What a strange topsy-turvy world we live in when, the day after the International Olympic Committee signs the biggest deal in its history assuring our finances for the next decade and more, the FT publishes a piece claiming that the business model is “showing the cracks of age” and needs to be “reinvigorated” (“Is the Olympic business model broken?”, The Big Read, March 14).
In these uncertain times, how many corporations or global organisations would not be delighted with a 60 per cent increase in commercial revenue in the past 12 years, with the lion’s share of its income already earmarked until 2036? Yes, sponsors come and go: over the past 40 years, 38 different multinational companies from around the world have been part of the IOC’s Olympic Partner (TOP) programme for global sponsors. In the last month alone, we have had two renewals until 2032 and one new partner joining. Not bad for four weeks’ work.
You are right in saying that the shift to streaming means audiences are consuming content in new ways. This is why the IOC has for a long time anticipated this across its media rights agreements, and partners with the world’s leading media organisations — in terms not just of television, but across all media platforms.
Of course there are challenges ahead, but like an Olympic athlete we are already adapting to stay ahead of the pack and preparing to set another Olympic record. Our values will always come first, which is why we distribute 90 per cent of our revenue to athletes and sport worldwide. That’s $4.7mn per day, every day, during the past four years. Another Olympic record.
Mark Adams
IOC Director, Lausanne, Switzerland
