Share to Facebook Share to Twitter Share to Linkedin PARIS, FRANCE - AUGUST 01: Gold medalist Simone Biles of Team United States celebrates after ...
[+] competing in the Artistic Gymnastics Women's All-Around Final on day six of the Olympic Games Paris 2024 at Bercy Arena on August 01, 2024 in Paris, France. (Photo by Pascal Le Segretain/Getty Images) Getty Images 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 .