Consumer Electronics major and a big spender on the game of cricket, LG India has decided to renew its contract with the International Cricket Council (ICC) for a period of eight years.
The electronics major, however, did not disclose the contract amount. "Such sponsorships are becoming increasingly expensive and there is a price escalation of around 20 per cent each year," Moon B Shin, managing director, LG Electronics India told Business Standard. The last contract, however, had been signed for $ 28 million.
LG hopes to make most out of the association by putting LG screens at stadiums and desgining new phones for the match umpires.
LG has also devised new ways to enjoy better visibility. "While so far we have only utilized the cricket field, the barricades and the stadium stands for promoting our brand, this time one can also watch replays on LG screens," Shin said.
"We also plan to design special telephonic instruments for the umpires on the field so that they can be in touch with the third umpire while taking decisions," he added. These instruments will carry the LG logo and in case of third umpire consultation, it will be zoomed in to make the brand more visible.
LG's association with the ICC goes back to 1999 when it signed an eight-year contract with the international cricket body as part of the company's sports marketing campaign.
The contract, however, had ended in April last year but given the conditions at that point of time — India's early exit from the World Cup and non-performance of the national team — LG had decided not to renew the contract immediately and take time to evaluate the options. "For LG, cricket is not only about ads and sponsorships but we wish to contribute to the development of the overall quality of the game in the long run," Shin said.
The Korean chaebol globally has an enduring association with sports, particularly cricket, and has been participating as an official sponsor of international cricket matches since 2002. The company has already sponsored nine international cricket matches, including two World Cups.