The Palacio de los Deportes in Madrid is transforming into Movistar Arena for 2024.

The transformation of the iconic Palacio de los Deportes in Madrid is underway, marking the end of an era with the farewell to the name WiZink Center. From now on, this emblematic multipurpose venue in the Spanish capital will be known as Movistar Arena, a change that symbolizes both an evolution in sponsorship and a renewed commercial focus by Telefónica. The telecommunications company has taken this step in collaboration with WiZink Bank, which has decided to end its sponsorship relationship after a decade of collaboration, in the context of its new strategic plan for the period 2024-2028. The announcement was made by Telefónica itself, which highlighted WiZink Bank's willingness to conclude the sponsorship, motivated by its desire to transform its business model towards one that is more oriented towards product and service diversification. This strategic shift reflects a trend in the sector, where companies seek to adapt to an increasingly competitive environment focused on strategic alliances. Iheb Nafaa, CEO of WiZink, expressed pride in having been part of the growth of the WiZink Center over these ten years. His management has been key in positioning the venue as a reference point not only in the Community of Madrid but also nationally, hosting sports, music, and cultural events that have attracted the attention of thousands of attendees. The transition to the name Movistar Arena not only represents a rebranding but also highlights Telefónica's commitment to developing spaces that connect the community. The company already has venues with the same name in cities such as Buenos Aires, Bogotá, and Santiago de Chile, as well as its O2 brands in London and Prague. This strategy of internationalization and the creation of a strong brand identity in the field of entertainment and live events underscores Telefónica's ambition to become a key player globally. Emilio Gayo, president of Telefónica Spain, expressed enthusiasm for this new chapter. "It is a great honor to conclude the year of our centenary with the sponsorship of a venue that is a global reference for the quality and quantity of events it hosts," he commented. Gayo emphasized that the Movistar Arena will be an essential connection point between people and the entertainment industry, a platform where the company can showcase its leadership in technology and digitalization. The name change process has already been approved by the Community of Madrid, which initiates the transformation of a space that has been an integral part of the cultural and sporting life of the city since its opening. Furthermore, it is expected that Telefónica's incorporation as a sponsor will generate new opportunities and experiences for venue visitors, as well as an additional boost to the events calendar. With the arrival of Movistar Arena, Madrid is anticipated to become an even more relevant epicenter for music and sports. The integration of technology into the spectator experience will be a key focus, allowing Telefónica to implement innovative solutions that enhance connectivity and interaction in this new environment. Meanwhile, the community eagerly awaits the future events that will take place under the Movistar Arena brand. The history of the Palacio de los Deportes continues, now with a new name and a renewed commitment from Telefónica to connect people with their passions. The transformation of the space promises to be a symbol of Madrid's cultural dynamism and a reflection of the trends shaping the future of entertainment in the digital age. The Movistar Arena is poised to be a place where sports, music, and entertainment come together, and where technology will play a fundamental role in the user experience. With this change, Madrid is not only preparing to host renowned artists and athletes but is also positioning itself as an attractive destination for hosting large-scale events.