Why U.S. Sponsors Are Keeping a Low Profile This Olympics
The Journal.
The Wall Street Journal
4.2 • 5.8K Ratings
🗓️ 2 February 2022
⏱️ 17 minutes
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| 0:00.0 | The Winter Olympics starts this Friday with a big opening ceremony in Beijing. |
| 0:11.5 | It's an exciting moment for athletes and for the corporate sponsors that pour hundreds |
| 0:16.8 | of millions of dollars into the Olympics. |
| 0:20.8 | So there are 13 top tier sponsors of the International Olympic Committee. |
| 0:25.0 | The top tier sponsors of the International Olympic Committee are from the US, VISA, Airbnb, |
| 0:31.0 | Procter and Gamble, Coca-Cola and with the last one in Tel Corp. |
| 0:35.0 | And what that means is that they pay tens of millions of dollars and they get to use the Olympic logos. |
| 0:41.0 | Officially, no one else gets to do that. |
| 0:43.0 | So they could run a TV ad that has the Olympic rings on them, Coca-Cola can slap the Olympic rings on when their cans were bottles. |
| 0:49.0 | And they get to tell the world, hey, we help make the Olympics happen. |
| 0:53.0 | And he says companies are willing to pay big for those coveted top sponsorships. |
| 0:58.0 | The International Olympic Committee says that for the last two games it has data for, top sponsors poured in more than a billion dollars. |
| 1:07.0 | Why is it worth all that money for them? Just for a couple of rings on their products. |
| 1:12.0 | You think about the logos that are most recognizable in the world. |
| 1:16.0 | And I don't think there's many more recognizable than the Olympic rings. |
| 1:19.0 | In the Summer Olympics, for example, there are 200 countries that come. |
| 1:23.0 | Can you go to 200 countries and get people recognized, one logo for anything else? |
| 1:27.0 | It's nice if, you know, Coca-Cola can be associated with that. |
| 1:30.0 | Because the Olympics are like the pinnacle of a good feeling event. |
| 1:35.0 | Yeah, exactly. It's a feel-good event where all the world's different cultures come together in one place for peaceful competition. |
| 1:42.0 | At least, that's the concept. |
| 1:45.0 | But this year, sponsoring the Olympics has been more fraught than feel-good. |
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