McDonald’s pushes Spam-Oreo burger and the NBA has a new sponsor: Trending
It’s been a tough year for the sponsorship industry, as brands, teams and leagues attempt to execute deals that often rely on in-person game attendance. New sponsorship agreement announcements are down 42% in 2020, according to sponsorship consultancy IEG. “In addition to the slowing pace of new agreements, sponsorship deals are quietly going away without any fanfare; on the brighter side, many brands and properties are extending agreement term lengths to recoup value lost due to the pandemic,” says Peter Laatz, IEG’s global managing director.
But there is at least some new deal activity. The National Basketball Association this week announced that CarMax is its new “official auto retailer”—not to be confused with Kia, which remains its official automotive sponsor. CarMax replaces Autotrader, whose deal expired last season. Meanwhile, the PGA Tour inked a 10-year deal to make Workday the presenting sponsor of its Memorial Tournament, the Columbus-based event backed by Jack Nicklaus. Nationwide was the previous sponsor.
Number of the week
$4 billion: The amount of subscription revenue Disney+ will surpass by 2022, according to an eMarketer forecast. “Disney+ has grown rapidly, spurred by in-demand content and stay-at-home orders. In fact, the service will help The Walt Disney Co. reach Netflix’s share of the market by 2022,” according to the forecast.
Quote of the week
“I like to snack. Believe me, crisps have been a big thing in my life.”—Rick Astley to Ad Age during an interview about his forthcoming Frito-Lay ad. Read more here, where the pop star answers the question, has he ever been Rickrolled?
Eat Just’s recipe remakes
Plant-based egg alternative Eat Just is out with a “Start your tradition” spot that suggests old egg-based dishes could use a makeover. The first scene shows an Eggs Florentine recipe being created and written with a fountain pen. The dish evolves over decades, going from poached eggs to scrambled, and in the latest take, the eggs are eliminated altogether for a version of avocado toast. The spot, with music by Emmitt Rhodes, comes as people may be cooking animal-free dishes for family members they’re home with during the pandemic.