LSN : News : LVMH sponsors 2024 Olympics in a power move for the luxury sector

LVMH sponsors 2024 Olympics in a power move for the luxury sector

La Mission by LVMH, Paris, France

France – Luxury powerhouse LVMH will sponsor the Paris 2024 Olympic and Paralympic Games, cementing the group’s presence in sports and entertainment.

If it feels like LVMH is muscling into every sector, it is because the French conglomerate is. After developments in travel, hospitality and culture, LVMH will be a Premium Partner of the world’s most influential sporting event. The luxury conglomerate wants to be the Artisan of All Victories for the Olympic and Paralympic Games, which will kick off in July 2024 in Paris, by means of a multi-faceted partnership.

So far, the group has confirmed that jewellery house Chaumet will oversee medal design, Moët Hennessy will be a partner for wines and spirits, and Sephora will host activations for the public during the Olympic torch relay. LVMH is also committed to working with French NGOs to fund programmes giving access to sports to underprivileged children.

The grand ambitions of the luxury conglomerate, promoting French excellence and getting involved in a wealth of initiatives, spotlights how luxury is reaffirming its power through cultural clout.

Strategic opportunity

Luxury businesses can learn from LVMH’s affiliation with the Olympic and Paralympic games, reflecting how, at their scale, they can put their creativity, know-how and art de vivre to work for activations outside the remit of their core business

BMW introduces VR platform to experience new electric scooter

Germany – BMW Motorrad, the motorcycle brand and division of the German automotive manufacturer, is embracing the future of mobility with its electric eParkourer scooter, the BMW CE 02, aimed at young urban riders.

To offer enthusiasts a unique experience, the automotive manufacturer has launched the BMW Motorrad MetaRide, a digital brand space in virtual reality. The platform allows motorcycle fans’ avatars to ride and explore the CE 02’s abilities, providing an immersive and interactive experience.

The virtual world in BMW Motorrad MetaRide mirrors real-life environments, offering virtual test rides on the scooter. Users can also engage in activities like playing basketball, collecting tokens and earning stylish clothing for avatars. The company’s digital space will soon expand to include other BMW Motorrad products.

In Auto Entertainment, we previously analysed how the car sector turns to virtual platforms, extended reality and even cryptocurrencies to create immersive and entertaining experiences in and out of their vehicles.

MetaRide by BMW Motorrad

Strategic opportunity

The automotive industry should consider how to enter the gaming skin market – set to reach £57.5bn, ($74.4bn, €67.1bn) in 2025 according to Statista and Juniper Research – by releasing digital versions of each vehicle and branded clothing and accessories ready to be used by digital avatars

Stat: Half of YouTube users prefer commentary from creators to events

Photography by Ron Lach

Global – YouTube’s newly released 2023 Culture and Trends Report has unveiled an intriguing trend among its users. According to the report, 54% of surveyed individuals prefer to watch content-creators offer commentary on major events like the Oscars or Grammys, rather than watch the events themselves, showing the strength of the Live-stream Market.

Conducted by YouTube’s culture and trends team in collaboration with Ipsos, the survey included responses from online adults aged 18–44 and Gen Z online users aged 18–24 from 14 countries, including the US, the UK, Australia, India, Japan and Mexico. The study delves into fandom levels, distinguishing casual fans from more active ones, and even identifies a group of ‘professional fans’ who create content for a wider audience. Fans of Star Wars, for instance, might remix the content, using AI to envisage how the film would look if directed by a film-maker like Wes Anderson.

In addition, the report shows the impact of technologies and trends on content consumption. Closed captioning, multilingual content and AI-driven enhancements like improved pronunciation are changing how users experience videos.

Strategic opportunity

Consumers are no longer impressed solely by celebrities and red carpets, but are looking for nuanced and authentic opinions from taste-makers and influencers. Businesses need to ensure they forge partnerships with the right content-creators that resonate with their target audiences