Has the 2008 Beijing Olympics been the best ever? Has the 8-08-08 focus on the beginning date of the games had any significance other than that of prosperity and confidence—terms intricately associated with the number 8 in Chinese culture?
Those and many additional questions probably still remain to be answered, but for the estimated one billion people from around the world who watched the spectacular opening ceremonies (including half of all the television viewers in the United Kingdom) and countless individuals who have tuned in each day, the games have certainly been a great success and have lived up to the hype in numerous cases (and NBC is certainly pleased).
Former International Olympic Committee president, Juan Antonio Samaranch, predicted that the Games of the XXIX Olympiad would be the best in Olympic history. Chinese officials who planned and developed the facilities and activities associated with the every-four-year occurrence have definitely tried to validate his belief. So have the more than 10,500 competitors in the 302 events in 28 sports. One has certainly succeeded—the 23-year-old phenomenon Michael Phelps, who in approximately 40 minutes of swimming (including both the preliminaries and record breaking performances), did what no other Olympian has ever done.
His unprecedented success in capturing eight gold medals has been well documented by media from around the world and has been the talk of people from all walks of life—from the President of the United States, who personally congratulated him on behalf of America for his historic accomplishments, to other superstar athletes and celebrities, along with fans of all stripes, who cheered every stroke he made in the swimming cube.
As Phelps took center stage for the awarding of his eighth gold medal, he not only stepped into history, but also moved closer to the 18 total medal count of Russian gymnast Larissa Latynina. Phelps is expected to eclipse that record in 2012 at the London Olympics.
After receiving all of the recognition and accolades for his nonpareil performances, Phelps had indicated that his next goal is to return to normalcy. For him, that means sleeping in his own bed and eating juicy cheeseburgers. While he will soon be able to achieve those objectives, normalcy for him, at least for the next few years, will definitely be far different.
A superstar personality whose face is known worldwide, Michael undoubtedly has enormous earning potential through endorsements and personal appearances. Some analysts have estimated his endorsement income could reach as high as $100 million over his lifetime. He has been getting up to 50 pitches for products almost every day since exiting the pool and putting on dry clothes.
The world, and especially America, loves outstanding sports figures, and what they recommend immediately moves up the ranks of popularity. Of course, not all Olympic stars have benefited financially because of their achievements, but Phelps is one of a kind, who some have already labeled as the “greatest Olympian ever,” and his financial reward is certain to be significant.
The current athlete who has earned the most money from endorsements is Tiger Woods, whose considerable income from competitive golf was boosted by some $100 million last year from endorsements. The nation’s second most successful active golfer, Phil Mickelson, received $47 million in endorsements in 2007. Current Olympic basketball stars LeBron James and Kobe Bryant earned $25 million and $16 million, respectively, in addition to their 2007 NBA salaries. The “redeem team’s” success could result in an endorsement hike for these players.
Mark Spitz, whose seven-gold-medal performance in Munich in 1972 was broken by Phelps, became an instant celebrity which brought him a host of endorsements, significant in amount for that period. Following a short-lived television stint, he moved into real estate and became a popular motivational speaker.
What will happen to Phelps after Beijing and as he prepares for the next Olympics is unknown, but while he is riding on the top tier of athletic success, the potential for substantial reward from endorsements is definitely open. He already had some endorsements, and because of his new collection of Olympic gold and his enhanced popularity, that list is sure to grow exponentially. If history is a guide, his popularity may wane in the years ahead, as he does not have the frequent appearances on the world stage that are afforded Tiger, Phil, Kobe, and the other Michael before him. Nonetheless, the buildup to 2012 may make the interim swimming competitions more interesting than usual.
On the online networking site Facebook, nearly 800,000 people have officially declared themselves fans of Phelps, or Phans, as they like to call themselves. That’s a lot of buying power, and probably only a small portion of the total number around the world.
For every Olympian, there’s a story. For this affable young man, Michael Phelps, his began in childhood when he initially took up swimming and will certainly extend well beyond tomorrow. I, along with America, salute him for his accomplishments and wish him well in the future.