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The Secrets Behind Olympic Economy

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Chenxi Ma

    (Chongqing College of Humanities, Science & Technology, Business School)

Abstract

The Tokyo 2020 Olympic Games (which was actually held in the summer of 2021) and Olympic Winter Games Beijing 2022 have come to successful conclusions, “Olympic Economy” has once again in the social spotlight. According to the surveys, Tokyo 2020 Olympic Games lost 6.4 billion dollars, which could be the highest cost in the Olympic games, whereas many media and authoritative institutions predicted that Olympic Winter Games Beijing 2022 would achieve considerable profits despite precise financial data are not yet available. Because the two Olympic Games were separated by only six months under the same epidemic (COVID-19), which produced very different profit results, the business model of the Olympic Games has attracted the attention of scholars. This essay will collect and analyse expenditures and receipts data of several Olympic Games based on a review of studies on the economic impact of hosting the Olympic Games, and compare the differences in the commercial model between previous and recent period Olympic Games (Los Angeles 1984 Olympic Games as the dividing line). It further explores the factors influencing the profit and loss of hosting the Olympic Games, and comes up with some recommendations in three different ways: the eight years before the Olympic Games, during the Olympic Games, and after the Olympic Games.

Suggested Citation

  • Chenxi Ma, 2022. "The Secrets Behind Olympic Economy," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 396-404, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_58
    DOI: 10.2991/978-94-6463-036-7_58
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