{"id":134481,"date":"2021-07-26T00:00:00","date_gmt":"2021-07-26T00:00:00","guid":{"rendered":"https:\/\/trybeem.com\/blog\/economics-of-the-olympics-all-you-need-to-know-about-tokyos-summer-games\/"},"modified":"2024-07-29T08:16:24","modified_gmt":"2024-07-29T08:16:24","slug":"economics-of-the-olympics-all-you-need-to-know-about-tokyos-summer-games","status":"publish","type":"post","link":"https:\/\/trybeem.com\/blog\/economics-of-the-olympics-all-you-need-to-know-about-tokyos-summer-games\/","title":{"rendered":"Economic Benefits of Tokyo Olympics: All you need to know"},"content":{"rendered":"\n

<\/span>After a whole year\u2019s delay, the Tokyo Olympics are here. The world’s best will once again compete head-to-head in the pool, on the track, around the velodrome and high above the trampoline.<\/p>\n\n\n\n

Your favorite Summer Games were initially scheduled for Tokyo in July and August last year. They were delayed for a year because of the coronavirus pandemic. But the good news is that the games began from July 23 to Aug. 8, 2021.<\/p>\n\n\n\n

How much does it cost to host the Olympics?<\/h2>\n\n\n\n

The cost of hosting the Olympics was estimated to be about $15.4 billion back in December, including $2.8 billion for the postponement. Ever since, the projected bill for postponement went up to a solid $3 billion.<\/p>\n\n\n\n

Organizers had initially sold 4.48 million tickets expecting a tourism windfall. But eventually, because of the pandemic, the overseas visitors and domestic spectators were ruled out.<\/p>\n\n\n\n

The ticket revenues were expected to hit $815 million (90 billion Yen) but will now drop to virtually nothing.<\/p>\n\n\n\n

How do they raise so much money?<\/h2>\n\n\n\n

Over 60 Japanese companies came together to sponsor $3 billion for the games. Sponsors even included another $200 million to extend contracts after the games were postponed.<\/p>\n\n\n\n

Do the Olympic medalists get paid?<\/h2>\n\n\n\n

Of course, they get paid. Olympians make money by competing in the games through endorsements. Not a lot is told about how much each athlete takes home but US gold medalists take home $37,000, silver medal winners receive $22,500 and bronze medalists get $15,000 from the US Olympic Committee.<\/p>\n\n\n\n

What else do the medalists get?<\/h2>\n\n\n\n

Olympic medalists take home their most prized possessions \u2014 their medal and their prize money. They also receive a couple of gifts when they win. This year, medalists will stand on the podium with special victory bouquets, which haven’t been used by a host city since the London 2012 Olympics.<\/p>\n\n\n\n

Did it affect the economy?<\/h2>\n\n\n\n

Yes, it did! The Olympics that were to be held in 2020 expected a huge tourist draw, but banning spectators \u2014 both inland and foreign took a toll on the tourism industry.<\/p>\n\n\n\n

The Olympics Games are being held behind closed doors without spectators. Due to the massive amount of investment that was put in to host the event, not having spectators is a bitter pill for the public and organizers to swallow.<\/p>\n\n\n\n

The cost overruns became the norm for Olympics host cities. The postponement alone cost Japan close to $2.8 billion. Over two-thirds of the amount was covered through public funding. <\/p>\n","protected":false},"excerpt":{"rendered":"

The cost of hosting the Olympics was estimated to be about $15.4 billion back in December, including $2.8 billion for the postponement.<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2324],"tags":[568,570,569,504],"edited-by":[],"class_list":["post-134481","post","type-post","status-publish","format-standard","hentry","category-lifestyle","tag-olympics","tag-olympics-cost","tag-tokyo","tag-tokyo-olympics-2021"],"acf":[],"_links":{"self":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/comments?post=134481"}],"version-history":[{"count":0,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134481\/revisions"}],"wp:attachment":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/media?parent=134481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/categories?post=134481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/tags?post=134481"},{"taxonomy":"edited-by","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/edited-by?post=134481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}