It is with both honor and prestige that a country is given the opportunity to host the Olympic Games. The nature of the Olympics is to praise the talent and athletic excellency of its participants. Some athletes go, knowing they will yield no medals, but are happy simply to compete. As spectators, we get to watch these athlete's push themselves towards both personal goals and an underlying pressure to represent their country. The implication is both political and monetary for each participant, spectator and host country.
With the Winter Games in effect, we wanted to explore just how much money is invested in bringing the Olympics to the public. From advertising and event tickets to wardrobe and construction costs, how much does it really cost to participate in the Olympics and what are the financial rewards. Can it be measured in Gold, Silver and Bronze?
Here are some fun facts regarding the Winter Olympics:
The total operating budget for Vancouver 2010 Winter Olympics is $1.75 billion.
For your interest, click here to see the updated budget for Vancouver:
Tickets for this year's events in B.C. vary in price from $25 up to $1,100 for a seat at last Friday's Opening Ceremony.
The total projected budget for London 2014 is £1.5 billion ($2.3 billion USD).
In 1984, the LA Winter Olympics were privately financed, not publicly supported as they once were, resulting largely in the first commercialization of the Games. It was also in LA that the financial impact of hosting the Olympics was first studied.
The actual value of an Olympic gold medal is approx. $300. Yet, because of the rarity of the medals they can sell for as much as $101,500 as in case of Otylia Jedrzejczak, who auctioned her medal to support Polish Children's Hospital.
According to Wikipedia, the Olympic Movement generates revenue through five major programs including broadcast partnerships and ticketing and licensing programs. From 2001-2004 the Olympic Movement generated more that $4 billion in revenue.
We hope you will stay tuned and cheer for your team this February,
Savvy Student
Sources:
http://www.pages.drexel.edu/~rosenl/sports%20Folder/Economic%20Impact%20of%20Olympics%20PWC.pdf
http://wiki.answers.com/Q/What_is_the_value_of_an_Olympic_gold_medal
http://www.vancouver2010.com/more-2010-information/about-vanoc/business-plan-and-games-budget/
With the Winter Games in effect, we wanted to explore just how much money is invested in bringing the Olympics to the public. From advertising and event tickets to wardrobe and construction costs, how much does it really cost to participate in the Olympics and what are the financial rewards. Can it be measured in Gold, Silver and Bronze?
Here are some fun facts regarding the Winter Olympics:
The total operating budget for Vancouver 2010 Winter Olympics is $1.75 billion.
For your interest, click here to see the updated budget for Vancouver:
Tickets for this year's events in B.C. vary in price from $25 up to $1,100 for a seat at last Friday's Opening Ceremony.
The total projected budget for London 2014 is £1.5 billion ($2.3 billion USD).
In 1984, the LA Winter Olympics were privately financed, not publicly supported as they once were, resulting largely in the first commercialization of the Games. It was also in LA that the financial impact of hosting the Olympics was first studied.
The actual value of an Olympic gold medal is approx. $300. Yet, because of the rarity of the medals they can sell for as much as $101,500 as in case of Otylia Jedrzejczak, who auctioned her medal to support Polish Children's Hospital.
According to Wikipedia, the Olympic Movement generates revenue through five major programs including broadcast partnerships and ticketing and licensing programs. From 2001-2004 the Olympic Movement generated more that $4 billion in revenue.
We hope you will stay tuned and cheer for your team this February,
Savvy Student
Sources:
http://www.pages.drexel.edu/~rosenl/sports%20Folder/Economic%20Impact%20of%20Olympics%20PWC.pdf
http://wiki.answers.com/Q/What_is_the_value_of_an_Olympic_gold_medal
http://www.vancouver2010.com/more-2010-information/about-vanoc/business-plan-and-games-budget/
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