Panasonic Ends Olympic Sponsorship After 37 Years
Panasonic Holdings, a Japanese electronics giant, announced on Tuesday that it will be ending its 37-year sponsorship of the Olympic Games after the Paris 2024 Games. The company, headquartered in Osaka, first became an official partner of the Olympics in 1987 and expanded its partnership to include the Paralympics in 2014.
Throughout its long association with the Olympics, Panasonic has provided technological support, products, and services to the Games. This includes supplying Technics turntables for the breaking event at the Paris 2024 Games last month.
Panasonic's decision to end its sponsorship comes as the company reviews its broader management considerations and how its sponsorship strategies should evolve. The decision was made after extensive consultations with the International Olympic Committee (IOC).
IOC President Thomas Bach expressed understanding and respect for Panasonic's decision to adapt its business strategy. He stated that the partnership is ending in a respectful and friendly manner.
This news follows the announcement by Toyota Motor, another top Olympic sponsor, that it will also be ending its sponsorship this year as its 10-year contract expires. The IOC relies heavily on sponsorships for revenue, with top sponsors contributing $2.295 billion between 2017 and 2021. This makes sponsorships the second largest source of income for the Olympic movement, after broadcasting rights which generated $4.544 billion over the same period.