There were over 10,000 athletes competing in this year’s Olympics. But very few left Paris with medals. Even fewer became household names like Simone Biles and Usain Bolt who have raked in over $10 million and $30 million, respectively, in sponsorship deals.
That’s why more Olympians competed to gain followers on social media in hopes of creating a new source of income, especially with so many athletes barely getting by. That includes Megan Kalmoe, a bronze medalist rower, who works multiple jobs to make ends meet. Same goes for Sarah Robles, a weightlifter who relied on food stamps while training.
But there was a shift happening this year. In 2024, TikTok and Instagram changed the way athletes approach the Olympics more than ever. That, along with recent updates to the official Olympic rules, helped even more athletes monetize their moments in the global spotlight.
The Economics of Being An Olympian
The International Olympic Committee (IOC) does not provide monetary compensation to Olympians, not even to gold medalists. This begs the question: how do Olympians actually make money? The answer lies in a complex history deeply rooted in the evolution of modern sports.
To understand the financial struggles of today’s athletes, look back at the history of the Olympic Games and its prizes. Ancient Greek athletes competed not for money but for honor and the admiration of the gods, symbolized by an olive wreath. Although wealthy supporters sometimes rewarded winners with cash prizes, tickets, and statues, the cost of participating in the Olympics was high which limited the competition to the sons of wealthy landowners and traders back in the day.
When the modern Olympic Games were founded by Pierre de Coubertin in the late 19th century, the tradition of awarding non-monetary prizes continued. Initially, winners received silver medals and runners-up received copper medals, with no prize for third place. It wasn’t until 1906 that the now-familiar gold, silver, and bronze system was introduced. However, athletes still received no monetary compensation.
The Impact of The “Amateurism Rule”
One of Coubertin’s lasting contributions to the Olympics was the strict amateurism rule, which barred athletes from accepting sponsorships or monetary rewards when competing. This rule, meant to preserve the “purity” of the games, had profound consequences for athletes like Jim Thorpe, who won gold in the decathlon and pentathlon at the 1912 Stockholm Games. After it was revealed that Thorpe had previously played semi-professional baseball (earning a mere $5 per game), he was stripped of his medals for violating the amateurism rule.
This rule was designed to maintain the exclusivity of the games to the upper classes, modeled after English upper-class sportsmanship. As the Olympic movement grew, the strict amateurism rules persisted, even as the traditional wealthy European athletes were replaced by competitors from more diverse backgrounds. Despite brands like Adidas providing free equipment to athletes, direct sponsorships and brand deals were still prohibited.
The Evolution of Sponsorships
By the late 20th century, the financial landscape of the Olympics began to shift. The IOC could no longer afford to reject economic gains, especially after the Montreal Games in 1976 resulted in a near $1 billion loss. In response, the IOC introduced exclusive sponsorship deals, starting with the 1984 Los Angeles Games, which turned a $200 million profit and marked the Olympics’ transition into big business.
But here’s the kicker: despite these lucrative sponsorship deals, very little of this money trickles down to the athletes. The IOC earns over $7 billion in an Olympic cycle, yet athletes receive no direct compensation. Instead, they must rely mostly on their own sponsorships as well as prize money, which varies significantly depending on the country they represent.
For instance, Singapore offers $700,000 to any athlete who wins gold, while Russian athletes receive houses and luxury cars. In contrast, U.S. gold medalists earn just $37,000, and many top U.S. athletes receive only a few hundred dollars per month from their national Olympic committees.
The Power of Social Media: New Avenues for Income
While athletes like Usain Bolt earned over $20 million in 2012, primarily from sponsorship deals, athletes in less prominent sports struggle to make ends meet. Megan Kalmoe, a bronze medalist in rowing, shared a $1,000 per month house with a fellow athlete and had to find a mechanic who accepted monthly payments when her truck broke down. Despite her Olympic success, she received no stipend from the U.S. Olympic Committee after returning from London and had to work a part-time desk job to support herself.
Despite these challenges, some athletes have turned to social media to bolster their incomes and build their brands. A perfect example is Alica Schmidt, a German sprinter who gained attention during the Tokyo 2020 Olympics despite being an alternate for her team and never officially competing on the track.
Nevertheless, she gained over 500,000 at the last Olympics by posting behind-the-scenes videos and today has over 5 million followers along with partnerships with Puma, Hugo Boss, and more. Schmidt now earns significantly more through her online presence than from her athletic achievements alone.
Another notable example is Pita Taufatofua, the Tongan athlete who became a viral sensation after appearing shirtless during the opening ceremonies of both the 2016 Summer Olympics and the 2018 Winter Olympics. Taufatofua has used his newfound fame to build a substantial following on social media, where he promotes various brands and causes, earning income that supports his athletic pursuits.
Even athletes in less mainstream sports have found success online. For instance, Nastia Liukin, the 2008 Olympic gymnastics all-around champion, has built a substantial online following through her blog and Instagram, where she shares fitness tips, fashion advice, and personal stories. Her online presence has led to partnerships with brands like Olay and Adidas, providing her with a steady income stream outside of her athletic career.
Similarly, Ilona Maher and Fred Richard have leveraged their social media platforms to enhance their visibility and financial stability. Ilona Maher, an American rugby player, gained popularity for her humorous and engaging TikTok videos during the Tokyo 2020 Olympics. Since then, she has used her viral status on social media to advocate for body positivity and increased awareness of women’s sports. By 2024, she was announced as a brand ambassador for Secret deodorant and co-founded a new skincare brand called Medalist. As the most followed rugby player in the world on Instagram, her influence continues to grow.
Fred Richard, a young gymnast, has also used social media to his advantage, sharing gymnastics training routines and athletic challenges with his 900,000 followers. He also sells a line of apparel under his name and has worked with major brands like Marriott International, Crocs, Celsius, and Peloton.
Even creators themselves are bringing more eyeballs to these athletes beyond just the TV broadcasts. One example is Brittany Broski, a popular social media personality who has been actively covering the Olympics on her platforms. By sharing highlights, behind-the-scenes moments, and interviewing Olympians like Ilona Maher, she has helped amplify their visibility, making it easier for them to connect with a wider audience and potentially secure new sponsorships and partnerships.
The Future of Olympians as Creators
The Olympics today are vastly different from a century ago, with more athletes, more spectators, and more money. Yet, the financial rewards for athletes remain minimal. While the IOC continues to earn billions from sponsorships, the athletes who make the games possible see little of this wealth. The majority of Olympians only qualify for one Olympics in their lifetime, making it crucial for them to capitalize on their brief moment in the spotlight.
As the Olympics evolve, it is time for the financial model to evolve as well, ensuring that the athletes who inspire millions are adequately supported both on and off the field. Until then, social media has helped many athletes win over followers, fans, and sponsors even if they don’t win a medal.
