The company took to Twitter to announce, "After 10 years of iconic Pepsi Super Bowl Halftime Show performances, we have decided it's time to pass the mic," as well as showing gratitude to those who have performed during the years.
Pepsi's contract with the NFL expired this season and while the company did renew its contract, it does not include the iconic halftime show. The previous deal was said to be worth $2 billion USD over the course of 10 years. Nevertheless, the renewal terms have yet to be disclosed.
With a slight decrease in broadcast viewers, the company wants to shift towards putting more budget towards digital media.
The Super Bowl halftime rights are now back on the market. According to CNBC, the NFL could receive up to $50 million for Super Bowl halftime rights.
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… ?
— Pepsi (@pepsi) May 24, 2022
Elsewhere in sports, Manchester City won the Premier League by one point.