Sports companies, merchandisers cash in on Rio Olympics

Global Business

Sports companies, merchandisers cash in on Rio Olympics1

It should come as no surprise that the Rio 2016 Olympics are branded in thousands of franchised products. Visitors to Brazil will have no shortage of souvenirs to take home. That means big business for merchandisers.

CCTV America’s Paulo Cabral reports from the Rio 2016 Megastore in Rio de Janeiro.

Sports companies, merchandisers cash in on Rio Olympics

Sports companies, merchandisers cash in on Rio Olympics

It should come as no surprise that the Rio 2016 Olympics are branded in thousands of franchised products. Visitors to Brazil will have no shortage of souvenirs to take home. That means big business for merchandisers. CCTV America’s Paulo Cabral reports from the Rio 2016 Megastore in Rio de Janeiro.

Visitors to Copacabana Beach can’t miss the Rio 2016 Megastore, a huge white tent built over the sand.

It is stocked with all kinds of Olympic themed apparel, souvenirs and memorabilia. The products are not cheap (officially licensed goods usually aren’t), but for the people CCTV talked to, preserving memories is worth the price.

“Hosting the Olympic games is something that does not happen every day,” Sergio Gilberti, Brazilian tourist, said. “It will happen in Brazil now and we don’t know when it will happen again here! It’s a historic moment.”

“It’s exciting,” Micaela Wilson, U.S. tourist, said. “I really wanna buy something with Olympic logo on it. The Olympics are something that are very cool, that unites everyone, brings everyone in the world together, so to be a part of that, to have a little token from something like that is really cool.”

“Unfortunately I won’t be here for the Olympics, but being here so close I think it will be a great memory to have a small something to bring back from being here so close to the Olympics and seeing the Olympic preparations,” Susan Austin, U.S. tourist, said.

According to the Brazilian Olympic Committee, licensing contracts have brought in almost $50 million to the games. However, this is still only around 2 percent of the $2.2 billion total organizing budget for the games.

The Rio 2016 Olympics Megastore in Copacabana Beach, has a mix of about 8,000 different kinds of products for buyers to choose from. The sales revenues of these products is not very significant compared to all the sums of money involved in this huge sporting event. But they are very important to promote the Olympic symbols and get them closer to the people.

Nick Price, Rio 2016 Megastore chief commercial officer, said sales are better than expected in the pre-Olympic period and are likely to go up once the games begin. The mascots of Rio 2016 are the best sellers followed by Olympic brand clothing.

“We are reasonably insignificant compared to all of the other revenue streams,” Price said. “Where we are important is allowing the people to touch the games so you can take home a souvenir of your Rio journey. We’re also, I like to think, the friendly face of the games. So our people are, I hope, are very engaging with the consumer.”

There are offerings at the store for all tastes and budgets — and that’s no accident. Companies are looking to appeal to all kinds of consumers and hoping to maximize Olympic profits.


Sports start-ups vie for prize in Global Innovation in Sports Competition

As athletes from all over the world gather in Rio de Janeiro for this year’s Summer Olympics, some sports manufacturers are preparing to compete in an Olympics of their own. The Global Innovation in Sports Competition will match eight startups that will vie for a hefty cash prize and more.

CCTV America’s Hendrik Sybrandy reports. Follow Hendrik Sybrandy on Twitter @hsybrandy

Sports start-ups vie for prize in Global Innovation in Sports Competition

Sports start-ups vie for prize in Global Innovation in Sports Competition

As athletes from all over the world gather in Rio de Janeiro for this year’s Summer Olympics, some sports manufacturers are preparing to compete in an Olympics of their own. The Global Innovation in Sports Competition will match eight startups that will vie for a hefty cash prize and more. CCTV America’s Hendrik Sybrandy reports.

It may be the purest and simplest form of exercise but these days more and more athletes are turning to technology to maximize their workouts and get a little bit faster.

“I would say technology is driving sports and driving athletes’ progression,” Jamie Williamson, Stryd co-founder, said. 

Stryd, a company based on Boulder, Colorado, is at the forefront of that trend. Its wearable technology measures a human body’s power while running. Power, the company argues, is the key metric for runners.

“No one else is doing what we’re doing, which is providing one single number which is describing performance,” Williamson said. “And that describes it all.”

In several weeks, Stryd will match its power meter against seven other sports startups in the Global Innovation in Sports Competition, held by the Hype Foundation in Rio. The eight finalists, who bested tens of thousands of other contestants, will compete for a €100,000 cash prize.

“It’s nice, but I think what’s really important is the opportunity itself,” Li Shang, Stryd co-founder, said. 

Shang said the upcoming Summer Olympics will be a perfect platform for coaches, athletes and even investors to learn more about this device.

Runners are always looking for an edge, a way to train smarter, with a purpose.

Until recently, that edge could only be developed in the laboratory with computers and cumbersome testing equipment. Now, power-measuring technology is smaller and more portable than ever.

“It’s something that’s unobtrusive, so small these days that it’s becoming invisible on your body,” Williamson said. “You don’t even realize it’s there. And it’s always working for you, giving you the numbers that you need right then and there.”

Soon, Stryd and a number of Olympic competitors wearing its power meter will go for gold in Rio.

“For us it’s big,” Williamson said. “The exposure, the location and timing. Being right there at the end of the Olympics with all of the top athletes of the world.”

“The competition is the right place at the right moment,” Shang said. 

Like the athletes. Stryd trying to push across the finish line.

“Winning is what we’re out to do,” Williamson said.