The Osaka-based company that had been a prominent sponsor of the Olympics, Panasonic ended Olympic sponsorship. The tech giant has announced that it will terminate its contract with the International Olympic Committee (IOC) at the end of this year. This decision marks the conclusion of a long-term partnership that extended 37 years. Panasonic played a significant role in the Olympic Games, particularly in providing audiovisual technology, including large video screens and professional audio systems.
How long was Panasonic relation?
Panasonic has been a top sponsor of the Olympic games since 1987 and it extended its sponsorship to the Paralympics in 2014.
How much it will cost the Olympic committee after Panasonic ends its Olympic sponsorship?
The company is one of the 15 top sponsors of the IOC, contributing to the substantial financial support that sponsors provide, which exceeds $2 billion in a four-year cycle. While the exact value of Panasonic’s sponsorship has not been disclosed, its departure will likely impact the IOC’s funding and operational capabilities for future events.
The reason, why Panasonic ended Olympic sponsorship
This announcement comes as a surprise, given that Panasonic had previously extended its sponsorship agreement until 2024. The reasons behind this decision have not been detailed, but it signifies a notable shift in the landscape of Olympic sponsorships.
It looks like Panasonic’s decision to end its long-term sponsorship with the International Olympic Committee (IOC) is a significant shift. This move could have various implications for both Panasonic and the Olympics. Panasonic ends Olympics sponsorship as a course of shift in its business strategies, financial considerations, or shift in brand focus.
For Panasonic, this could mean reallocating resources to other marketing or business strategies that align better with its current goals. For the IOC, losing a major sponsor might impact its funding and the overall financial stability of the Games, although they typically have multiple sponsors and partners.
What did the Panasonic CEO say?
Yuki Kusumi, CEO of Panasonic Group, said, “Over the past 37 years, we have gained many valuable experiences through our TOP sponsorship activities and deepened our bonds with sports fans and athletes around the world.”
He also thanked and said, “We would like to express our gratitude to President Bach and the IOC, who have been our partners over the years in building a better world through sport. We are very honored to have supported the world’s premier sporting event once again this year in Paris with the Group’s cutting-edge technology, products, management personnel and other operational services.”