As long as I have been writing about technology Panasonic has been a sponsor of the Olympics. Now, that era is over.
The big Japanese consumer electronics, appliances, beauty and health care Company will not renew its contract as a major sponsor of the Olympic Games, ending a 37-year relationship.
They were seen as one of the biggest sponsors alongside the likes of Coca Cola and McDonalds who also cancelled their contract.
McDonald’s ended its sponsorship of the Olympics in 2018, ending a 41-year partnership with the International Olympic Committee (IOC). 
The news that has shocked many has been made as the group’s strategy shifts away from televisions which have already been dropped in Australia.
Panasonic and the International Olympic Committee have agreed to let the company’s The Olympic Partner (TOP) contract expire at the end of December.
“We have gained many valuable experiences through our TOP sponsorship activities and deepened our bonds with sports fans and athletes around the world,” Panasonic Group CEO Yuki Kusumi said in a statement released in Japan.
“The IOC understands and fully respects that the Panasonic Group has to adapt its business strategy,” said IOC President Thomas Bach.
Kusumi has outlined plans to invest heavily in the business-to-business segment. He has positioned electric vehicle batteries and systems for streamlining manufacturing and logistics supply chains as growth areas.
It’s not known whether the business will jettison any of their other consumer categories as they look to new markets that deliver better profits quicker than dealing with retailers.
Despite launching a TV in Europe last week Panasonic, were one of the Companies that pioneered Plasma TV’s after acquiring Pioneer Kuro patents which were used in the early Panasonic Viera plasma panels. This technology delivered rich blacks with their technology seen as “the Best In The World” according to analysts at the time.
Panasonic’s Olympic sponsorship helped the company promote innovations in TV technology.
Nikkei Asia claims that the Olympic sponsor contract originally was aimed at advertising the company’s products to consumers worldwide. In the late 2000s, the TV segment generated around 1 trillion yen in revenue. Now the synergistic effect from the sponsorship has waned.
“Since the 1980s, when the company became a top sponsor, television technology has been advancing rapidly with each Olympics, including full high-definition and 4K,” said a source connected to Panasonic. “The Olympics became a venue for advancing innovation in television.”
In the 2000s, Panasonic launched the Viera plasma TV, marketing it to sports fans. The company frequently has provided the Olympic Games with broadcast cameras and equipment, as well as giant projectors used in the opening ceremony.
