Beyoncé and Pepsi ink $50 million endorsement deal
Singer Beyoncé Knowles and Pepsi have agreed to a $50 million endorsement deal, according to the New York Times.
The agreement includes promotional appearances, a new commercial and an investment into a few of Beyoncé’s creative projects.
“Pepsi embraces creativity and understands that artists evolve,” Beyoncé said in a statement. “As a businesswoman, this allows me to work with a lifestyle brand with no compromise and without sacrificing my creativity.”
Pepsi’s move to invest in Beyoncé is a trend beginning to spread across the industry as advertisers seek to penetrate the music business with labels’ marketing budgets declining across the board.
The Beyoncé and Pepsi partnership will include a blitz of promotion for her next album, expected to be released in 2013.
“Consumers are seeking a much greater authenticity in marketing from the brands they love,” said Brad Jakeman, president of PepsiCo’s global beverage group. “It’s caused a shift in the way we think about deals with artists, from a transactional deal to a mutually beneficial collaboration.”
Beyoncé has been involved with the brand since 2002 and will appear in a new TV spot for Pepsi, appear on limited edition of Pepsi cans and will be a headline performer for the 2013 Super Bowl halftime show, sponsored by the soft drink giant.
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