The National Basketball Association (NBA) has entered into a sponsorship deal with Coinbase exchange. Coinbase disclosed this news through a tweet on October 19, noting that the agreement made it the official sponsor of multiple platforms on the league. These include NBA, WNBA, NBA G League, NBA 2K league, and USA Basketball.
However, the exchange did not disclose further details about the deal. Reportedly, this bullish development coincided with the NBA’s 75th anniversary, in which the league named the first 25 out of the 75 greatest players of all time. The list featured current players like Milwaukee Bucks’ Giannis Antetokounmpo and Brooklyn Nets’ Kevin Durant and James Harden.
Enhancing fan engagement
Commenting on this partnership, NBA senior vice president of global marketing partnerships and media, Kerry Tatlock, said,
As a trusted cryptocurrency platform used by millions, Coinbase is a natural fit as the NBA’s first-ever partner in this thriving category.
Tatlock added that the NBA looks forward to joining hands with Coinbase to offer fans new ways to engage with the league and each other while improving the experience for fans that already use Coinbase.
Explaining why Coinbase got into this partnership, its Chief Marketing Officer, Kate Rouch, said this deal aligns with its mission to offer people the freedom to participate and benefit from the things they believe in. She added that this partnership would see Coinbase create interactive experiences to engage with NBA’s community and athletes across the globe.
NBA expects to rake in $10 billion in revenue this season
This news comes after NBA’s Commissioner, Adam Silver, disclosed that the league is projecting to net $10 billion in revenue during the 2021-2022 season. NBA’s projection is based on the fact that fans, who account for 40% of the league’s revenue, are set to resume going to arenas.
In the past season, sponsorships accounted for $1.4 billion of the league’s revenue. While Coinbase did not disclose the financial details of its partnership with the NBA, the deal will increase the amount of revenue the league gets through sponsorships.
On Coinbase’s part, this deal will play a significant role in helping it build awareness around blockchain technology and crypto. This is because the NBA will expose its fans to the company’s products and services during its regular Tuesday Tip-off games on WarnerMedia property Turner Sports.
On top of this, Coinbase will get presenting partner rights for the WNBA Commissioner’s Cup and the USA Basketball men’s and women’s national team exhibition tours, further expanding its presence in the NBA world.
