Winning a gold medal is a priceless athletic achievement. Or is it? Although there's no way to put a price tag on athletic excellence, there is a price tag on the Olympic brand. This year that price reached a staggering $47.6 billion. To put it in perspective, the Olympic brand is the second most valuable brand in the world, trailing only Apple's $70.6 billion.
According to a report by Brand Finance, the value of the 2012 Olympic Brand is up 86 percent over the Beijing Olympics in 2008, when it was valued at $25.4 billion. The numbers are expected to rise again with the 2016 Olympics in Rio de Janeiro.
Although these numbers are wild, they make sense. Since the Summer Olympics happens at four-year intervals, fans, cities and businesses have ample time to build anticipation and make plans for the event. This promotes entrepreneurial activity by people and companies looking to capitalize on the games. As the event nears, they find ways to associate their name with the Olympics, lock in contract deals with the Olympic Committee, and stamp the Olympic brand on their merchandise to generate sales.
As long as countries continue to send their athletes, the Olympic brand juggernaut will continue barreling down the track toward an astronomical monetary value.
Source: Brand Finance
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