The Qatar World Cup set an all-time record for FIFA’s World Cup income with $7.5 billion, $1 billion higher than the previous World Cup hosted by Russia 4 years ago.
This rising revenue is believed to be the result of more sponsors, larger commercial deals, some of which come from Qatar, the host country, and emerging tech industries like blockchain and cryptocurrency.
This year, up until the very last hours before the first game, FIFA still got three more sponsors—YouTube, Visit Las Vegas, and Fine Hygienic Holding. These sponsors fall into the third tier of regional sponsors.
The major broadcast deals for the 2018 World Cup and this year’s tournament were both signed upon back in 2011. Deals with FOX in the United States and Qatari broadcaster BeIN Sports were among them. Many broadcast deals were added later which make the Qatar World Cup officially broadcast in 38 countries worldwide.
Qatar contributes three sponsors in two tiers to the World Cup this year. Qatar Energy joined as a top-tier sponsor, and two new third-tier sponsors including Qatari bank QNB and telecom company Ooredoo. FIFA also signed sponsorship agreements with two second-tier sponsors which are the financial platform crypto.com and its first American sponsor in more than 10 years, the blockchain provider Algorand.
The winners of the Qatar World Cup will receive $42m out of a $440m prize pool, a $4 million increase from the World Cup 2018.
FIFA organizes its accounts in four-year cycles around each World Cup. The organization has used the revenue gained from the previous 4-year period (2015-2018) to help member organizations through uncertainties in 2020 when national team football and World Cup qualifying games were almost entirely shut down.
FIFA’s revenues are expected to reach $10bn for the World Cup 2026 thanks to its new financial strategy for women’s football and the expanded 2026 World Cup in the US, Canada and Mexico. The new cycle will witness 48 teams compete for the first time, up from the present 32.
Except for the extended deals with top-tier sponsors Coca-Cola, Adidas and Wanda, FIFA’s sponsorship packages for the 2026 edition are still available to be claimed by new sponsors.
The rising revenue makes it easier for FIFA to honor its pledge at the the March meeting in Qatar to give more money to its member federations. As FIFA promised, their basic grant would increase by 33% to a total of $8 million between 2023 and 2027.
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In a highly anticipated market debut, Reddit stock took off, closing its first day of trading with a staggering 48% surge from its initial public offering (IPO) price of $34 per share. The social media giant’s stock concluded the day at $50.44, propelling its market capitalization to over $8 billion.
In a significant move in Vietnam’s corporate landscape, Vingroup, the country’s largest conglomerate, has completed the sale of a 41.5% stake and other assets in its retail arm, Vincom Retail, for a staggering $1.6 billion. This transaction ranks among the largest mergers and acquisitions (M&A) deals in Vietnam in recent years, underscoring the dynamism of the country’s economy and corporate sector.
The integration of artificial intelligence (AI) into various facets of healthcare has revolutionized patient care, and its impact on surgery is poised to be profound. Leveraging AI’s capabilities to connect, analyze, and predict based on operating room data holds the promise of enhancing surgical efficiency and clinical decision-making. Recognizing this potential, NVIDIA has partnered with Johnson & Johnson MedTech to explore new AI capabilities within the realm of surgery, with the goal of advancing the company’s connected digital ecosystem for surgical procedures.
Apple is reportedly in discussions with Alphabet, Google’s parent company, regarding the licensing of Google’s “Gemini” artificial intelligence (AI) training model for integration into iPhones.
An Illinois jury has delivered a significant verdict in a case involving Mead Johnson’s Enfamil baby formula, ordering the company to pay $60 million to the mother of a premature baby who died from an intestinal disease after consuming the formula.
In the fast-paced world of software development, innovation is the name of the game. Cognition, a leading tech company, has introduced a groundbreaking solution that promises to transform the industry as we know it: Devin AI, the world’s first AI software engineer. Devin AI is not just another tool in the developer’s toolbox; it’s a game-changer that leverages the power of artificial intelligence and machine learning to automate coding tasks and streamline the development process.
When it comes to acing a job interview, there are certain tactics that can help you stand out and impress prospective employers. From showcasing your passion for the role to demonstrating problem-solving skills, there are plenty of strategies to employ. However, it’s equally important to be mindful of phrases that could raise red flags during the interview process.
The ongoing saga between the United States and ByteDance, the Chinese tech giant behind the popular social media platform TikTok, has taken another turn. With the House approving a bill requiring ByteDance to divest TikTok within roughly six months, the possibility of a forced sale or effective ban looms large.
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