Livigno, Italy — Winter Olympic athletes have shown that success on the slopes and rinks can translate into significant financial gains, turning their achievements into lucrative endorsement deals. Notable among these athletes are freestyle skier Eileen Gu and snowboarder Chloe Kim, who have transformed their athletic prowess into millions in sponsorship earnings.
Gu was a standout during the recent Olympic Games, winning two gold medals and one silver at the Beijing 2022 Olympics, followed by two additional silver medals at this year’s Milan-Cortina Games. Forbes estimates her earnings at $23 million over the past year, making her the highest-paid Winter Olympian. Kim, who captured gold medals in the halfpipe event during the 2018 PyeongChang Olympics and again in Beijing, also expanded her financial portfolio, racking up $4 million in earnings recently.
Key to the commercial appeal of athletes like Gu and Kim is not just their Olympic victories but also their distinct charisma. Marketing expert Rick Burton notes that these athletes possess what he terms “the ‘it factor’”—a blend of talent, personality, and relatability. He emphasizes that fans gravitate toward athletes who exude confidence and charisma, allowing them to build a strong connection with their audience.
Social media savvy plays a crucial role in leveraging their Olympic fame. Gu maintains a robust presence on Instagram and Weibo, where she shares both glamorous photos and more relatable snippets of her daily life, such as her athletic routines and personal interests. This ability to connect with fans on a personal level enhances their marketability, making them desirable to brands.
While Gu and Kim enjoy a rarefied status, the reality is that most Olympic athletes do not secure such lucrative contracts. Many face significant financial challenges just to train and compete. Costs for equipment, coaching, and travel add up, forcing some athletes to maintain part-time jobs or seek crowdfunding support to finance their Olympic dreams.
Additionally, sustaining their fame after the Olympics is often a grueling task. Successful transitions into post-Olympic careers require strategic planning. Some former athletes, such as Apolo Ohno and Kristi Yamaguchi, have turned to competitive reality TV shows to maintain their visibility, while others, like Shaun White, have innovated within their sports to create new competitive opportunities.
As the Milan-Cortina Games draw to a close, a new crop of athletes is emerging with the potential to capitalize on their Olympic experience. Alpine skier Breezy Johnson, who recently won gold and made headlines for a heartfelt proposal near the finish line, may be one of those future stars.
In a rapidly changing sports landscape, the evolution of Name, Image, and Likeness (NIL) agreements may further redefine athlete sponsorship economics. Burton suggests these platforms may provide access to athletes who may not initially stand out but possess the ability to engage audiences effectively through digital content.
While Olympic champions like Gu may achieve staggering earnings, NIL opportunities could offer other athletes a chance to create enduring livelihoods through creative engagement. As the spotlight fades from the Olympics, what remains is the potential for athletes to build their brands, striking a balance between sports success and financial stability.