Barclays swaps Cushman & Wakefield for Tidal as arena "theater" sponsor (but not naming rights buyer)
And despite sloppy journalistic shorthand to the contrary, that doesn't mean that TIDAL is buying naming rights. Given the failure to announce terms, it sounds more like a trade, as (apparently) with the Billboard Lounge "alignment."
The press release
Barclays Center Introduces Tidal as Naming Sponsor of Venues [sic] Theater
BROOKLYN (October 26, 2015) -- TIDAL, a recognized experiential music and entertainment platform, is the new title sponsor of the theater at Barclays Center.
TIDAL Theater will offer a new state of the art curtaining system for an intimate theater configuration, with seating between 4,000 and 6,000 for theatrical performances, concerts, music festivals, boxing events, comedy acts, and other events.
The newly unveiled configuration will also allow guests to have direct floor access to Barclays Center’s Billboard Lounge amplified by Lightpath and the Calvin Klein Courtside Club, as well as offer top sightlines from the 40/40 CLUB & Restaurant by American Express.
As part of its naming rights agreement, TIDAL will be curating a minimum of eight events annually in the TIDAL Theater with emerging and established artists.
The announcement of TIDAL Theater comes soon after the spectacular TIDAL X: 1020 Amplified by HTC show on Oct. 20 at Barclays Center, which included performances by world-class artists JAY Z, Nicki Minaj, and other stars, and was featured on ABC’s Jimmy Kimmel Live. Additional major TIDAL events are planned for Barclays Center.
“TIDAL’s name is synonymous with exclusive and personalized fan experiences making it a perfect fit for the theater at Barclays Center,” said Barclays Center CEO Brett Yormark. “Our new theater configuration provides TIDAL Theater with a special atmosphere that allows us to bring more diverse content and many big nights to Brooklyn.”
“Our fans clearly love Barclays Center as our recent concert proved and we are excited to offer an even more intimate experience through TIDAL Theater,” said Tim Riley, TIDAL Senior Vice President, Artist and Label Relations. “We are looking forward to hosting more phenomenal events at Barclays Center and in the new TIDAL Theater.”
Upcoming shows for TIDAL Theater will be announced soon.
The Barclays Center's comfort level with new business partner Billboard is apparently such that the Billboard article, Barclays Center Inks First-of-Its-Kind Content Deal with Tidal, is reproduced in full on the arena's web site without attribution.
Note how the lead states "Billboard has learned," as if it was some sort of investigatory effort.
From the article:
Cushman & Wakefield has been "repositioned" into other areas of Barclays Center, according to Barclays Center CEO Brett Yormark, who describes the Tidal partnership as a "content deal."
...Yormark declined to reveal financial aspects of the deal beyond its content component, but did say, "Any of our platforms in Brooklyn, any of our major pieces of inventory, there’s a cost to them. But I don’t look at this [Tidal deal] as a revenue driver in that respect, I look at this as a really good strategic partnership because, ultimately we’re only as good as the events we have at the building." That sounds like a trade.What does that mean? There's "a cost" could mean that there's a value, not a payment. And if it's not "a revenue driver" but a "strategic partnership," does that mean that other partnerships are not supposed to drive revenue?