Red Bull sponsor dozens of events in South Africa, including music, BMX, freestyle motocross, surf, skate and even b-boying! Without sponsorship there would be far fewer (perhaps no) whole-day music concerts and extreme sport events... in fact I'd risk saying that most (if not all) large sporting events would simply not exist.
If you have an iPad - check out the Red Bulletin iPad app. I don't have an iPad, so leave a comment here and tell me what it's like.