By Alexa Linchuck | August 8, 2024
The 2024 Olympics have ushered in a significant transformation, not only in the arenas and stadiums but also in the lives of athletes, thanks to the new Name, Image, and Likeness (NIL) regulations. These changes, allowing athletes to monetize their personal brands, have introduced a new era of opportunities and challenges.
For many Olympic athletes, the path to the Games is paved with financial hurdles, including training expenses, travel costs, and the need to maintain their livelihoods. NIL has provided a crucial financial lifeline, enabling athletes to secure endorsement deals, sponsorships, and social media partnerships. According to Blog Herald, “15 sponsors have reportedly invested a whopping $3 billion for the event” allowing athletes to focus more on their training and performance without constant financial strain.
Athletes like Lauren Scruggs, a junior at Harvard University and the first black woman to win an Olympic medal in fencing, have leveraged their NIL rights to secure deals with several major brands. Scruggs represents the USA not only in her sport but also in her marketability and name. Lesser-known athletes are also finding ways to monetize their unique stories and talents, making the Olympic dream more attainable for all.
Social media platforms have become powerful tools for athletes to engage with fans, share their journeys, and promote their sponsors. This increased visibility benefits both athletes and sponsors, as athletes gain a broader fan base, and sponsors benefit from effective brand ambassadors. For example, Vanderbilt University grad student and USA track and field Olympian Veronica Fraley used social media to highlight how her school only covers 75% of her rent while she competes in the Olympics. By strategically using her NIL rights, she secured financial support from American rapper Flavor Flav and Reddit co-founder Alexis Ohanian to cover the remaining 25% of her rent, allowing her to fully focus on her training and competition.
NIL has also played a crucial role in promoting diversity and inclusion within the Olympic community. Athletes from underrepresented groups now have a platform to share their stories and inspire others. By partnering with brands that prioritize inclusivity, these athletes are helping to break down barriers and create a more inclusive sports environment.
The arrival of NIL regulations has undeniably changed the landscape of the Olympics, providing athletes with unique opportunities to monetize their talents and build lasting legacies. As we celebrate the achievements of the 2024 Olympians, it’s clear that NIL has not only helped them reach new heights in their athletic careers but has also empowered them to make meaningful contributions to society. The Olympics have always been a stage for greatness, and with NIL, that stage is now brighter and more inclusive than ever.
