Pepsi Just Made A Huge Announcement About The Super Bowl Halftime Show

If you're a Super Bowl fan, you probably know that for the last decade, Pepsi has been the name — and the money — behind the iconic Super Bowl Halftime Show. But that's now in the past, as Pepsi took to social media on May 24 to reveal that it would no longer be in the sponsor's seat for the iconic entertainment event. 

Pepsi's tweet read: "After 10 years of iconic Pepsi Super Bowl Halftime Show performances, we have decided it's time to pass the mic. Thank you to the amazing artists and fans who helped us create some incredible moments along the way.  Now on to the next stage..."

The iconic soft drink maker went on to invite its followers to reminisce about the last decade, saying: "26 musical acts representing 168 Grammys and almost 1,000 Billboard hits have rocked the Pepsi Super Bowl Halftime Show stage over the past 10 years.  Got a favorite #PepsiHalftime memory?  Drop it here." Pepsi's followers obliged, sharing comments, GIFs, and stills from iconic Halftime performances by Beyonce, Michael Jackson, The Weeknd, Lady Gaga, and Shakira. One fan even asked Pepsi for this favor: "You must to make a video with all the Halftime Shows and saying good bye @pepsi, i can help you if you want."

There was always a chance that Pepsi would walk away from a Super Bowl sponsorship when its latest $2 billion dollar deal with the NFL wrapped up after the 2022 season ended. And while multiple media sources, including Sports Illustrated, reported on Pepsi's enthusiastic decision to sign a new sponsorship deal for an undisclosed amount, reports also indicated that the soft drink brand wasn't dead keen on keeping the rights to the Halftime Show. 

AdWeek says Pepsi sent a statement saying the brand was looking to shift financial resources away from the broadcast and spend that money on digital media instead — and with good reason. Viewership for the Halftime Show has been erratic: 120.7 million for Super Bowl XLIX when Katy Perry came on; 96.7 million for The Weeknd and Super Bowl LV. AdWeek suggests that Pepsi may have felt that "the future of music and entertainment may not lie at the midpoint of a televised football game."

Pepsi alluded to the same, saying in a statement, "As entertainment evolves, and the way people consume music changes, Pepsi is intent on showing up and showing out." Estimates for the value of a new Halftime Show deal vary, with Front Office Sports estimating that a sponsorship there could go for between $40 to $50 million, while AdWeek thinks a Half Time show deal could be worth between $25 to $50 million.