Paris Olympics: Sponsorship revenue surpasses Rs 50 crore, up nearly 70% from the previous season.
According to those in the know, sponsors’ response to the Paris Olympics has been positive, thanks to a shift in corporate thinking towards non-cricket sports and a record haul of metals in the Tokyo Olympics.
Paris Olympics 2024
The world of sports is in motion again, with the Paris Olympics 2024 just around the corner. The excitement appears to have translated into sponsorship revenues for the event, which, according to sources, have exceeded Rs 50 crore.
e4m has learned that sponsorship sales have increased by roughly 70% over the previous edition (Tokyo Olympics 2020, which was staged in 2021 due to COVID-19).
According to sources, advertiser reaction has been positive this year compared to previous Games. “This year, the Indian Olympic Association (IOA) secured more sponsorships than in prior years. So far, it has surpassed the Rs 50 crore milestone, and they are currently looking for more sponsors.”
The 2017 Paris Olympics will begin on July 26 and end on August 11.
e4m has also learned that sponsorship earnings for the Tokyo Olympics 2020 were approximately Rs 30 crore. It’s worth noting that the Tokyo Olympics took place during the pandemic when advertising’ finances were restricted. The IOA had signed 11 sponsors for the 2020 competition.
New Indian Olympic Partners
The Indian Olympic Association (IOA), which governs the Olympic Movement and the Commonwealth Games in India, has signed 14 Indian Olympic Partners, including Bharat Petroleum Corporation Limited (BPCL), Reliance Industries, Reliance Foundation, Adani, Aditya Birla Capital, Dream Set Go, Yes Bank, Herbalife, Borosil, EBCO, INOX Leisure, AMUL, JSW Inspire, PUMA, and TASVA.
Airbnb, Coca-Cola, Panasonic, P&G, and Samsung are among the world’s sponsors.
Rahul Trehan, COO of IOS Sports & Entertainment, IOA’s official marketing agency, told exchange4media that the perspective of the 16-day multi-sports event in India has changed dramatically since the Tokyo Olympics 2020. The government’s involvement has influenced the mindset of large Indian firms that support non-cricket sports.
“Companies are now significantly spending in sponsorships, generating advertising featuring athletes and marketing them across multiple channels. This increased investment reflects a rising trust in the marketability of athletes such as Neeraj Chopra, PV Sindhu, Nikhat Zarin, Lovlina Borgohain, Satwiksairaj Rankireddy, Mirabai Chanu, and Chirag Shetty, who have big fan bases. Brands are confident that these efforts will result in more engagement and visibility,” Trehan said.
In 2016, IOA appointed IOS Sports & Entertainment as their marketing agency. This is their third Olympics with the IOA. “When we first started, the reaction to the Rio Olympics was relatively poor, and Edelweiss was our main sponsor. Slowly and surely, brands entered the scene, but things altered after the Tokyo Olympics,” he explained.
Trehan added that people are becoming more aware of the Games, and India’s performance makes the Olympics appealing to advertisers.
The Indian contingent at Tokyo 2020 consisted of 124 athletes, the biggest number sent by the country to the Games. India also won seven medals, our most in a single Olympics, with Neeraj Chopra’s historic gold medal in the men’s javelin throw being the standout.
Trehan also stated that brands have started doing individual sponsorships with athletes, such as Britannia signing up six athletes from India for the Olympics.
Kajaria, a tile maker, has signed three athletes – Manika Batra, Nikhat Jareen, and Manu Bakar – via IOA’s marketing agency. “Brands are doing individual-level sponsorships with the athletes,” Trehan told me.
Meanwhile, Sports18, the Olympics’ official media partner, has recruited four sponsors so far, including SBI and JSW as ‘co-presenting sponsors’ and Herbalife as an ‘associate partner’. PNB has signed on as a special partner.
According to industry analysts, the Olympics provide an excellent opportunity for businesses to show their support for the Indian team while also aligning with the Games’ worldwide platform.
“By sponsoring, partnering with athletes, and participating in cause-related activities, companies may boost their reputation and form emotional bonds with customers who value sportsmanship, excellence, and national pride. This support not only raises brand visibility but also improves brand perception among the audience,” according to an industry expert.
India will send around 120 athletes to the Olympics this year, including an athletics team led by defending men’s javelin champion Neeraj Chopra. The group includes a 21-member shooting squad and a 16-member men’s hockey team.
