Telecommunications company O2 has extended an agreement with AEG for naming rights to London’s music and entertainment venue, The O2.

The new 10-year deal will run until 2027, with O2 stating that the arena would “continue to set the industry benchmark for live entertainment” over the course of the agreement.

Financial terms of the deal were not revealed, although the Guardian newspaper reported that it would be worth around £125m (€148m/$156m).

O2’s customers will benefit from more early access to tickets for shows at The O2, with double the amount of tickets to be made available via the Priority Tickets service.

O2 and AEG will make joint investments to ensure O2 customer spaces, arena access and in-venue experiences are of the highest standard, with a high-density Wi-Fi network to be fitted throughout the venue. O2 said that the new agreement would bring about more integrated and personalised experiences for fans to enhance the live experience before, during and after events.

New technology installed in the arena will track and analyse crowd movements, using complex algorithms to reveal unique data, with information such as calories burned and the noise generated by the audience to be shared with fans.

O2 first agreed to take on naming rights to what was previously known as the Millennium Dome in 2005. Since its opening in 2007, The O2 has been officially crowned as the most popular arena globally in terms ticket sales every year.

O2 chief executive Mark Evans said: “We are incredibly proud of our highly successful partnership with AEG that has made The O2 into the internationally renowned music and entertainment venue it is today. Over the past 10 years our work together has set an industry gold standard and it will continue to do so for the next 10 years.

“The new deal reaffirms our commitment to customers, with the number of tickets available to shows via Priority Tickets doubling – giving them access to tickets to unforgettable live experiences 48 hours ahead of general release.”

The O2 consists of the 21,000-capacity arena, indigo at The O2 – a 2,800-seat theatre-style venue – and Building Six, a 3,000-capacity ‘superclub’.