Binance Becomes the Grammys Official Crypto Exchange Partner

Key Insights:

• Binance becomes the Recording Academy’s first-ever official crypto exchange partner.
• The Recording Academy will be looking for Binance to drive Web3 initiatives.
• For Binance, the partnership with the Recording Academy follows K-Pop collaborations to drive fan engagement.

Binance, one of the leading crypto exchanges, was back in the news today. Despite facing off with regulators across multiple jurisdictions in recent months, Binance continues to push the crypto envelope.

Crypto exchanges have targeted mainstream events to drive brand awareness. In February, eToro, FTX, Coinbase, and Crypto.com featured in Super Bowl LVI, with the crypto exchanges buying half-time ad time.

Binance Targets the U.S Market with Grammy Sponsorship

Today, news hit the wires of Binance becoming the Recording Academy’s first-ever official crypto exchange partner. The Recording Academy is the organizer of the Grammy awards, the only peer-recognized music award.

The Recording Academy announced the news on Twitter,

Announcing the official marketing partners for the 2022 #GRAMMYs:@binance, @IBM, @Mastercard, @OneOfNFT, @GreyGoose, @Bulova, @Hilton, @SIRIUSXM, @people, @FIJIWater, #FronteraWines, and @United are all supporters of this year's GRAMMY Awards. 👏 https://t.co/f1uTycasue

— Recording Academy / GRAMMYs (@RecordingAcad) March 31, 2022

Binance and the Recording Academy will reportedly drive music fan engagement with Web3.

In 2021, viewership of the Grammy Awards tumbled from 18.7m in 2020 to just 8.8m.

According to the New York Times, the previous low was 17 million in 2006. The 2021 event was at Staples Corner, now called Crypto.com Arena.

Other televised award shows and major sporting events have seen similar viewership trends.

While Super Bowl LVI saw viewership tumble to a 15-year low, crypto exchanges saw a sharp increase in traffic immediately after their ads hit the airways. Binance will be hoping for a similar outcome.

The Recording Academy is no stranger to Web 3. In November, the Academy signed a 3-year deal with Tezos-based NFT platform OneOf.

Binance sponsors the Grammy Awards after forging partnerships with K-Pop.

Binance Targets the Music Industry and the Global Fan Base

In late 2021, Binance announced the launch of “THE SHOW FanBox NFT Collection” with KStarLive.

THE SHOW FanBox NFT Collection was the first NFT drop of K-Pop performance NFTs on FEATURED. FEATURED is a non-custodial, on-chain NFT platform within the innovation arm of Binance.

Binance also formed strategic partnerships with SM Brand Marketing and YG Entertainment.

Binance and SM Brand Marketing plan to establish a global Play-to-Create (P2C) ecosystem. P2C will enable users to recreate content and products in the form of games, music, dance, and goods, which are convertible into NFTs.

K-Pop’s YG Entertainment and Binance aim to develop Metaverse, NFT, and gaming opportunities.

With a global presence, Binance gives K-Pop a platform for fan retention and engagement.

The Recording Academy will be looking for Binance to drive similar initiatives to keep the Grammys at the forefront of the music industry.

Held in Las Vegas, the 2022 Grammy Awards will take place on April 3.