With an unforgettable Opening Ceremony featuring an array of K-pop stars and cultural performers, the Winter Youth Olympic Games (YOG) Gangwon 2024 got underway in style today. The event was hosted simultaneously at the sold-out Gangneung Oval, with 4,500 spectators, plus athletes and other YOG stakeholders, and the fully booked PyeongChang Dome, with 4,300 people.

The ceremony revolved around the theme of “The Universe” and evoked the Gangwon 2024 slogan, “Grow Together, Shine Forever”, with inspiring performances telling the story of a young heroine, Wuri, who dreams of experiencing winter sports on an ice planet before becoming the brightest star of her own universe.

Addressing the 1,802 athletes from 78 National Olympic Committees (NOCs) who will be participating in these Games, International Olympic Committee (IOC) President Thomas Bach invited them to enjoy their Olympic experience. “Dear young athletes: this is your moment,” he said. “You are following in the footsteps of sporting icons who made Olympic history right here at the Olympic Winter Games PyeongChang 2018″.

“Now it is your turn. Give it your best at your first Olympic competition. Make new friends. Live the Olympic values. Respect yourself. Respect your competitors. Respect the rules. Enjoy your Olympic experience! This is your time – to grow together – and to shine forever!”

President Bach also paid tribute to the hospitality of the Republic of Korea, while again highlighting the links between Gangwon 2024 and PyeongChang 2018.

“Let us all thank our wonderful Korean hosts. Thank you, Korea, for giving this new generation of young athletes the stage to live their Olympic dream,” he said. “This is a true Olympic legacy.”

He continued: “Dear volunteers, this is also your moment to shine. Thank you, Korea! All of us – athletes, IOC Members, volunteers, members of the Organising Committee, officials, authorities, spectators – all of us will live the Olympic motto: Faster, Higher, Stronger – Together.

“It is now my great honour to invite the President of the Republic of Korea, His Excellency Yoon Suk-yeol, to declare open these Winter Youth Olympic Games Gangwon 2024.”

The Winter Youth Olympic Games build on the legacy of the Olympic Winter Games PyeongChang 2018. Seven out of the nine competition venues at these YOG were also used six years ago.

K-pop stars thrill local fans

In addition to welcoming the young athletes to Gangwon, the ceremony also celebrated Korean culture with a diverse line-up of artists, dancers and singers from the host nation. Newly formed boy band LUN8 and girl band Triple S both took to the stage at the Gangneung Oval, which also saw performances from renowned Korean rappers and hip-hop award winners Ash Island and Changmo, traditional Korean band Lennalchi, and celebrated dance crew Ambiguous Dance Company.

Meanwhile, fans at the PyeongChang Dome were able to enjoy live performances by Korean singer Taeyeon, Korean rappers Hwasa and BewhY, 1 Million Dance Studio, and Korea-based Filipino boy band Hori7on.

Flame of the future

As is customary, the Gangwon 2024 ceremony also featured traditional elements of Youth Olympic Opening Ceremonies, including a parade of the competing NOCs’ flags, the playing of the Olympic Anthem, and oaths taken by athletes, coaches and officials.

The Games were officially declared open by the President of the Republic of Korea, Yoon Suk-yeol. Afterwards, the time came for the much-anticipated lighting of the Youth Olympic cauldron.

A “digital cauldron” located outside the venue in Gangneung Olympic Park was also lit simultaneously, with the virtual LED flame set to provide a unique attraction for fans and visitors attending the Games.

Now, with the cauldron lit, the attention turns to the 1,802 young athletes who are set to shine across two weeks of sporting action, starting Saturday morning.

New Delhi, January 17, 2024: With the Paris Olympics looming on the horizon, the spotlight is extensively focused on the sports sector ahead of the Union Budget 2024. In 2023, the industry received an allocation of INR 3397.32 Cr, marking its highest-ever budget allocation in history with a jump of over INR 300 Crores.

Out of this, Khelo India got the maximum budget allocation of INR 1045 crores and has played a pivotal part in shaping the industry’s growth. Given the significance of last year’s budget, the nation’s sports industry stakeholders are united in their vision for the upcoming Union Budget as a critical player in shaping India’s future on the global stage, not just in Paris but also for India’s future Olympics bid.

