Cue: Tokyo Drift from Fast & Furious... Except, not so fast. After a year-long pandemic postponement, the 2020 Olympics kick off this Friday in Tokyo — and they're now called the 2021 Olympics. Some key numbers:
You don't have to bring home the gold... if it's already home. For decades, hosting the Olympics has been a source of national pride. But while the Olympics are touted as an engine of economic growth and urban revitalization, the economic benefits of hosting aren't clear. Evidence points to no real change in economic activity for host countries — but very real costs.
The Olympic economy is an unequal ecosystem... While Japan would've taken an even bigger financial hit by cancelling, it still stands to lose the most. The Japanese hospitality and transportation sector is expected to lose up to $1.4B. Meanwhile, the IOC is poised to make $4B in television rights income, despite zero attendees. Companies with broadcast rights will be fine, too: NBCUniversal has already beat the $1.2B it earned for Rio ads. But sponsors like Asahi will get less bang for their buck without the ability to get stadiums of spectators chugging the “Tokyo 2020 Official Beer.”