IOC President Thomas Bach, who signed the deal with Intel's Chief Executive Officer Brian Krzanich at a press conference in NY, said Intel's sponsorship will open up new experiences for athletes, fans and spectators including in virtual reality.
Intel will join "The Olympic Partner" (TOP) worldwide sponsorship program through until 2024 and will be tasked with using cutting-edge technology such as virtual reality (VR) and 360 video to modernise the Olympic experience for fans.
The deal covers next year's Olympics through 2024.
McDonald's announced last week it had ended its longtime Olympic partnership dating back to 1976. Last week, the International Olympic Committee stated that it had "mutually agreed" to end its sponsorship deal with the fast food chain.
Intel, which has been partnering with sports organizations to show the potential of its technology, plans to provide real-time virtual reality viewing for the Pyeongchang Olympics, and will also offer drone technology to give viewers before unseen views of events and the opening and closing ceremonies.
Their 360 Replay Technology means fans can experience Olympic moments from every angle at the venues, experiencing what it's like to be at the Games with a front-row seat.
Shares of Intel were sinking over 1.5% during late morning trading on Wednesday.
Intel CEO Brian Krzanich says drones will play a vital role showing action at the Olympics.
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The technological changes aren't the only thing that will be different about the Pyeongchang Games.
The IOC already has numerous other technology partners, including Samsung, Panasonic and Alibaba. For more information, visit our website at www.olympic.org.
Krzanich was invited by Bach to attend the lighting of the Pyeonchang 2018 Torch in Ancient Olympia in October, while offering the Intel chief executive to become a torchbearer.
Intel's business has undergone big changes in recent years.
Clearly, the Intel deal made the McDonald's decision an easier one for the International Olympic Committee, which is signing new sponsors to its top-tier sponsorship program at around $200 million for four years - double the value of the old ones.
The partnership also covers the 2020 Olympic Games in Tokyo, the 2022 Olympic Winter Games in Beijing and the 2024 Olympic Games in a city yet to be selected - either Paris or Los Angeles. "The Olympic Movement is looking forward to working with Intel to achieve its vision of building a better world through sport".
With Intel headquartered in Silicon Valley in California, Krzanich admitted that bringing the Olympic Games to Los Angeles for 2024 would be "a great showcase for our technology".
They join, Dow, Panasonic, P&G.
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