The Paris Olympics are starting next week from Friday. The cost to the French government of the 33rd Olympics, which continues until August 11, has been estimated at around nine and a half billion dollars.
So what will the French gain from investing so much? Will this oldest sports event prove to be economically beneficial for France or will it be a white elephant for France like the previous Olympics?
The power of the five colored Olympic spheres
The Olympics itself is a powerful brand that provides a global platform for the host country to improve its international reputation and standing.
The Olympics originated in southern Greece 2,800 years ago when the games were held in Olympia to honor the Greek god Zeus. Beginning in 776 BC, these ancient games were held every four years and continued for more than 1,000 years.
Although the Olympics began as part of a religious festival in the rural Greek town of Olympia, the modern Olympics began in Athens in 1896, and since then the Games have been held in 23 cities and 20 countries.
About 10,500 athletes from more than 200 countries participating in 32 different sports are participating in the Paris Olympics, which will be watched by regarding four billion people around the world on their screens.
The five rings of the Olympics were designed 110 years ago by Frenchman Pierre de Coubertin, which is now one of the most recognizable logos on the planet.
These circles represent the union of the five continents Africa, America, Asia, Europe and Oceania.
This popularity and positive aspects justify the billions spent by some countries on the Olympic brand. Host countries hope that this Olympic glitz will improve their nation’s reputation on the world stage, but that is not always the case.
This section contains related reference points (Related Nodes field).
Benefits of hosting the Olympics
Financial benefits include broadcasting rights, sponsorships and advertising from organizations that wish to be associated with the Olympic brand, which can generate major sources of revenue.
The Olympic brand is very attractive to sponsors and advertisers, and there are benefits that France will receive long following the event, such as fostering solidarity, a sense of national pride, and increased participation in sports through social and Physical health benefits include:
The event also generates a lot of income from domestic and international tourism. One and a half million spectators are expected to arrive in the French capital for the Paris Olympics. Most tourists are local and domestic, but around 3 million additional tourists are expected in Paris during the Games.
The resulting improved infrastructure and civil works to prepare the city for the Olympics provide many lifestyle benefits to citizens such as an upgraded transport system, accommodation, hospitality, sports facilities and enhanced city scenery.
Other important benefits relate to strengthening the geographic and cultural brand of the host country. For France this includes strengthening and promoting its geographical products such as wine, agricultural products and food products.
The ‘2024’ logo can be seen on the old port of Marseille, France, following winning the bid to host the Olympics on September 13, 2017 (AFP)
Champagne is probably one of the most recognized French products. It illustrates how its connection to the place of origin reassures consumers of regional and French cultural values and the qualities and quality of the product.
What are the disadvantages?
Many Olympic Games have failed to turn a profit. Many countries and cities remained in debt for decades following the event, for example Rio, Montreal, Beijing and Athens.
In addition, infrastructure built specifically for sports in many cities, including athletes’ residences, aquatic centers and large stadiums, fell into disrepair.
The success or failure of the Paris Olympics will determine the future of whether the large investment in hosting such mega-events is justified.
Note: This article first ‘This Conversation’ was published on and this translation is released under Creative Commons.
#France #benefit #spending #billion #dollars #Paris #Olympics
2024-07-22 01:31:58
