Sports, for many people, play a critical role in the world. It represents devotion to a lifestyle, passion and hard work. When two teams go head to head, it pits one side against the other to determine who is the best.
Over the years, major sporting events like FIFA, the Olympics, and World Cup Cricket has been able to help host countries not just boost their profile but positively impacts their local businesses. Take Brazil, the host of the FIFA World Cup, who was able to beat the competition from different countries to host the event. Seizing that opportunity helped Brazil attract millions of fans from across the world. The fans almost always have incredible spending power, and thus allowed Brazil to not just cover the required investments but became a source of income for many Brazilian businesses and industries.
More Than Financial Rewards
Hosting a series of events like the Olympic games offer countries more than just financial rewards. It also helps positively impact the social and cultural development of the country. The reason behind it is simple: to ensure that such events are successfully hosted countries need to synergize all the required efforts to ensure unity. It thus reinforces the population’s capabilities both organizationally and operationally.
The increased coverage by the international media as well as by local journalists documenting their time during the events helps to spread the word about the social and cultural norms of the country. Countries benefit significantly from this type of advertising campaign without having to pay a dime for it. That consequently does a great deal of good for the tourism industry that is made up of literally hundreds of small and medium-sized businesses. Not to mention that specific events and various competitions are followed by a huge audience internationally which enhances the image of any country. So, there is an opportunity for the country to take a huge leap in the right direction.
Predicted Impact of the Tokyo Olympics
Japan is already amongst the most advanced countries in the world. Not only that it successfully generates billions of dollars’ worth of technology, with a booming automotive industry. However, hosting the Tokyo Olympics will give Japan an even larger economic boost.
It is estimated that the Olympic games will generate revenues in excess of two trillion dollars for everything from hotels to restaurants and airlines. Not only that, but it will boost tourism for Japan on an unprecedented scale. Also, on the books are several trade deals which are going to be very lucrative for the country.
Japan is known for literally dozens of historical places which are bound to see an uptick in traffic from tourists, many of whom are in the country for the Olympic games. Not only that but Japan will get an opportunity to show a side of the country which is relatively unknown, a side that’s beyond the skyscrapers and serving robots. Perhaps that would be the biggest win for the country and the best outcome for hosting the Olympic games.