• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

How Olympic athletes make money ; Find out how athletes from African countries fared in the 2020 Tokyo Olympics

12/08/2021
Reading Time: 4 mins read
How Olympic athletes make money
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

The Olympic Games, which had its origins in ancient Greece is an international sporting event celebrated by people all over the world. According to Encyclopedia Britannica prior to the 1970s, the Olympic Games were limited to amateur competitors, but in the 1980s most of the events were opened to professional athletes. Olympics athletes in addition to the proud moments are also financially rewarded. Though athletes do not get paid by participating in the games, there are various ways Olympic athletes make money.

Today, the Games, which occur every 4 years are opened to all competitors be it amateurs or professionals.
In 2008, Beijing hosted the Olympics with athletes from 204 countries and regions participating in the event. In 2012, the Games was hosted in London, commemorating the 30th Olympic Games.

Despite being held this year, the 2021 Olympic Games is referred to as ‘Tokyo 2020,’ given that most merchandise had already been branded with ‘Tokyo 2020’ before the pandemic hit. A name change would have meant an additional cost.

“The primary asset the IOC and Tokyo Organizing Committee sells is its intellectual property and the corresponding brand equity associated with the marks, logos, designations, symbols, etc.,” said sports marketer Michael Lynch.

“All that Olympic IP is branded 2020, including IOC and [organizing committee] creative, sponsor creative, advertising creative, promotional creative, licensed merchandise, tickets, on-site signage, events, you name it, all about to hit the market. It would be an enormous and unnecessary expense for all of this Olympic IP to be changed,” he further added.

How Olympic athletes make money

Competitors, who take part in the Olympic Games, unfortunately, do not get paid for their participation or for winning a medal. Thus, athletes will have no share in the U$S15.4 billion event taking place in Tokyo.

Competitors, who take part in the Olympic Games, unfortunately, do not get paid for their participation or for winning a medal. Thus, athletes will have no share in the U$S15.4 billion event taking place in Tokyo.

According to the Independent, American TV network, NBC alone paid $7.7bn for the broadcasting rights to the summer and winter games until 2032 and has sold $1.25bn in advertising for Tokyo 2020. The International Olympic Committee (IOC) stands to make between $3bn and $4bn from the television rights to the games.

Despite these amounts, the 11,000 athletes taking part in the Olympics or the 4,000 at the Paralympics have no stake in it.
Though Olympic athletes do not make money from the International Olympic Committee (IOC), which are the promoters of the game, most medal winners make money from their home Olympic committee.
Below is a list of 12 countries and how much they compensate their athletes after winning a medal.

CountriesGoldSilverBronze
Singapore$737,000$369,000$184,000
Kazakhstan$250,000$150,000$75,000
Malaysia$236,000$71,000$24,000
Italy$213,000$107,000$71,000
The Philippines$200,000$99,000$40,000
Hungary$168,000$126,000$96,000
Brazil$49,000$29,000$20,000
Japan$45,000$18,000$9,000
USA$37,500$22,500$15,000
South Africa$37,000$19,000$7,000
Canada$16,000$12,000$8,000
Australia$15,000$11,000$7,000
Source: CNBC


Some Olympic athletes are also fortunate to land endorsement deals and advertising gigs. Tennis star, Naomi Osaka reportedly made $55 million from endorsements in 12 months.
Other Olympic athletes make money from stipends or training grants from national sports associations while some others make money through crowdfunding and their regular but flexible jobs.

Performance of African competitors at the Olympic Games

Global RankTeamGoldSilverBronzeTotal
19Kenya44210
36Uganda2114
52South Africa1203
54Egypt1146
56Ethiopia1124
58Tunisia1102
63Morocco1001
74Nigeria0112
77Namabia0101
86Botswana0011
86Burkina Faso0011
86Côte d’Ivoire0011
86Ghana001
source: Business Insider Africa


Previous Post

Pensions and Investments Quarterly – July 2021

Next Post

The State of the Investment Industry; What next after the Clean Up

Related Posts

MostBet Registration Bangladesh

29/12/2023

28/12/2023

Праздничные подарки от 1 win насладитесь Новым Годом с дополнительными выгодами!

22/12/2023

How does the sizing of sp5der clothing run

22/12/2023

Azərbaycanda rəsmi sayt

20/12/2023

Mostbet Casino Azərbaycan üçün imkanlarını təqdim edir

20/12/2023
Next Post
SEC, Rev Ogbammey Tetteh, ghanatalksbusiness.com

The State of the Investment Industry; What next after the Clean Up

fuel price hikes

Fuel prices to fall in the second pricing window of August – IES

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2023 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2023 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In