Some Winter Olympics athletes achieve a different kind of gold – financial success that extends far beyond the podium. Freestyle skier Eileen Gu and snowboarder Chloe Kim exemplify this trend, leveraging their Olympic fame into lucrative sponsorship deals. Gu, for instance, earned $23 million over the past 12 months, the most of any Winter Olympian, according to Forbes.
Winning and Beyond
Achieving Olympic glory is the foundational requirement for this level of financial reward. Gu secured two golds and one silver medal at the 2022 Beijing Winter Olympics, adding two more silvers at the recent Milan-Cortina games. Kim mirrored this success with two consecutive gold medals in halfpipe snowboarding at the 2018 PyeongChang and 2022 Beijing Games, followed by a silver in Milan-Cortina.
However, athletic achievement alone isn’t enough. Marketers describe a crucial additional trait: “telegenic” looks. Gu’s modeling work for Victoria’s Secret and inclusion in the Sports Illustrated swimsuit issue demonstrate this appeal. Despite controversy surrounding her decision to compete for China despite being raised in San Francisco, Gu’s marketability remains exceptionally high.
The “It” Factor and Social Media Savvy
Beyond athletic prowess and appearance, a certain intangible quality contributes to an Olympian’s bankability. Rick Burton, former head of marketing for the U.S. Olympic Committee and now a professor at Syracuse University, calls it the “it factor.”
“We love that they’re winners and we celebrate winners in our culture. And I think they look good doing it,” Burton said. “But they also have an outward vibrancy. It’s not necessarily that they’re extroverted, but it’s that they are comfortable in that moment.”
Chloe Kim’s bubbly personality, alongside her athletic achievements, has proven to be marketing gold, earning her $4 million over the last year, according to Forbes.
Increasingly, a savvy social media presence is also essential. Gu actively engages with fans on platforms like Instagram, sharing glimpses into her life beyond competition – from a rice cooker she brought to the Milan-Cortina Olympics to everyday routines. She also maintains a significant presence on the Chinese social media platform Weibo, with nearly 8 million followers. Kim similarly uses Instagram to connect with fans, recently posting a video about a new pair of denim shorts.
This ability to appear relatable is highly valued by marketers and sponsors.
The Financial Realities for Most Olympians
While athletes like Gu and Kim achieve multi-million dollar earnings, This represents far from the norm. Many Olympians face significant financial challenges simply to reach the Games. Affording equipment, coaching, and insurance can be a substantial burden, often requiring athletes to hold part-time jobs or even launch crowdfunding campaigns – as seen with a partner of the Jamaican bobsleigh team.
Sustaining relevance beyond the four-year Olympic cycle is another hurdle. Athletes must actively work to maintain their visibility and appeal to sponsors. Some, like Shaun White, have created their own competitions to generate additional opportunities. Others, such as Apolo Ohno and Kristi Yamaguchi, have found success on reality television shows like Dancing with the Stars.
Emerging Stars and the Future of NIL
Alpine skier Breezy Johnson is emerging as a potential future star with significant marketing potential. Her gold medal in downhill skiing at the Milan-Cortina Games, coupled with her boyfriend’s proposal near the finish line of her super-G race, generated considerable media attention.
The rise of Name, Image, and Likeness (NIL) sponsorships is also poised to reshape the financial landscape for Olympians. Burton believes that athletes who can effectively leverage these opportunities, even without winning medals, could find new avenues for income.
“The athletes that maybe we’re going to be talking about over the course of the next month may not be photogenic,” Burton said. “They may not have won an event or medaled, but they may actually be people who are really good at using platforms that are available to them in this creator economy.”
He added that creating viral moments or engaging content could be key to attracting and retaining an audience, and monetizing their personal brand.
While NIL deals may not generate the $23 million earned by Eileen Gu, they could provide a sustainable income for many Olympians, turning years of athletic dedication into a viable career path.
