As the 2018 Winter Olympic Games transcends upon us, it is an interesting time to research the Olympics business model and gain an understanding of their past successes and cloudy future
When Budapest, a frontrunner to host the 2024 Summer Olympic Games dropped out of the running, an unofficial signal was shown to the Olympic Committee that changes need to be made for the current Olympics business model. The reason being, “to avoid a loss of international prestige” as said by parliament leader, Lajos Kosa. On top of this, the 2022 Olympic Winter Games bids came down to two prospective bidders. Almaty, Kazakhstan and Beijing, China. This was due to a fair amount of potential cities failing to compete for an Olympic bid. Events like this make the rest of the world wonder, what is happening to the prestige of the Olympics?