Punit Balan, Chairman & Managing Director of the Punit Balan Group, expressed his optimism, stating, “Last year’s significant boost in the sports budget showcased the government’s commitment to supporting athletic talent. Considering the Paris Olympics 2024 this year, I hope to see a continued emphasis on encouraging and building future stars. The combination of grassroots initiatives like Khelo India and the professional leagues is essential for nurturing talent and ensuring a sustainable ecosystem for Indian sports.”

Looking beyond the Paris Olympics, India also aspires to host the 2036 Olympics.

Tenzing Niyogi, CEO and League Commissioner of Ultimate Kho Kho emphasized the need for strategic allocations, noting, “Aligning with the nation’s vision to host the 2036 Olympics under the leadership of our honorable Prime Minister Shri Narendra Modi, we expect a strategic allocation for non-cricketing sports for infrastructure and talent development across diverse sporting disciplines. Furthermore, the allocation of funds from NSF is also of utmost importance as it will serve as a catalyst for nurturing grassroots programs and identifying as well as developing raw talent. An increase in the National Skill Development Fund is also imperative. This is not only in line with making India a multisport-playing nation but also with the creation of more opportunities through the PPP model to engage and entice additional corporate participation in the Sports Movement.”

As the sporting landscape in India evolves, Suhail Chandhok, U Mumba’s CEO, emphasized the importance of channeling resources into the development of indigenous sports leagues, the identification of talent, and the nurturing of grassroots initiatives.

“With the rapid development of emerging homegrown sports leagues, we anticipate an allocation of funds to elevate their prominence in the country. We also hope for a strategic focus on talent identification and grassroots development which to me are crucial pillars for creating a vibrant sports ecosystem. Investing in these areas will not only promote but also contribute to the sustainable development of diverse sporting disciplines,” he said.

Addressing the crucial aspect of international-level coaching, facilities, and sports sciences, Vikas K Gautam, CEO of Yuva Kabaddi Series, commented, “The allocation of funds towards the training of coaches is crucial, given the current lack of infrastructure and the absence of internationally standardized coaching facilities. It is imperative to recognize that only well-trained coaches can cultivate athletes to compete at the international level. Emphasis on holistic development programs, focusing on talent identification and nurturing, nutrition, and sports science, to create a well-rounded ecosystem for aspiring athletes.”

Aditya Reddy, Co-Founder & CEO of Gamepoint, brought attention to the fiscal aspects of the sports sector, emphasizing that reducing GST could play a pivotal role in its transformation by remarking, “In order to transform the sports sector in India, it is imperative to encourage and incentivize private sports organizations. This can be made possible by reducing the GST on sports services from 18% to 12%, incentivizing the establishment of sports goods manufacturing in India through a PLI scheme for sports equipment, and facilitating access to government, railways, and PSU sports facilities for the general public. If necessary, involving private organizations in managing these facilities under a PPP model can enhance both management and maintenance efficiency.”

Strategic allocations and funding play an instrumental role in the roadmap to transforming India into a true sporting nation. A well-supported sporting ecosystem by the government will not only contribute to success in events like the Paris Olympics but will also lay the foundation for a sustainable and thriving industry.

Following the announcement of the first Torchbearers, captains of the team Relays, Paris 2024 today has had good news for the majority – 80% – of the 11,000 people who will have the unique experience of carrying the Torch on the Paris 2024 Olympic and Paralympic Torch Relays. 

As key events marking the start of the Games and the celebrations, the Olympic and Paralympic Torch Relays, supported by their official sponsors, Coca-Cola, Banque Populaire and Caisse d’Epargne, are unique occasions which set the Olympic and Paralympic Games apart from any other sports event in the world. The arrival of the Olympic Flame in Marseille, aboard the three-masted Belem on 8 May 2024, will launch the start of the journey of the Torchbearers throughout France. 

Of the 11,000 Torchbearers (10,000 for the Olympic Torch Relay and 1,000 for the Paralympic Torch Relay), 80% have today received confirmation that they will be carrying the Torch on one of the two. The final identities will be revealed between now and April. Some will be kept secret until the last moment to maintain the surprise, notably of athletes and personalities.  

The Torchbearers now selected join the large family of Forerunners, all those who play and live sport on a daily basis and who will make the Paris 2024 Torch Relay a success. Whether they are anonymous or well known to the public, they will be the first faces of this Relay. 

What they all have in common is that they share one of the three energies that shape the identity of the Torch Relay: the energy of sport, the energy of the communities or the energy of the regions. 

