As the July opening ceremony for the 2024 Paris Olympics draws closer, more than a dozen Indian companies have approached Indian Olympic Association (IOA) for sponsorships and endorsements for top-notch athletes like Neeraj Chopra, PV Sindhu, Mirabai Chanu, Lovlina Borgohain, and exceptional performers like Kishore Kumar Jena, Manu Bhaker and Manika Batra. According to market analyst Kroll, Olympic gold medallist in javelin Neeraj Chopra has total brand value of $29.6 million.
Aviral Jain, Managing Director, Valuation Advisory Services at Kroll told Storyboard18 that Chopra’s consistent on-the-field golden performance and off-the-field calm demeanor have made him a unique endorsement property amongst the top sporting celebs. Chopra is on the roster of brands like Samsung, Limca, Tata AIA, and Under Armour. Recently, he added endorsements including Britannia, Bharat Petroleum, and Optimum Nutrition to his portfolio. Overall, Neeraj Chopra holds around 15 brands in his portfolio.
On the other hand, badminton champion PV Sindhu’s brand value has also been on an upward trajectory, since her historic win at the 2016 Rio Olympics. At present, the brand value of the ace shutler stands at $21.9 million as per Kroll data. The 29-year-old has been the face of major brands across sectors, from financial services like Bank of Baroda to global sports merchandise like Yonex. Sindhu recently signed endorsement deals with many brands, including Visa, Amazon, Bridgestone, and Spinny.
Apart from these prominent stars, emerging athletes like Lakshya Sen, the new poster boy of Indian badminton, have added brands like DBS Bank, and Herbalife to his portfolio; and Mirabai Chanu is endorsing brands like Adidas, Amway, and Limca Sportz. Further, Lovlina Borgohain has caught the attention of brands like Bisleri and Good Nutrition Way among others.
Rahul Trehan, COO at IOS Sports & Entertainment said, “Before the Tokyo Olympics, only one or two queries used to come for brand deals with athletes but now it has surged to 50-60”. He added, “Brands are now interested in both long-term and short-term marketing deals with athletes. Over the past year, there has been a notable increase in brands looking to sponsor athletes who have qualified for the Olympics”.
IOS Sports & Entertainment, which is the official marketing agency for the Indian Olympic Association said that the commercial value of athletes varies significantly, ranging from a six-digit cost for a short post or reel to a seven-digit cost for a shoot or an advertisement. The values vary based on the achievements, popularity, and market demand of an athlete.
For instance, Olympic bronze medallist in welterweight in the Tokyo Olympics Lovlina Borgohain, weightlifter Saikhom Mirabai Chanu, and Table Tennis champion Manika Batra command significant commercial value due to their consistent performance in international competitions. Their commercial value with endorsements and sponsorships ranges in the mid to high six-seven-figure range.
Chanu signed endorsement deals with Domino’s, MV (apparel brand), and a global deal with Adidas, in addition to RBL Bank and Amrutanjan following her stellar performance at the Tokyo Olympics 2020. Borgohain also inked deals with Britannia, Bisleri, OnePlus, Royal Enfield, and Adidas after winning a bronze medal in the 2020 Olympics. Trehan said IOS has also signed three deals for Borgohain that are yet to be announced, these include a ceramic tiles brand and an energy drink brand.
‘IOA clinches deal with Indian corporates’
In addition to this, corporates have also inked agreements with the Indian Olympic Association (IOA) for the Paris Olympics 2024. According to IOS Sports & Entertainment, 14 brands have signed deals with the IOA with Adani Group, Aditya Birla Capital, Bharat Petroleum Corporation Limited (BPCL), and Reliance Foundation being the principal sponsors. BPCL has come on board in a long-term deal that will continue till the Los Angeles 2028 Olympic games.
The talent management company told Storyboard18 that Borosil, AMUL, and INOX Group are the associate partners while PUMA India is the performance shoe and traveling kit partner, Dream Set Go is the official travel partner, Herbalife is the official nutrition partner, and TASVA will be providing the ceremonial kits for the Indian Contingent. As per the industry experts, numerous other brands will be engaging in various small-scale promotions during the upcoming Olympic Games.
“We have secured partnerships in the range of Rs 50 crore through various sponsorship deals for the Paris Olympics. However, there are various forms of involvement and activation, which go beyond these financial commitments. For instance, if we take a figure of Rs 50 crore for licensing and access to players for shoots, imagery, and certain events, the activations by these brands are typically three times that amount. Therefore, you can expect a minimum activation value of Rs 150 to Rs 200 crore from these brands,” Rahul Trehan, IOS Sports & Entertainment said.
India’s official governing body for Olympic and Commonwealth Games has amassed big brand deals since Tokyo 2020. The interest by corporates has led to a more than 2x rise in sponsorship value at around Rs 50 crore. The deal values are striking when compared with the Rio 2016 Olympics, representing an approximate 2000% surge. Tehran said the value of individual deals has risen, with premium partnerships going north of Rs 7 crore.
The 2024 Paris Olympic Games will take place from July 26 to August 11, 2024.