020, using our innovations and technologies to help evolve the Olympic Games for the digital era."
Dominion holds Alibaba in its Global Trends Ecommerce Fund.
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