Lakers News: The Long-Term Outlook Of Crypto.com Arena's Sponsor

After a wave of reported internal structural changes, are the Lakers' new arena sponsors Crypto.com thinking of moving on?

Less than a year after the a cryptocurrency exchange platform shelled out an estimated $700 million for the naming rights to the home venue for the Lakers, Clippers (though they will be moving into a new state-of-the-art Inglewood home, the Intuit Dome, around the start of the 2024-25 season), Sparks and Kings, it appears that the company has made some big personnel changes.

The locale, at 1111 South Figueroa Street in downtown Los Angeles, had been named the Staples Center since it first opened its doors at the start of the 1999-2000 season, during which L.A. won the first of three straight titles with Shaquille O'Neal and Kobe Bryant leading the charge. Staples as a brand now is a mere shell of its former self, so a change in sponsorships did feel in retrospect like it was on the horizon one way or another.

Asa Hiken of Ad Age reports that, thanks in part to an aggressive campaign to build brand awareness in the marketplace, Crypto.com reached an impressive tally of 50 million users right before a dip in the cryptocurrency market this spring. 

Hiken writes that the firm has apparently moved on from 30-40% of its workforce since that market decline this spring, through a combination of layoffs and departures, with sources indicating that the sum represents 2,000 employees.

For now, the Venue Formerly Known As Staples Center remains Crypto.com Arena. Will Staples get back in the naming game and swoop in to reclaim its terrain? Probably not. Despite a changing marketplace, it seems Crypto.com Arena (a.k.a. "The Crypt") has a long-term future with Los Angeles and looks to be around for a good long while.