As an example of those selected as part of the Club Paris 2024 campaign: Benjamin, a 43-year-old musician has cycled across France despite his paraplegia; Hayet, a 21-year-old volunteer is engaged in education through sport in priority neighbourhoods; Marc is a seasoned sportsman who still cannot get enough of extreme challenges at the age of 70; Marie, 37, works on a daily basis to combat chronic illnesses and help children with autism; William is 30-year-old skipper passionate about nautical innovation; and Ranitea is a 19-year-old Polynesian student who is strongly committed to the development of women’s sport.  

The Torchbearers will be of all ages, 50% are women and 50% are men, and they represent 100% of the French departments. 

The Torchbearers will pave the way for the Games and the celebrations 

By carrying the Olympic Flame and the Paralympic Flame on the roads of France, the Torchbearers will launch the start of celebrations throughout the country. Starting on 8 May 2024, as soon as the Olympic Flame arrives in Marseille aboard the Belem, they will raise excitement levels in all the regions to prepare the public for the arrival of the Games.  For almost three months, from 8 May to 26 July 2024, 10,000 Olympic Torchbearers will meet French people in over 400 towns and cities, including five overseas regions (French Guiana, Reunion Island, French Polynesia, Guadeloupe and Martinique) before the Olympic Games Opening Ceremony. 

They will again remobilize the country before the return match of Paris 2024, the Paralympic Games. For four days, from 25 to 28 August 2024, the Paralympic Torch Relay will pass through more than 50 towns and cities prior to the Opening Ceremony in the heart of the capital at the Place de la Concorde. 

The selection of the Torchbearers has mobilised the whole Paris 2024 ecosystem since 1 June 2023 

To find the Torchbearers, from 1 June to 15 October 2023, Paris 2024 mobilised a multitude of partners from its ecosystem, with their strong capacity for engagement and their links to the regions: the official sponsors of the Torch Relays, corporate partners, the sports movement, the Games stakeholders and the regions visited by the Relays all contributed to this selection via various methods: applications, sponsorship, competitions, prize draws, etc. All selected persons share one of the three energies of the Torch Relay: the energy of sport, the energy of the communities or the energy of the regions.   

More than 100,000 applications and/or nominations were collected via the different campaigns of the two sponsors of the Torch Relay and Club Paris 2024: 

• 30,000 nominations via the Club Paris 2024 campaign – ending on 30 June 2023 
• 15,000 candidates via the Coca-Cola campaign – ending on 15 October 2023 
• 55,000 candidates via the Banque Populaire and Caisse d’Epargne campaigns – ending on 30 September 2023. 

Tony Estanguet, Paris 2024 President: 
“The Torch Relay is, above all, a human adventure, represented by the stories of each Torchbearer. Be they athletes or sports enthusiasts, committed to their local communities or involved in meaningful community projects, the people we call the Forerunners represent the richness and diversity of our society. With them, the Torch Relay will be a wonderful moment of openness, transmission and sharing. Congratulations to all our Torchbearers, and we look forward to seeing you on the roads of France, from 8 May 2024, to experience this fabulous adventure together!” 

Claire Revenu, Coca-Cola General Manager, Olympic and Paralympic Games Paris 2024: 
“The Torchbearers we have selected have been chosen for their unique backgrounds and stories. Their role will be more than just passing on the Torch, they will become the bearers of a powerful message, spreading the unity that characterises the Olympic Games. By carrying the Flame, they represent openness, sharing and transmission between individuals, cultures and nations, reinforcing the idea that sport can inspire the world to unite in the celebration of performance, excellence and fair play.  
I sincerely thank all those who have placed their trust in us and shared a part of their story. Among them, we have selected consumers, young people from Sport dans la Ville, but also company employees, athletes, content creators, public figures, partners and customers.” 

Pierre-Laurent Berne, Banque Populaire Director of Development: 
“Banque Populaire is delighted to be involved in the Olympic and Paralympic Torch Relays and to take this opportunity to shine the spotlight on those who are the pride of all our regions by making a name for themselves in their own region. With all the future Torchbearers, we share success and energy in their undertakings. We look forward to sharing these unforgettable moments with them.” 

Jacques-Olivier Hurbal, Caisse d’Epargne Director of Development: 
“As a sponsor of the Olympic and Paralympic Torch Relays, Caisse d’Epargne is proud to be able to shine the spotlight on the women and men who inspire our regions and help to create a bond by encouraging commitment and living together. The Torchbearers will represent these contributions in the local context to which we are committed as regional cooperative banks.” 

