London cable car to be sponsored by technology firm IFS
Getty ImagesA sponsor has been found for London's cable car, Transport for London (TfL) has announced.
From October, it will be known as the IFS Cloud Cable Car in a two-year deal with a technology firm worth £1m.
The previous 10-year deal with Emirates Air Line, worth £36m, ended in June.
Opened in time for the 2012 Olympics, it has struggled to attract regular commuters with passenger numbers declining over the last decade.
TfL continues to bear the operational costs for the link between North Greenwich in south-east London and Custom House in east London.
The total cost of the project was £60m which was partly funded by TfL's £36m deal with Emirates.
Earlier this year, TfL turned its hopes to TikTok and Instagram in order to influence a new sponsorship deal.
It claimed on its website the cable car was "one of the most Instagrammable spots in London".
TfL's passenger figures show declining usage even before the coronavirus pandemic.
Since 2012, the service has struggled to attract regular commuters. Between its launch year and 2019, passenger numbers dropped from 1.73 million to 1.2 million.
Fares for an adult now cost £6 in cash, or £5 online or pay as you go - up from £4.30/£3.20 when the cable car first came into operation.
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