The number of luxury box-office events to feature Olympic-themed entertainment has more than doubled since the games were held, according to a new report from the International Box Office Association.
The IBA said the growth in such events comes despite an economic downturn and the possibility of a 2020 Olympics in the country.
The association, which tracks the industry and collects data, said in a statement on Wednesday that the IBA had recorded an increase of more than 400% in total box-offices, from 1,400 in 2020 to 3,600 in 2021.
While it’s true that the number of venues featuring Olympic-related entertainment has increased, it’s not surprising given the economic impact of the games.
In 2020, the cost of hosting the games was more than $1 billion, according the association, making it one of the highest-cost sporting events in history.
But with ticket prices starting at $150, the total cost of the Games was less than half that amount.
In the coming years, the association said, the number and types of events will continue to grow.
It’s likely that in the coming decades, these events will take center stage in the entertainment landscape, it said.
“While the Olympics and the subsequent Games are still very much an economic success story, they will have to change for a variety of reasons,” said IBA President John McEntee.
“The economy will have been in decline for some time, and the number, types, and scope of events that can take place in the world of sports and entertainment are all changing, which is not good for the future.”
The IBB expects the Olympics to generate $4.3 billion in economic activity in 2021, which would be equivalent to nearly 5% of the total global economy.
That’s up from $2.5 billion in 2020.
The IOC is aiming to boost that number to 8% of GDP by 2025.
The growth in entertainment events will come despite a recession and the potential of a repeat Olympics in 2020, said IBB President John McCarthy.
“For some years, our attendance and ticket sales have been flat or down in the U.S. but that trend is set to reverse,” he said.
“Events that have taken off in the past are set to do so again.”
While some of the event’s most iconic venues are already in operation, the IBB says other venues are being upgraded to make them more interactive.
In 2020, venues like the American Airlines Center in Dallas were upgraded to incorporate live music, a feature that will become commonplace in 2021 and beyond.
“The IAC will continue its commitment to bring its unique entertainment experience to venues across the country,” said McEnte.
“In 2020 and beyond, we expect our unique event experience will become a regular part of the experience of millions of people.”