The International Olympic Committee (IOC) today announced that AB InBev, the world’s leading brewer, will become a Worldwide Olympic Partner (TOP Partner) through to 2028. Corona Cero zero-alcohol beer will be the global beer sponsor of the Olympic Games, highlighting the IOC and AB InBev’s commitment to responsible consumption and building a better world. Together, they will reach billions of Olympic fans around the world with messages of connection, moderation and celebration.

IOC President Thomas Bach said: “The IOC is delighted to announce its new partnership with the world’s leading brewer, AB InBev. Our organisations share a vision of supporting sport and athletes. As a global brand, Corona Cero will engage fans around the world in celebrating the magic of the Olympic Games and cheering for the athletes’ sporting achievements. In line with Olympic Agenda 2020+5, both of our organisations are actively contributing to the UN Sustainable Development Goals. As the IOC redistributes 90 per cent of all its revenue to support sport around the world, ultimately the revenue from this agreement will support every Olympic team and their athletes. Together, we look forward to creating a future with more cheers!”

AB InBev CEO Michel Doukeris said: “Beer and sports are better together, so we are proud to be the first beer sponsor for the Olympics at the Worldwide Olympic Partner level. Beer is the beverage of moderation and choice, and so it’s only fitting to lead with our fast-growing zero-alcohol beer, Corona Cero, for this occasion. This partnership illustrates the opportunity for our category to positively impact and engage with billions of fans around the world, ushering in a new era of Olympic spirit and cheers while supporting favourite countries and athletes as they go for gold. We look forward to partnering with the IOC, and activating at the 2024, 2026 and 2028 Games.”

With centuries of brewing history, AB InBev has seen countless new friendships, connections and experiences built on a shared love of sport and beer. Sport is a strong force for positive change, and AB InBev brands are pleased to be a part of that legacy with decades of historic, award-winning and responsible sports marketing. AB InBev is committed to accelerating continued progress towards responsible alcohol consumption and moderation worldwide and will work to further that effort by featuring Corona Cero, its fast-growing zero-alcohol beer brand, as the leading global Worldwide Olympic Partner brand.

Both AB InBev and the IOC are committed to creating a better world for the athletes, fans and consumers around the world by actively contributing to the UN Sustainable Development Goals. Sustainability is important to the AB InBev business because brewing great beer depends on a healthy, natural environment and thriving communities.

AB InBev Chief Marketing Officer Marcel Marcondes said: “As we continue to invest to grow the category, we are excited to bring our beer brands to the Olympics and be a Worldwide Partner for these amazing events. Corona is one of our fastest-growing global brands, reaching consumers across 180 countries, and through this partnership, we expect Corona Cero to accelerate no-alcohol beer growth and moderation for fans all over the world. In the United States, we will support the Olympics through the Olympic and Paralympic Games LA 2028 with Michelob ULTRA, a superior light beer that celebrates an active lifestyle.”

Jiri Kejval, Chair of the IOC Revenues and Commercial Partnerships Commission, said: “AB InBev manages some of the world’s most recognised brands. The company will be a natural addition to the TOP programme, which brings together some of the world’s leading companies with a shared vision of supporting sport to build a better world.”

The agreement also includes marketing rights for the International Paralympic Committee (IPC) and the Paralympic Games through the IOC-IPC long-term collaboration agreement.

About Anheuser-Busch InBev

Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Stella Artois®, and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden®, and Leffe® ; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 167,000 colleagues based in nearly 50 countries worldwide. For 2022, AB InBev’s reported revenue was 57.8 billion USD (excluding JVs and associates).

AB InBev is contributing to the UN Sustainable Development Goals and broader global sustainable development agenda while building resilient supply chains, productive communities and a healthier environment. We have placed a deliberate focus on contributing progress toward the goals where we can use our scale and partnerships to drive meaningful positive change. Learn more at https://www.ab-inbev.com/sustainability/2025-sustainability-goals/

In a recent development surrounding the Paris 2024 Olympics, Tony Estanguet, the president of the organizing committee, has responded to concerns raised by Sebastian Coe about the high cost of attending the Games. Coe, the president of World Athletics and former head of London 2012 Olympics, had warned that the ticket prices for the athletics finals at the Stade de France might deter genuine fans, highlighting prices ranging from €85 to €990 for various categories.

