The 15-day countdown is on for the Paris Olympics 2024. The Indian Olympic Association has thus far inked agreements with 14 brands, with the outlook positive that more will come on board by the time the Games kickstart from July 26.
The IOA has reportedly closed agreements worth Rs 50 crore ($6 million), with the likes of Reliance, JSW, Yes Bank, EBCO, PUMA, and Adani Sportsline leading the charge. The brands plan to amplify their presence with substantial marketing spends, expected to exceed Rs 150cr.
The partners IOA has onboarded at the time of writing are – Reliance Industries, Reliance Foundation, JSW, Bharat Petroleum, Aditya Birla Capital, Yes Bank, EBCO, PUMA, Adani Sportsline, Dream Set Go, Herbalife, Borosil, Amul, Inox Leisure and Taswa.
As Neerav Tomar, MD of IOS Sports & Entertainment, the official commercial agency of the Indian Olympic Association, told BusinessLine recently: “…Some of these (agreements with the IOA) are long-term deals, while some of these are fresh deals inked just for the Paris Olympics.
“Overall, the brands have inked licencing deals worth about Rs 50 crore for the Paris Olympics with the IOA. Further, these brands are expected to make substantial marketing spends on campaigns and activations to leverage these partnerships. So the marketing spends by these brands could be in the vicinity of over Rs 150 crore.”
While there has been interest from larger established players, some emerging brands are also expected to announce partnerships with IOA. “There were challenges during the Tokyo Olympics as it was in the midst of the pandemic. So, the response for the Paris Olympics from brands has been very encouraging. This is just the start. We expect the number of brands and ticket size in terms of deals to keep growing from here on,” Tomar further told the business daily.
As for the International Olympic Committee, it has already secured $1 billion+ in sponsorship revenue. In a significant move, the IOC has relaxed restrictions on individual athletes’ endorsements, allowing brands more diverse opportunities to connect with the Olympic spirit.
Media and Broadcasting
Sports18 and JioCinema, the official broadcasters and streaming platforms for the Paris Olympics in India, are finalizing sponsorships and advertising deals. Reports indicate multiple sponsorship agreements are already in place.
India’s trip to Paris Olympics to cost Rs33+cr
In related news, Times of India had recently reported that the projected expenditure for Team India’s trip to Paris, which includes travel, accommodation, equipment, and logistics for athletes, support staff, government officials, and IOA delegates, is expected to be Rs 33.68cr ($4m).
This figure is significantly higher than the approximately Rs 13.1cr spent by the government for the Tokyo Olympics.
Scheduled to run from July 26 through to August 11, the Paris Olympics is set to be the largest since the 2016 Rio Games, presenting unprecedented opportunities for brands to engage with global audiences.
