GE Makes $100 Million From London Olympics; $1 Billion Since Signing As Olympic Sponsor
The Olympics have definitely been good to GE.
The General Electric Co made about $100 million selling lights, power supplies and medical devices for the London Olympic Games, reports Reuters.
Since signing on as a top Olympic sponsor in 2005, it’s pulled in about $1 billion selling equipment to the Games in Torino, Beijing and Vancouver. Half of that amount was generated through deals with the 2008 Beijing Games alone.
“At the time when Beijing went for the Olympics, they invested a lot. There was just a lot more to be built and developed,” said Beth Comstock, GE’s chief marketing officer. “London has a much more measured approach in terms of infrastructure, but we certainly are happy that we participated.”
GE would not disclose sponsor contract details, but said the revenue generated from the Olympics justified the investment.
“It has been a good return for us,” Comstock told Reuters. “It has been easily justifiable, a no-brainer in terms of the return.”
GE’s sponsor contract with the Olympic Games runs through 2020.