Bank of America sponsors U2 ad at Superbowl
BANK of America is to sponsor U2's high-profile ad during the US Superbowl on February 2, which will urge fans to download a new U2 song for free.
The bank will promise to pledge a dollar to HIV charity RED for every free download. The bank will also donate $10m to RED, which Bono helps to oversee. This will bring the charity's total funding from private sources up to a hefty $250m.
While the deal will raise money for the charity, it will also buff up the tarnished image of Bank of America, which needed to be rescued during the economic crisis. "We started to rebrand ourselves a year ago – this is a chance to show that we can do good things," said CEO Brian Moynihan.
Bono and U2 have been at the forefront of inking commercial deals between rock bands and big business.
In 2004, it signed a landmark deal with Apple to promote the new iPod. Five years later RIM, the BlackBerry maker, sponsored U2's 360 US tour.
Late last year, U2 manager Paul McGuinness announced his plans to step down as the band's Svengali in a move that sees global music industry giant Live Nation buy out the his Principle Management company.