Have you seen that bizarre commercial where Matt Damon walks through a museum where Magellan and some club kids disintegrate as he walks past them? It’s part of Crypto.com’s $100 million dollar ad campaign, which got a big boost this week when the Singaporean company paid $700 million for the rights to rename downtown’s Staples Center the Crypto.com Arena.
The verbose new title for the home of the Lakers, Clippers, Kings, and Sparks will become official on Christmas day.
The deal strips away the name of the office supply chain who paid $100 million for a 20-year deal that put their name at the gridlocked intersection of the 10 and 110 freeways. The original deal paid for about a third of the stadium’s construction cost in 1997. Staples renewed the deal in 2009 but owners AEG bought them out in 2019.
Naming rights deal go back more than a century. Fenway Park in Boston is named for a real estate company, and Chicago’s Wrigley Field promotes chewing gum. Names can be dropped when a company goes bankrupt, like Enron Field in Texas or the Kodak Theater at Hollywood and Highland or chooses to leave early. The verbose Edison International Field of Anaheim reverted to Angel Stadium. The city of Anaheim filed suit when their name was removed, claiming the name recognition was worth $373 million in tourism revenue to the city.
Name changes are risky. There’s a reason you have to be dead to be on a stamp or a coin. Signs at the Michael Jackson auditorium in Hollywood were covered over during his trial and LACMA was criticized for an installation that was part of a commercial for Miller Lite.
Place names all over L.A. Live continue to change. Microsoft Square is now Xbox Square and the Nokia theater is now the Microsoft theater. We’ll just have to get used to all those extra syllables. Variety editor Michael Schneider jokingly suggests we refer to it by its full name: “H Tee Tee Pee Ess Colon Backslash Backslash Double You Double You Double You Dot Crypto Dot Com Arena.”
Refer to it by its full name: H Tee Tee Pee Ess Colon Backslash Backslash Double You Double You Double You Dot Crypto Dot Com Arena
— Michael Schneider (@franklinavenue) November 17, 2021
Here’s how other people have been reacting to the news on social media:
RT if you’re still calling it Staples
— GoldenKnightⒸ (@GoldenKnightGFX) November 17, 2021
LA sports fan hearing that the Staples Center is changing its name to the Crypto dot com Arena pic.twitter.com/XfkyISMma6
— sean yoo (@SeanYoo) November 17, 2021
Mama named it Staples, imma call it Staples pic.twitter.com/ewbtFEkJPM
— Josiah Johnson (@KingJosiah54) November 17, 2021
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