Exploring the Creative Evolution of NBA Patch Partnerships
Unexpectedly, Sphere Entertainment of Las Vegas – known for their immersive entertainment venue – will become the jersey sponsor for the New York Knicks during their 2023-2024 NBA season. Madison Square Garden Sports announced this move and could serve as free advertising for James Dolan who owns both entities.
Key Takeaways:
- Sphere Entertainment, the company behind the immersive entertainment venue in Las Vegas, will become the jersey sponsor for the New York Knicks for the 2023-2024 NBA season.
- The parent company of the New York Knicks, Madison Square Garden Sports, announced the partnership, which is seen as free advertising for James Dolan, who owns all three entities.
- Jersey sponsorships are lucrative for NBA teams, with the top three deals bringing in $100 million last year.
- Teams are getting creative with their patch sponsors, with the Charlotte Hornets partnering with Feastables, a snack company owned by social media influencer MrBeast, and the Washington Wizards teaming up with stock-trading app Robinhood.
- The Miami Heat will be sponsored by owner Micky Arison’s Carnival Cruise Line.
- Some teams, including the Memphis Grizzlies, Atlanta Hawks, and Portland Trail Blazers, are still without patch sponsors.
Jersey sponsorship has proven highly lucrative for NBA teams, with three top deals totaling an astonishing $100 million last year. Teams are increasingly taking creative approaches when selecting patch sponsors; exploring partnerships beyond traditional brands. Recently, Charlotte Hornets made headlines by teaming up with Feastables – owned by popular social media influencer MrBeast – making history by becoming the first ever NBA jersey partnership with an influencer. This shows the ever-evolving landscape of sports sponsorship.
Washington Wizards and Robinhood, a stock trading app, have formed an intriguing partnership. Following six seasons without jersey sponsors since 2021, this strategic move not only increases revenue but also offers fans that are interested both in sports and financial markets the chance to engage more deeply.
The Miami Heat have also secured an exciting jersey sponsor, in the form of Micky Arison’s Carnival Cruise Line. This showcases both their strong relationship with their owner as well as potential cross-promotion between industries.
Although jersey sponsorships have proven highly successful, a handful of teams remain without patch sponsors despite this success. Memphis Grizzlies, Atlanta Hawks and Portland Trail Blazers remain without patch sponsors; it will be intriguing to observe their response; will they follow the trend for unconventional sponsors or choose more traditional brands.
Conclusion Sphere Entertainment’s announcement as jersey sponsor for the New York Knicks highlights an ever-increasing trend in patch sponsorship in the NBA, with teams exploring unique partnership opportunities that provide substantial revenue gains for themselves while engaging with fans in innovative ways. It will be fascinating to observe this trend evolve further and what innovative partnerships may emerge as time goes on.