Olympics started firstly in Greece in 1896 to showcase the sporting talent across the world. After that it becomes popular and many countries started to become host cities for Olympic events. Countries want to attract people to know how they are developed so that people will visit the country.
By this many countries earn lots of money and make it profitable for ownself. But now the scenario is changing, many countries are not showing interest to host this event.
For the 2024 Olympics, only Los Angeles and Paris showed interest, because of this Paris got an opportunity for this event. Surprisingly for the 2022 winter Olympics, only Kazakhstan and China showed interest in bidding, and Beijing won it.
Many economists said now Olympics is not interesting to host and remain profitable. Why this is happening? Here are the reasons for why this is happening.
Athlete
Today there are many professional leagues where athlete showcases their talent and earn lots of money. But during the old days, athletes think if they will win medals in Olympics they will get popularity and earn money.
But many successful athletes show less participation in the Olympics and prefer their professional league. So international Olympic committee must come with new reforms and attract big athletes to participate.
Cost
After every 4 years, a new host country for this event because this new stadium is built with the use of manpower and money.
Every time host country has to spend lots of money on the Olympics. Because of that many economists think this will overload pressure on the host country. This will generate a fiscal deficit in the economy and many welfare schemes go down and because of that living standards of people will go down.
Corruption
It is the most important factor which lowers the reputation of Olympic events. For getting the bid for the host country there is money laundering happens.
There is also various mismanagement between tournaments. Many critics blame people of the Olympic committee to give priority to only western games over Asian popular sports.
The Olympic committee only thinks about profit from sponsor or broadcasting but never think about the citizen. For example, during the Tokyo Olympics people don’t agree to give priority to host Olympics over pandemic covid 19.
But the Olympic committee don’t think about the health problem and started the event.
Global Climate change
Many intellectual people said that changing host country every time and building a new stadium or other facilities not only makes economic burden but also emits lots of carbon into the air to increase the risk of global warming.
It will increase carbon footprint so try to arrange the event in one place where after every 4 years that city host this event forever.
By this we decrease the economic burden, global warming and also various countries work on to increase the budget on the lifestyle of people.
Digitalization
Today to see Olympic events people mostly don’t prefer to visit over to see from the television network.
Most people nowadays move towards professional league and other sports events, so to attract more people they have to come with the more attractive sport.
The way technology is rising is like virtual reality. It plays an important factor to become less attractive to visit the Olympic places. So in the future mainly sports will come with virtual reality techniques to attract more people to Olympic events.
So The International Olympic Committee must take better action to promote Olympics.