AEG and American Express have inked an extension and expansion of their 20-year partnership, focusing on offering Amex card holders special experiences in sports and music at AEG arenas around the world. The deal also extends Amex’s sponsorship of the AEG-owned Los Angeles Kings (NHL) and Galaxy (MLS) for multiple years.
“Our card members are passionate sports fans, especially our fastest-growing customer segments of Gen Z and millennials. Sixty percent of Gen Zers even consider themselves superfans,” American Express chief marketing officer Elizabeth Rutledge said in an email. “Our partnership with AEG brings us assets across a variety of both sports and entertainment properties that let us continue to enhance the value of membership for Amex card members. This can be in the form of presale ticket access, dedicated entrances at venues, spend offers, or sought-after experiences.”
The relationship between AEG and American Express began in 2005, when the parties struck a regional deal for ticket presales and venue access. The new agreement expands the current relationship into all five verticals of AEG’s business: venues, festivals, touring, the AXS ticketing platform and sports teams, and makes Amex the official payment partner of AEG at 40 properties on four continents. While financial details of the agreement aren’t being publicly disclosed, it is AEG’s largest annual partnership in both revenue and breadth of AEG assets covered and is a “cornerstone” of Amex’s global entertainment platform, according to a press release.
“They have evolved from being a singular partner of ours to really taking this to the next evolution of what this partnership and relationship is, which is a multi-vertical, global integration,” Russell Silvers, president and chief operating officer AEG Global Partnerships, said on a video call. “Both sides are really focused on the fan experience. … We want nothing more than to create these amazing moments of truth for fans from all walks of life to be able to have an amplified experience.”
Some of the perks at AEG venues are available for all Amex cardholders, such as a dedicated cardholder ticket line at LA’s Crypto.com arena, while at O2 in London, card holders can access a complimentary bag drop, according to the American Express Venue Collection webpage. Amex will also continue to offer perks customers can pay for, such as exclusive merchandise at high profile festivals including Coachella and London’s All Points East festival.
Though not referring to AEG specifically, American Express chairman Stephen Squeri told investors on an earnings call last month that the company has been refocusing on the premium credit card segment that it pioneered, with experiences for sports and other entertainment a key part of the move.
“Our refreshed strategy focuses on enriching our value propositions with more benefits and offerings in areas of our customers—the areas that our customers value most at a price point that delivers outstanding value,” Squeri said in prepared remarks on the July 18 call. “We’re also constantly evolving our suite of experiences and benefits that set the competitive standard.”
Said Silvers: “They have really now taken their brand from when somebody buys a ticket, to the event itself to post-event and post-event surveying, to create this 360-degree messaging with the fan or festival-goer that is American Express from beginning to end.”
