Watch VideoU.S. Olympic brand brings value to Colorado Springs
Story By: Bill Folsom
Source: KOAA
Published Thu Apr 03, 2008, 05:05 PM MDT
Updated Fri Nov 28, 2008, 07:21 AM MST
Athletic excellence and gold medals by Olympic athletes have the backing of sports management. This business side of sport was evident with the announcement of the more than fifty-million dollar deal struck between The United States Olympic Committee and the City of Colorado Springs. The city ensured the U.S.O.C. stays in Colorado Springs for the next twenty-five years.
There were a lot cheers when the deal happened and some questions of; what's in it for the city? One element of the deal is the city will now be able to incorporate the highly respected U.S. Olympic brand into city marketing.
It raises a second question: What’s the value? "Suffice it to say it is substantial. That's going to have a tremendous positive impact on the city," says University of Colorado at Colorado Springs, Sports Marketing Professor, Eric Olson. He points out, sport is a nine hundred billion dollar a year industry in the United States. That “encompasses Olympics, to pro sport, to parks and recreation.” Also, sports gear and products.
In terms of recognition Olson says, "The Olympic rings [are], one of the most widely recognized symbols worldwide, one of the most protected brands and trademarks in the world." The U.S.O.C. actually employs people to make sure the U.S. Olympic brand shows up only where there's permission. “Because there's an image to uphold and we're talking about some very, very large amounts of money.”
With the new deal the City of Colorado Springs will now be able to share the prestige of the Olympics. While the city can use the U.S. Olympic logo, this is a business deal requiring U.S.O.C. approval of how and where the brand is used.
