Alibaba Group Holding Ltd (NYSE:BABA) has been tabbed as an Olympics sponsor for the next six editions of the events.
Both the winter and summer versions of the Olympics will use Alibaba as one of its main sponsors, promoting the company’s products and services. The company did not reveal how much it will be shelling out in order to have this role.
However, it is estimated by Financial Times that Alibaba will shell out $100 million per event, amounting to a tally of $600 million. The company will offer a number of its services to the public.
On the one hand, you can expect to see plenty of the e-commerce website’s capabilities in ads via the Internet, as well as on television. Additionally, its cloud services will be put in display.
Specifically, the company’s cloud computing infrastructures and cloud services will “help the Olympic Games operate more efficiently, effectively and securely, including supporting big data analytics requirements”.
The move is especially relevant to Alibaba’s consumer base as the next three Olympic Games will take place in Asia. The 2018 edition will be in South Korea, while the 2020 Summer Olympics will take place in Japan.
China will then host the 2022 Olympics.
Alibaba has a market capitalization of $237.03 billion. BABA shares fell 0.1% Thursday, but the stock has had a good start to the year overall, rising 9.3%.
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