The 'Rising Cost of Hosting the Olympics' infographic shows there is no denying the Olympics are a huge expenditure of both the host country and many other factions. London 2012 is set to be the most expensive Olympics Games in history, with an estimated total of $14.6 American dollars (or 9.3 billion Euros). The gigantic event is going to be the biggest, most expensive yet -- an impressive feat.
Though it is an astronomical budget, the Olympics committee has gotten smarter about estimating the cost. While the London 2012 games are 101% over budget, the 1976 Montreal Games were 796% over budget in comparison. Beijing in 2008, however, was a mere 4% over budget. While the UK is committing a huge economic amount, they are also expected to have a return of a stimulus of $7.9 billion (5 billion in euros). The return is what makes countries all over the world vie for a bid at hosting the Olympics.
Fiscal Olympic Charts
The 'Rising Cost of Hosting the Olympics' Infographic is Informative
Trend Themes
1. Rising Costs of Olympic Games - Disruptive innovation opportunity: Develop new cost-effective ways of hosting the Olympics to make them more accessible to smaller countries and cities.
2. Estimating the Cost of Olympic Games - Disruptive innovation opportunity: Develop more accurate methods of estimating the cost of hosting the Olympics to avoid going over budget.
3. Economic Returns of Hosting the Olympics - Disruptive innovation opportunity: Create new ways to maximize the economic returns of hosting the Olympics for host countries and local businesses.
Industry Implications
1. Construction Industry - The rising cost of the Olympics presents an opportunity for the construction industry to develop more efficient and cost-effective methods of building the infrastructure required for the games.
2. Technology Industry - The need for more accurate cost estimation presents an opportunity for the technology industry to develop new software and tools for better project management and budgeting.
3. Tourism Industry - Maximizing the economic returns of hosting the Olympics presents an opportunity for the tourism industry to develop new marketing strategies and experiences to attract visitors to the host country and local businesses.