NBA sponsorship revenue has increased 91% over the past five seasons.
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00:00The NBA may have seen national TV ratings dropping by 2% this past season, but companies have made it clear that they want in on the action.
00:07According to a report by Sponsor United, NBA teams raked in more than $1.6 billion in sponsorship revenue this season.
00:14That's an 8% increase from last year and an incredible 91% jump from just five years ago.
00:19According to Sponsor United CEO Bob Lynch, the increase has a lot to do with patches on team jerseys.
00:24Lynch told CNBC these partnerships can be a quarter of a billion dollars of incremental revenue that was generated just from 11 deals that were sold.
00:32So it just shows the continued viability and interest in the NBA just on these jersey patches alone.
00:37The top spending brands in the league were Rakuten and JPMorgan Chase, and there were 450 new brands that entered sponsorship deals this past season.
00:45However, even with all the new deals, the NBA is second fiddle to the NFL, which brought in about a billion dollars more in sponsorship revenue last year.
00:52That'll do it for your daily briefing. From New York City, I'm Kelsey Barbario with The Street.