Athletes Eye Commercial Gold as Paris Games Illuminate Path to LA 2028 Success

As the 2024 Paris Olympics unfold, the spotlight shines brightly on elite athletes from around the globe, captivating audiences with performances that could define their careers. Among them, Simone Biles stands out not only for her gravity-defying gymnastics but also for her status as a cultural icon. With celebrities such as Tom Cruise and Kendall Jenner attending her events, and a successful Netflix documentary under her belt, Biles is already pondering her future, including a potential return for the Los Angeles Olympics in 2028 at the age of 31. However, for many athletes, the challenge lies in transitioning from Olympic fame to lasting relevance. As they ride the wave of newfound visibility, the necessity to cultivate commercial opportunities becomes paramount. The upcoming LA Games promise a unique and potentially lucrative platform for athletes; marketing and branding efforts are expected to soar in a country that thrives on celebrity culture. Historically, only a select few Olympians have maintained their relevance beyond their sport. Icons like Michael Phelps and Usain Bolt have successfully transcended their disciplines, with Biles now joining their ranks. The spotlight now shifts to rising stars like France's Leon Marchand and American sprinter Noah Lyles, both of whom are eager to leverage their athletic achievements into lucrative endorsements. Lyles, fresh off a gold medal victory, has expressed his ambition to secure his own sneaker deal, stating, "There's money in sneakers." Meanwhile, Marchand, who has already garnered attention with a partnership with Omega and participation in a Louis Vuitton campaign, is viewed as an athlete poised for greater commercial success leading into 2028. The ability to convert athletic success into financial gain often hinges on strategic planning. Peter Carlisle, managing director at Octagon and former agent to Phelps, emphasizes the importance of having a post-Games strategy. He outlines how the immediate aftermath of an Olympic performance is critical; athletes must act quickly to maximize their exposure, ensuring their marketability when the excitement of the Games fades. Despite the enormous talent showcased at the Olympics, financial rewards can be modest. The U.S. Olympic and Paralympic Committee offers gold medalists $37,500, while silver and bronze medalists receive lesser amounts. Consequently, many athletes rely heavily on commercial partnerships for their income. Biles exemplifies this, having amassed $7.1 million in earnings in 2023, with only a fraction from prize money. Moreover, brand partnerships can extend beyond mere athletic performance, often not contingent on Olympic participation. Biles, who recently shifted her sponsorship from Nike to Athleta, is also set to embark on a multi-state tour, further maintaining her relevance and capitalizing on her Olympic legacy. The experiences of past Olympians, such as Phelps, illustrate the value of post-Olympic tours and appearances in boosting an athlete's profile. Carlisle recalls how creating a national tour helped Phelps build a lasting presence in the media landscape, ensuring he remained a household name ahead of the Beijing Olympics in 2008. For Marchand, the days following the Paris Games will be crucial. His management team must strategically build upon his Olympic profile, potentially exploring opportunities in various sectors beyond swimming. Jafari, a sports management expert, argues that maximizing the momentum generated at the Games is essential for long-term success. However, not all athletes will enjoy the commercial spoils of success. While the LA Olympics may present tremendous opportunities, the competitive nature of endorsements means that most athletes will struggle to capture significant revenue post-Games. Jafari suggests that while a handful of athletes will thrive commercially, many will find it challenging to secure lucrative contracts. With the clock ticking towards LA 2028, agents and athletes alike are already strategizing to harness the potential financial opportunities that await. Carlisle foresees a landscape where non-rights holders engage with athletes in unprecedented ways, creating pathways for lucrative sponsorships that could sustain athletes financially. As the Paris Games continue, many athletes will return home with hopes of capitalizing on the buzz surrounding their performances. While the path to commercial success is fraught with challenges, the promise of the LA Games looms large, offering athletes the chance to build and control their marketability in a way that could redefine their careers.