Panasonic pulls the plug on its Olympic sponsorship

After decades of backing the Olympics, Panasonic has decided to bid farewell. The tech giant – a global sponsor since 1987 – won’t be renewing its deal with the International Olympic Committee (IOC) when it expires this December.

The news comes just a few months after it was thought Toyota might be ditching its sponsorship deal with the Olympic movement. While the company hasn't officially confirmed anything, many are questioning if the IOC is facing a sponsorship crisis.

With Panasonic joining the exodus, the focus moves to the three other sponsors whose deals are up for renewal this year. 

Atos, a tech giant that has sponsored the Olympics since 2001, is struggling financially. They even needed a bailout from the French government…

Intel, on the other hand, has been trying to keep up with the rapid pace of technological change. The company, which joined the Olympic sponsorship family in 2017, is facing increasing market share competition and shifting internal priorities.

And then there's Bridgestone, the Japanese tyre manufacturer, who signed on as a sponsor in 2014. Initial hopes of a big boost from the three consecutive Asian Games were dashed as the COVID-19 pandemic scuppered plans. This saw both the 2020 Tokyo Summer Games and 2022 Beijing Winter Games held without any fans - no doubt negatively impacting Bridgestone's exposure.

Despite all the challenges, the IOC isn't giving up. It’s actively looking for new sponsors, especially in emerging markets like India – the country set to bid for the 2036 Summer Olympics.

It's a tough battle, but the IOC is known for its resilience. It’s faced setbacks before but has always managed to recover. The Olympics is the ultimate sporting event after all… surely brands would be fighting to be involved? Especially as so many are caught out by Rule 40 each cycle (see our previous story about Prime’s lawsuit here).

With other sporting events (*cough* F1 *cough*) attracting more and more big-time brands, it begs the question, can the Olympics’ legacy alone compete for brands amongst other global sports?