OKX Broadens Sponsorship Deal with McLaren F1: Scores Key Branding Space for 2024 Racing Season
Summary:
OKX, a cryptocurrency exchange, has widened its sponsorship deal with the McLaren Racing Formula 1 team for the 2024 season. The OKX logo will appear on the side pods of McLaren's race cars throughout all 20 races. This decision follows significant brand recognition and awareness gained through the partnership's previous success. The partnership has also allowed OKX to engage with McLaren's large fan base, sparking a keen interest in digital finance within the fan community. OKX CMO, Haider Rafique, suggested a potential long-term association with McLaren based on the value derived from this partnership's continuity and growth.
OKX, a cryptocurrency exchange, has broadened its association with the McLaren Racing Formula 1 team, acquiring prominent advertisement space on the racing cars for the 2024 F1 season. OKX's emblem will adorn the McLaren's F1 vehicle on the side pods across all 20 races of the forthcoming season. The primary livery of the vehicle for 2024 borrows cues from the "Stealth Mode" styling option of the OKX-McLaren partnership, a design seen on the circuits of the Singapore and Japan Grand Prix in the 2023 racing sessions.
OKX's Chief Marketing Officer, Haider Rafique, informed Cointelegraph that extending the sponsorship deal with McLaren seemed like a logical evolution considering the growing brand recognition the partnership has brought. The side pods of F1 race cars are considered the most conspicuous locations, making them ideal for advertising partners.
"Our collaboration with the McLaren F1 team has significantly built up OKX’s brand presence and acknowledgement via impressions (surpassing 3 billion) through TV and online presence and increased exposure resulting from F1's worldwide presence," Rafique stated.
The agreement also opened doors for OKX to engage with McLaren's dedicated fan community, offering exclusive events for the team's F1 drivers. According to Rafique, more than 7,000 fans attended the 2023 OKX Race Club physical function at the Singapore Grand Prix. This gathering was graced by Lando Norris, one of the drivers, who met and greeted fans.
Moreover, the event recorded the opening of 3,000 OKX Web3 wallets, reflecting the marketing potential unlocked via this partnership. Post-event survey revealed that 80% of the participants expressed interest in gaining more knowledge about the exchange, hinting McLaren's fandom's curiosity towards Web3 and digital finance.
Rafique suggested that OKX intends on a long-term collaboration with McLaren, reiterating that such partnerships thrive on continuity. He sees the McLaren-OKX collaboration as having a multi-decade potential, envisioning a future where youngsters link OKX and Web3 with F1 and McLaren, much like his own connection with Ayrton Senna and McLaren from his lad years.
OKX's plan to continue sidepod branding in the next racing season is unfaltering, although financial details of the agreement or plans for 2025 and thereafter remain undisclosed. OKX joins other crypto exchanges and businesses with advertising and sponsorship deals with F1 teams and the F1 brand.
OKX first joined hands with McLaren in May 2022 as a chiefly partner to their F1 team. The collaboration marked the MCL60 racing vehicle's bodywork with OKX branding in the following year. Simultaneously, Crypto.com, since 2021, has prominently sponsored the sport, with its logo being showcased at different Grand Prix circuits worldwide and sponsoring the Aston Martin Aramco Cognizant F1 team.
Published At
1/18/2024 2:00:00 PM
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