Pepsi is out as the sponsor of the Super Bowl halftime show, but it’s still in as a major NFL sponsor.
Pepsi officially announced this week that, after 10 years as the presenting sponsor of a concert seen by more than 100 million people annually, it will surrender that position. However, Pepsi will remain a sponsor of the NFL.
Its parent company, PepsiCo, has multiple deals with the NFL, via the Gatorade, Frito-Lay, and Pepsi brands. They have all been renewed.
Via CNBC, PepsiCo previously paid $2 billion over 10 years to the NFL. Terms of the new deal, without the halftime show, have not been disclosed.
The NFL reportedly wants up to $50 million annually for the Super Bowl halftime rights. The broader plan includes making the show stretch well beyond the 12 minutes that it unfolds, with “documentary footage around the preparations for the show or behind-the-scenes access, or footage from dress rehearsals or bonus performances.”
This strategy points to a partner who will be able to maximize that value, like Amazon or Verizon or Apple or some other media company. Regardless, someone will be digging deep in order to put their name on the Super Bowl halftime show — starting in 2023. And if the NFL doesn’t get the money it’s looking for, it surely wouldn’t hesitate to go forward without any presenting sponsor.