Beijing Winter Olympics revenue distribution likely to be lower than the 2018 Pyeongchang level

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The size of the IOC’s distribution of profits by sports in the Winter and Summer Olympics

[IOC 홈페이지 캡처. 재판매 및 DB 금지]

(Seoul = Yonhap News) Reporter Jang Hyeon-gu = The distribution of revenue for each event of the 2022 Beijing Winter Olympics, which was held in February this year, when the novel coronavirus infection (COVID-19) pandemic is not over, was lower than that of the 2018 Pyeongchang Games and remained at the level of the 2014 Sochi Games. seems to be

On the 20th, Inside the Games, an online media that delivers news related to the Olympics, asked the International Olympic Committee (IOC) about the size of the distribution of Olympic profits by sport, and on the 20th ( Korean time) reported exclusively.

Citing data from the IOC, the media reported that the profit the IOC distributed to the International Federation of Sports for the Winter Olympic Games (IF) during the 2018 Pyeongchang Games was US$215 million (about 277 billion won), and the 2014 Sochi Games At the time, it was introduced that it was $199 million, $16 million less than that.

Accordingly, it is expected that the size of revenue distribution for each event at the 2022 Beijing Games will be decided at around $200 million.

As the COVID-19 outbreak has not ended, the Beijing Winter Olympic Games Organizing Committee and the Chinese government have allowed limited access to the stadium to a limited number of spectators in China, without any overseas spectators.

Revenue from ticket sales could not be expected at all, and due to the increase in operating costs due to the operation of quarantine personnel to prevent the spread of COVID-19 and the establishment of the system, a decrease in competition revenue was predicted early on.

IOC's Revenue Distribution Structure
IOC’s Revenue Distribution Structure

[IOC 홈페이지 캡처. 재판매 및 DB 금지]

According to Inside the Games, the news that the distribution revenues for the Beijing Winter Olympics will decrease was made official at the recent International Skating Union (ISU) General Assembly in Phuket, Thailand.

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ISU Secretary-General Freddie Schmidt delivered the IOC’s recommendations to the delegations of each country, and announced that the distribution of Olympic profits to the ISU would be reduced by 2 million dollars to the annual level of 9.1 million dollars, which is the level of the 2014 Sochi Games.

According to the contents of the financial support introduced by the IOC on its website, the IOC’s income comes from the sale of broadcasting rights (73%), the exclusive contract with ‘TOP’ (The Olympic Partner), the highest level of sponsorship (18%), and other profits and rights. (9%).

Of this, 90% of the IOC operating expenses, minus 10%, will be used to support the Olympic venue, athletes and the National Olympic Committee (NOC), and the International Sports Federation (IF) for each event.

During the period 2013-2016, including the 2014 Sochi Winter Olympics and the 2016 Rio de Janeiro Summer Olympics, the IOC spent US$5.7 billion (7.35 trillion won) for this purpose.

The IFs supported by the IOC include 33 official events for the Summer Olympics, 7 sports for the Winter Olympics, 36 IOC-accredited federations such as the World Baseball Softball Confederation (WBSC), Wushu, and Sumo, the Federation of International Federations of Summer Olympic Sports (ASOIF), and the Winter Olympics. There are 81 organizations, including five IOC-accredited international federations, including the Federation of International Federations in Olympic Sports (AIOWF).

cany9900@yna.co.kr

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