Estanguet argued that the pricing strategy for Paris 2024 was in line with, if not cheaper than, previous Olympics, particularly when compared to London 2012. He noted that a significant portion of the Paris Olympics’ budget relies on ticket sales, necessitating a range of ticket prices, including premium options. He pointed out that, adjusted for inflation, the maximum ticket price for London 2012 would be just over €1,000 today, slightly above the highest ticket price for Paris 2024.

Addressing concerns about potential empty seats, Estanguet reassured that the event’s ticketing strategy aims to ensure full stadiums and a festive atmosphere. He highlighted the commitment to making the Games accessible to a wide audience, with over four million tickets priced at €50 or less and a million seats available at a starting price of €24.

Estanguet’s defense of the ticket pricing comes amidst a broader discussion on the affordability and accessibility of major sporting events. The Paris 2024 Olympics, set to be a significant event in the global sports calendar, aims to balance budgetary needs with the objective of wide public participation and enjoyment. With Estanguet’s remarks, the organizing committee stands firm on its pricing strategy, emphasizing value and experience over cost.

The Olympic Games are a spectacle of human achievement and unity, but behind the scenes, they represent a significant economic undertaking for host cities. The financial impact of hosting the Olympics is a complex and often controversial subject, with cities worldwide experiencing varying degrees of success. Here, we delve into the economics of hosting the Olympics, analyzing the financial implications for past and upcoming host cities like Tokyo 2020 and Paris 2024.

The Tokyo 2020 Summer Olympics

Initially budgeted at $7.3 billion, the Tokyo 2020 Games’ costs ballooned to over $13 billion, according to the organizing committee’s final report. However, some government audits reported that the total cost could be twice as much, factoring in various development projects related to the Games. The postponement of the Olympics due to the COVID-19 pandemic only added to the financial strain, increasing expenses for staffing, renegotiating contracts, and implementing health and safety protocols.

Despite the high costs, the Tokyo Olympics were unique in that they saw no revenue from ticket sales—a first in the Games’ history—due to the pandemic, severely impacting the expected income. The Games still generated significant revenue from domestic and international sponsorships and broadcast rights, which amounted to $3 billion and $2.9 billion, respectively.

The long-term benefits for Tokyo may be less tangible. The investments in infrastructure, such as improved transport systems and urban development, are expected to benefit the city for years to come. However, the anticipated tourism boom, a typical economic benefit of hosting the Olympics, was absent because of travel restrictions, potentially offsetting long-term gains.

Paris 2024 Summer Olympics

Paris 2024 presents a different scenario. The city’s bid committee estimated the cost of hosting the Summer Olympics at €6.8 billion ($7.5 billion). This budget includes €3 billion for operations and €3.8 billion for infrastructure, of which 95% is expected to be used for permanent structures. French authorities aim to make the Paris Olympics the first Games in history to align with the Paris Agreement on climate change, which may influence the long-term economic impact.

The funding model for Paris 2024 relies heavily on private investment, with the organizing committee forecasting revenues of €1.1 billion from ticket sales and €1 billion from sponsorships. The French government is also expected to contribute, but a significant portion of the infrastructure costs will be funded through public-private partnerships, reducing the financial burden on taxpayers.

Paris hopes to capitalize on the Games to boost tourism and showcase French culture and innovation. The city plans to use the Olympics as a catalyst for long-term projects, including developing the Grand Paris Express metro system and constructing the Olympic Village, which will be converted into housing post-games.

Weighing the Benefits and Costs

The economic success of hosting the Olympics often hinges on long-term benefits, which can be unpredictable. A study by the Centre for Economics and Business Research estimated that the London 2012 Olympics contributed £9.9 billion ($13.2 billion) to the UK economy over the following four years. Conversely, cities like Athens and Rio de Janeiro struggled with post-Olympic costs, with many facilities falling into disuse.

Host cities must carefully weigh the immediate financial burden against the potential for long-term economic stimulation. The key lies in sustainable planning, using the Games as a means to accelerate existing infrastructure projects and urban renewal initiatives that align with the city’s broader economic goals.

Conclusion

The economics of hosting the Olympic Games is a high-stakes game of financial planning and strategic foresight. While Tokyo 2020 faced unprecedented challenges, Paris 2024 is an opportunity to set a new standard for economic sustainability. As the International Olympic Committee continues to reform the bidding and hosting processes through Agenda 2020 and the New Norm, future host cities may find a more balanced economic equation that allows for both an immediate spectacle and a lasting legacy.