Alibaba has signed a deal to sponsor the next six Olympic Games that will run until 2028.
The deal would make the Chinese e-commerce giant on the same stage as other major Olympic partners, such as Coca Cola and Samsung.
No financial details were disclosed but the deal is reportedly worth at least USD600 million. Sources from the International Olympic Committee (IOC) have previously told Reuters that sponsors pay about USD100 million per four-year cycle, including one summer and one winter games.
Asia is preparing to host three consecutive Olympic Games with South Korea’s 2018 Winter Games, Tokyo’s 2020 Summer Olympic and Beijing’s 2022 Winter Games. Alibaba will be the first Chinese company to sign on as a partner for the Beijing 2022 Winter Games.
Under the agreement, Alibaba will become the official Cloud Services and E-commerce Platform Services partners. It will provide technology service to the organisers which will allow the e-commerce company to showcase its cloud service. Alibaba will also create an e-commerce platform to sell Olympic-branded goods and develop the Olympic Channel, a new digital television service to promote the games to viewers in China.
Alibaba is only the second Chinese company to join the top tier sponsors of the Olympics. Computer maker Lenovo was the first to join in the 2008 Beijing games.