How much did china invest in the 2008 summer olympics?
When Beijing hosted the Summer Olympics in 2008, it said it had spent $6.8 billion, but that did not include the tens of billions more it used to build roads, stadiums, subway lines and an airport terminal. Daily business updates The latest coverage of business, markets and the economy, sent by email each weekday.
China spent about $8.8 billion on the Beijing Winter Olympics, per the Financial Times. The true cost of the Games far outpaced China's stated budget.
Tokyo paid about $13.6 billion for the 2020 Summer Games. London spent about $15 billion in 2012. Though it would still rank lower than the price tag for China's Summer Games in 2008, which cost a whopping $42 billion.
Beijing's first Olympics symbolized China's ascension as a prosperous modern country and a great power. The 2008 Games debuted China's new stature, wealth, and capacity to accomplish the daunting task of putting on an especially ambitious and lavish Olympics.
For the 2008 Beijing Olympics, the city spent $40 billion to earn $3.6 billion. In 2012, London spent $18 billion to generate just $5.2 billion in revenue — and the host cities don't even get to keep all of what they earn. The IOC takes more than half of all TV revenue, which is the biggest piece of the pie.
This is the second Olympics to take place during COVID and, as was the case in Japan last summer, China decided not to sell any tickets to the games. Even in non-pandemic times, hosting the Olympics was not exactly a money-maker.
In fact, China spent at least $16 billion on the 2022 Winter Games, including more than $800 million in cost overruns on Olympic facilities and more than $13 billion in indirect costs, according to a review by The Wall Street Journal of government procurement notices, construction records and other public statements ...
The Beijing 2022 Winter Olympics could cost China more than US$38.5 billion, ten times higher than the country's estimate of US$3.9 billion, according to a Business Insider investigation.
No city in the modern era has ever profited from hosting the Olympics, except for Los Angeles in 1984. But L.A. didn't have to build a stadium; and, as the only bidder, the city had unique leverage to dictate favorable terms.
The Tokyo 2020 Olympics generated record domestic sponsorship revenues of more than US$3.3 billion from 68 sponsors, according to the IOC, a sum which was three times greater than the previous Summer Games in Brazil.
Did Beijing make a profit from the Olympics?
The last two Olympics that aired on NBC prior to Comcast's acquisition of the company—Beijing 2008 and Vancouver 2010—failed to recoup their combined $1.7 billion rights fee, and the massively popular 2012 London Games just about broke even, despite an ad sales haul of $1.25 billion.
China's self-image
Powered by a massive stimulus package, China weathered the economic turbulence better than many developed economies. Its gross domestic product grew from almost $5 trillion in 2008 to $18 trillion in 2021, making China the world's second-largest economy after the U.S.
Spending around a month in the Olympic village can be costly for Olympic athletes. However, the Olympic Committee tends to pay for most of the expenses, such as food, accommodation and transportation. Most teams have corporate or private sponsors who pay for the Olympians' costs.
Experts say China has used the Olympics to reinforce political ties and influence its global and domestic reputation. Beijing says it is the boycott that has politicized the games.
IOC delegates and the media identified a number of factors in its favor, including the size of the country, improvements in Chinese anti-doping enforcement, and its close loss to Sydney, Australia eight years earlier.
IOC members chose what they believed to be the less risky option, which has not turned out that way. “It really is a safe choice,” IOC President Bach said at the time. “We know China will deliver on its promises.”
Beijing individual gold medalists are entitled to 3,049 BSB, or about $143,000 at the current level. Eighth place is worth 153 BSB, or about $7,000.
But to the average end user in Beijing's Olympic bubble, China's e-CNY payments system operates the same way as a prepayment card. Guests at the Olympic Village use cash to top up an e-CNY card, which they can then use for contactless payments at any point of sale in the Olympic Village.
It's priceless, of course, but it also happens to be worth at least $750 at current metal prices. IOC regulations are generally understood to require that Olympics gold medals contain at least 92.5% silver, plated with at least 6 grams of gold.
A centralized global sales program unveiled by Paris Olympics organizers calls for pricing nearly half of the 10 million total tickets at no more than 50 euros ($55). For the 2024 Paralympics, prices start at 15 euros ($15.60) and about half of the 3.4 million tickets will cost no more than 25 euros ($27.50).
Who makes money from the Olympics?
A nonprofit organization, it's funded entirely with private money. According to the IOC's own numbers, 73% of its revenue comes from broadcasting rights, 18% comes from marketing rights and 9% comes from other rights and revenue streams.
Compensation for winning medals varies by country. The U.S. Olympic Committee pays $37,500 for a gold medal, $22,500 for a silver, and $15,000 for a bronze. Given the cost of training, financial support for athletes needs to come from other places.
| Country | Bonus For Gold In An Individual Event | Total Medals |
|---|---|---|
| United States | $37,500 | 25 |
| France | $73,000 | 14 |
| Canada | $16,000 | 26 |
| Germany | $22,000 | 27 |
Seven secured the rights to three Olympic Games back in 2014, a multi-million deal includes the TV rights to the Rio De Janeiro Olympics, Tokyo, and the winter games in PyeongChang, South Korea in 2018. The deal was reported to be worth $200 million.
Olympic bids and hosted Games
The People's Republic of China has hosted the Games on two occasions. Beijing is the first city to have hosted both the Summer and Winter Olympics.
The 2008 Olympics were watched by 3.5 billion people worldwide, and featured the longest distance for an Olympic Torch relay. The 2008 Games also set numerous world and Olympic records, and were the most expensive Summer Olympics of all time, and the second most expensive overall, after the 2014 Winter Games in Sochi.
The Opening Ceremony was unforgettable; the athletes' achievements were astonishing, the organisation was excellent; the venues, breathtaking and the anti-doping tests were stricter. Several hundred million watched worldwide on TV as more than 40 world records and over 130 Olympic records were broken.
Net Worth: $100 Million
Jenner won the 1976 Olympics decathlon event in Montreal and she is considered to be the world's greatest athlete. As of 2022, Caitlyn Jenner's net worth is estimated to be roughly $100 million, making her the richest Olympian in the world.
According to the International Olympic Committee, gold medals are required to be at least 92.5 percent silver, and are plated with about 6 grams of pure gold. A spokesman from the Beijing 2022 committee confirmed that this year's gold medal follows those regulations.
- scmp.com Jul 2021: Now 34 and retired from athletics, the “Lightning Bolt” continues to earn from lucrative endorsem*nts, which give him the majority of his income of about US$20 million per year.
