Search

Economic Benefits Of Olympics: All you need to know

Over 60 Japanese companies came together to sponsor $3 billion for the Olympics games that was delayed by a year.
Economic Benefits Of Olympics: All you need to know
The cost of hosting the Olympics was estimated to be about $15.4 billion back in December, including $2.8 billion for the postponement.
In this article

After a whole year’s delay, the Tokyo Olympics are here. The world’s best will once again compete head-to-head in the pool, on the track, around the velodrome and high above the trampoline.

Your favorite Summer Games were initially scheduled for Tokyo in July and August last year. They were delayed for a year because of the coronavirus pandemic. But the good news is that the games began from July 23 to Aug. 8, 2021.

How much does it cost to host the Olympics?

The cost of hosting the Olympics was estimated to be about $15.4 billion back in December, including $2.8 billion for the postponement. Ever since, the projected bill for postponement went up to a solid $3 billion.

Organizers had initially sold 4.48 million tickets expecting a tourism windfall. But eventually, because of the pandemic, the overseas visitors and domestic spectators were ruled out.

The ticket revenues were expected to hit $815 million (90 billion Yen) but will now drop to virtually nothing.

How do they raise so much money?

Over 60 Japanese companies came together to sponsor $3 billion for the games. Sponsors even included another $200 million to extend contracts after the games were postponed.

Do the Olympic medalists get paid?

Of course, they get paid. Olympians make money by competing in the games through endorsements. Not a lot is told about how much each athlete takes home but US gold medalists take home $37,000, silver medal winners receive $22,500 and bronze medalists get $15,000 from the US Olympic Committee.

What else do the medalists get?

Olympic medalists take home their most prized possessions — their medal and their prize money. They also receive a couple of gifts when they win. This year, medalists will stand on the podium with special victory bouquets, which haven’t been used by a host city since the London 2012 Olympics.

Did it affect the economy?

Yes, it did! The Olympics that were to be held in 2020 expected a huge tourist draw, but banning spectators — both inland and foreign took a toll on the tourism industry.

The Olympics Games are being held behind closed doors without spectators. Due to the massive amount of investment that was put in to host the event, not having spectators is a bitter pill for the public and organizers to swallow.

The cost overruns became the norm for Olympics host cities. The postponement alone cost Japan close to $2.8 billion. Over two-thirds of the amount was covered through public funding. 

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎
Shirlene Grace Isaac

Shirlene Grace Isaac

Shirlene puts words on the Internet because she loves to do so and also for the money! She is a singer, songwriter, occasional poet, artist and muser — all in the body of a 20 something. She's a taleteller of sorts often looking for opportunities to narrate stories untold.

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

Kanye West
Kanye West Net Worth 2024: Biography, Career and Salary
Kanye West. The name brings up a range of emotions. Known for unabashed attitude of speaking whatever comes to his mind and his controversial opinions on music, religion and his fellow human beings, Kanye West is synonymous with fame. The world knows Kanye West, but do you know what he does with his money?
Cardi B
Cardi B Net Worth 2024: Biography, Career and Salary
Think Cardi B and money, music and memes come to mind. The woman who changed the face of rap forever may say it's okurr to be a baddie, but at heart she's a softie for several charitable ventures. She even matches the amounts her fans have given for various causes.
Dwayne Johnson
Dwayne Johnson Net Worth 2024: Biography, Career and Salary
Think muscles, money and the moves and there are chances Dwayne The Rock Johnson pops up in your head. If not, then you may sit up now if you read that he does so much more for the community from his millions in net worth.
Mr Beast
Mr Beast Net Worth 2024: Biography, Charity and Salary
Heard of MrBeast? The American YouTube sensation, philanthropist and entrepreneur. While he mints a ton of money himself, he doesn't keep it to himself. MrBeast, whose real name is Jimmy Donaldson, does a ton of YouTube philanthropy stunts. He gives out large sums of money away to friends, charities and the general public.
Can you Buy Flowers with EBT? Eligible and Non Eligible Items
Best Ways to Celebrate Independence Day at Home
Celebrating Independence Day at home can be a fun and meaningful way to commemorate the holiday. Explore the best ways to plan a festive and enjoyable celebration at home with Beem!
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Get up to 20% on everyday spends

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: