(Intel Will Sponsor the Olympics to Showcase Virtual Reality Tech)
Intel plans to sponsor the Olympics through 2024 in the company's latest bid to show off its technology through high-profile sports events.
The chipmaker said it will partner with the International Olympic Committee to bring Intel's technology, such as virtual reality, 360-degree video, artificial intelligence and drones, to enhance the Olympic Games.
Intel is signing on at a time when global interest in the Olympics is waning. TV ratings have fallen and cities have dropped out of the running to host the games as costs spiral. Yet for Intel, the sponsorship is part of a broad push into sports after it launched a group to explore such deals last fall, seeking to highlight initiatives other than its main computer processor business. The Santa Clara, California-based company has been harnessing VR and other technology to heighten the fan experience during baseball, basketball and football games.
Bringing on a technology sponsor like Intel also plays into the IOC's strategy to reach a younger demographic to help stem slumping viewership.
"There are many young people that are living a digital life," said Thomas Bach, president of the International Olympic Committee, at a presentation in New York. "So we have to go where they are in the digital world, in their virtual reality."
A marathon and a dash
The first Olympic Games involving the Intel sponsorship will be in Pyeongchang, South Korea, in 2018 when Intel will provide real-time virtual reality viewing of the Winter Olympic Games.
Intel joins a crowded stable of Olympic sponsors from the tech world. Samsung Electronics Co., based in South Korea, is the official wireless device partner of the IOC, while Panasonic, based in 2020 host Japan, is the official TV and video partner. Alibaba Group Holding Ltd. and General Electric Co. also provide tech services to the IOC.
"This is like running a marathon and half-mile dash at the same time," Intel CEO Brian Krzanich said at a presentation in New York. "At Intel we have always strived to bring the peak of technology, the peak of performance. We strive for those the same way an athlete does."