The Olympic Games originated almost 3,000 years ago dating as far as 776 B.C. Our modern day Olympic Games date back to 1896 in which the Summer and Winter games alternate every other two years.
Modern day Olympic Games are much different from the ancient Greek Games but still share some qualities. The ancient games were more focused on competing for the honor of the gods, where as today’s games are mediated on the athletes competing for their country.
Every since the first games the Olympics has continued to grow and become a large global platform for some of the world’s most impressive athletes. Different countries and nations come together and send their most valuable athletes to represent them in competition. Time and time again the Olympics has proven to be one of the world’s most “profitable global media events” (Lee).
We all know that the Olympics exploits some of the world’s greatest athletes, and being that it only occurs every 4 years (Summer & Winter) makes it even more attractive and effective in the sports industry. Franchises and companies realize this and want to use the games as an effective way to market their own brand. For example, Nike is releasing a new foamposite shoe called the “Olympics” just around the same time as the upcoming Olympics with the colors of the American flag. The games are recognized globally and works as a media outlet for Nike to use for their own benefit.
The ‘global arena’ of the Olympics is one of the world’s most watched sporting events. (Lee). Using the Olympics as a marketing platform is a major key for many people ranging from CEOs of multi million dollar companies to Franchises who want to build their brands. This is especially true for the broadcasting industry.
Broadcasting the Olympics is one of the most effective marketing propagandas used with the Olympics. The games are watched by millions. These broadcasting companies pay sums in the billions to gain rights to air the Games. For example, NBC spent $3.5 billion in order to broadcast the Olympic Games from 2000-2008 (Lee).
Broadcasting the Olympics is most definitely a great marketing tool to use. In actuality, the games are just the platform for broadcasting companies and different media. For example, NBC buys the rights to air the Olympics. After the rights have been purchased NBC now can air their own advertisements during the Olympics to gain even more recognition. The Olympic Games indirectly opens outlets for additional marketing benefits other than itself.
The Olympics is strict on ‘attaining revenues from advertisement’ that is why it is considered a platform. Most of the revenue from the games is generated from sponsorship. Companies that choose to sponsor the Olympics obtain global recognition which indefinitely increases the world’s awareness of their brand and can aid sales. Consider this, what if you owned a sports drink company who sponsored the Olympic Games! Think about how much global attention that draws to your brand and much revenue there is to obtain from that. From equipment to merchandise the concept remains the same.
The Olympic Games is the ultimate sports marketing platform that creates effective media outlets on a global scale.
Written by Samuel Pettway https://www.linkedin.com/in/sam-pettway-248536124?trk=hp-identity-name
General Editor: Macy Marin https://www.linkedin.com/in/macy-marin-833311112
“Marketing and Promotion of the Olympic Games | The Sport Journal.” The Sport Journal. Johnny K. Lee, n.d. Web. 29 July 2016.