The International Olympic Committee (IOC) has been facing a series of unfortunate events recently, losing another major financial partner. Japanese company Bridgestone announced that it would not renew its sponsorship contract at the end of the year.
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Bridgestone, a tire manufacturer, follows other Japanese companies like Panasonic and Toyota, which have also ended their partnerships with the IOC. The company, which had been an official partner of the Olympic committee since 2014 and began supporting the Paralympic Games in 2018, explained its decision by stating that it wants to focus more on global motorsport.
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Other top IOC sponsors include companies like AB InBev, Airbnb, Alibaba, Allianz, Atos, Coca-Cola, Deloitte, Intel, Omega, Procter & Gamble, Samsung, and Visa. While Japan used to play a key role in Olympic sponsorship, the IOC is now increasingly turning to markets in China, the Middle East, and India to replace its lost partners.
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In the Olympic cycle culminating in the Tokyo Games, the IOC generated $7.6 billion. in revenue. Financial results for the current cycle, which will conclude with the Paris Olympics, have not yet been released, but it is estimated that income from top sponsors will increase from $2 billion to $3 billion.
