Updated August. 18, 2014 03:55
Samsung Electronics has become an official sponsor for the 2018 Pyeongchang Winter Olympics and the 2020 Tokyo Olympics.
Samsung Electronics announced on Sunday in Nanjing, China, that the company signed a contract with the International Olympic Committee (IOC) to be an official sponsor for Olympic games by 2020. Samsung Electronics Vice Chairman Lee Jae-yong and IOC President Thomas Bach attended at the signing ceremony.
Since the 1998 Nagano Winter Olympics, Samsung Electronics has been an official sponsored company for wireless communication in the Olympic games. Before this contract, the worlds largest handset maker contracted for Olympic sponsorship until the 2016 Rio de Janeiro Olympics. With this contract, Samsung Electronics has extended the Olympic sponsorship by four years and has become a company that has been sponsoring for Olympic games over 20 years.
A source inside the company said, Samsungs brand value has increased more than tenfold from 3.2 billion U.S. dollars in 1999 to 39.6 billion dollars last year according to global brand valuation company Interbrand. The Olympic sponsorship is internally evaluated as one of the major driving forces behind such explosive brand value increase, as well as the product competitiveness.
Samsung Electronics has also decided to expand the sponsoring product range in the 2018 Pyeongchang Winter Olympics and the 2020 Tokyo Olympics. In addition to current sponsoring products such as smartphones, the company will sponsor tablet PCs, laptops, printers and desktop PCs.