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Marketing Olympians
United States' Nastia Liukin, here at the 2008 Olympic Games in Beijing, is one of the lucky athletes to have about nine sponsors over the last four years, a rare feat.
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All athletes at the London Olympics have gold on their mind. Every athlete there would love to be the next Bruce Jenner, Mary Lou Retton and that swimmer guy -- athletes who won gold and green through their athletic successes.
Sports agent Evan Morgenstein of PMG Sports breaks down the business of the Olympics. Getting the gold is just one part of the equation to scoring lucrative sponsorships, like Nike and that Wheaties box. What sport you're in, how compelling your personal story is and even when you medal play into whether an athlete will make money off their successes.
Even though millions of dollars in advertising is put into the Olympics, Morganstein said in the end, the athletes get shafted.
"Unfortunately, the financial system of the Olympics is just a mess," he said. "There is truly no trickle down of substance for the athletes."
Listen to the interview above to learn more about the athletes' economy and a little secret about the Wheaties box.
Tess this was one of the most interesting interviews you have conducted. Learning about the nitty gritty of an Olympic Athlete's quest for fame and fortune. How they have to be so conscious of their behavior all the time. ( difficult undoubtedly for some of the young ones) Gold , Silver, Bronze and how it effects their marketing ability. The "Wheaties Box". Listening to Morgenstein rattling off the reality of it all. Good good stuff indeed. Coo-dos to you and your team. I listen at least 3 to 4times a week to and from work and on lunch hours in the car. Consistently high quality journalism. Be proud of your product. It is appreciated by those who know.
"Unfortunately, the financial system of the Olympics is just a mess," he said. "There is truly no trickle down of substance for the athletes."
This was one of the most intriguing points made by Morgenstein and I wanted to hear much more, but Tess Vigeland ended the interview there by responding, "Hmm." I'm sure many people don't know anything about the financial system of the Olympics and would like Marketplace to report on it. I look forward to a follow up story.
