Alibaba Group Holding Limited (NYSE: BABA) has signed a deal with the International Olympic Committee to become a lead sponsor of the Olympic Games through 2028.
Under the partnership, the Chinese Internet firm will provide cloud computing services and data analytics to help the Games operate “more efficiently”. In addition, the two organizations will create an e-commerce platform for official merchandise. What’s more, the e-commerce giant said it will develop an internet video streaming service for Chinese audience to watch Olympics games.
"Alibaba's partnership with the IOC is built on a foundation of shared values and a common vision for connecting the world and enriching people's lives," Jack Ma, executive chairman of Alibaba, said in a press release.
The partnership will last for 12 years to 2028. It includes the Winter Olympics in Pyeongchang, South Korea, in 2018, Summer Olympics in Tokyo in 2020 and another Winter Olympics in Beijing in 2022.
It “will be a clear demonstration of what Alibaba’s innovation platform can deliver,” said the company’s chief marketing officer, Chris Tung. “The strategic alliance will help grow Alibaba’s presence as a global brand.” Alibaba has been expanding its cloud computing service heavily in the recent years. After several years’ efforts, the earnings from its cloud business already close to breaking even.