Moneycontrol PRO
UPCOMING EVENT:Join us for New HorAIzon from Oct 6-7, 2pm and be a part of exciting conversations on tech & innovation
you are here: HomeNewsTrendsSports

From Rio to Tokyo Olympics, IOA's sponsorship revenue would have doubled if not for COVID-19

Uncertainty due to the COVID-19 pandemic made many brands unsure about associating with Tokyo Olympics. This made things difficult in terms of closing sponsorship deals, according to IOS Sports MD and CEO Neerav Tomar

July 27, 2021 / 02:22 PM IST
Visual of the Tokyo Olympics opening ceremony which took place on July 23, 2021 without spectators (Image: AP)

Visual of the Tokyo Olympics opening ceremony which took place on July 23, 2021 without spectators (Image: AP)

While the Indian Olympic Association (IOA) has seen a 40 percent jump in sponsorship money for the ongoing Tokyo Olympics, revenues could have doubled as compared to the 2016 Rio Olympics had it not been for the COVID-19 pandemic.

According to Neerav Tomar, MD and CEO, IOS Sports, a sports marketing firm that looks at getting such deals for the association, the sponsorship revenue would have been higher if things were normal and if Tokyo Olympics would have happened as planned.

Follow Moneycontrol's full coverage of the Tokyo Olympics here

The Summer Olympic Games happening in Tokyo were scheduled for 2020 and had to be postponed due to rising cases of COVID-19 across the world.

And the uncertainty due to coronavirus pandemic made many brands unsure about associating with the event which made things difficult in terms of closing sponsorship deals.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

"Last year when we started our talks (with brands), the delay was already announced and then we come to 2021 March and India hits lockdown. With so many tragedies all around, no brand wanted to even talk about Olympics. Plus, everyone was quite sure that [Tokyo] Olympics will not happen especially after a big event like the Indian Premier League (IPL) getting suspended. So, brands did not wake up till June and all the 13-14 sponsorship deals for IOA were closed in the last 40-45 days," Tomar told Moneycontrol.

Compare this with the Rio games, deals were closed two months before the event started.

Tomar further said that they got sponsorship deals for IOA as late as on the opening ceremony day of the Tokyo Olympics. It was Adani Group that got on board on the opening ceremony day.

Other sponsors like SFA Pvt. Ltd., JSW Sports will pay IOA Rs 1 crore each and another sponsor MPL has confirmed sponsorship of Rs 8 crore. Amul will be paying Rs 1 crore for a period till December 31, 2021.

Follow LIVE updates of the Tokyo Olympics here

Along with closing sponsorship deals in times of COVID-19, which Tomar says was an uphill task, there were also issues in delivering.

"A sponsor wants shoots with athletes. They want photos and videos, among others. And all of this was difficult due to COVID-19 protocols and athletes being in bio-bubbles."

Yet, IOA has been able to see significant growth in sponsorship revenues for Tokyo Olympics as compared to Rio when the association had around Rs 12 crore from eight sponsors.

This is why Tomar suggests that there being from no market in terms of sponsorship for Olympics, India has seen the space become significantly large.
Maryam Farooqui
first published: Jul 27, 2021 02:22 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark