London's 2012 Olympic Games
Facts for North American Advertisers, Entrepreneurs and Fans
Sep 3, 2008
London’s summer Olympic games are scheduled July 27-August 12, 2012 and will be followed by the 2012 Paralympic Games, also in London, August 29-September 9. In addition to official sponsorships and network advertising, the summer games will probably generate numerous North American tie-in promotions and events.
London won the right to host the 2012 games by outbidding Paris, New York, Moscow and Madrid in 2005. It will be London's third time to host the Olympics. Since 2005, the estimated cost of the 80,000 seat stadium has zoomed from $476 million to nearly $900 million.
Games of the XXX Olympiad
In planning their 2012 marketing, prospective advertisers and entrepreneurs will want to keep in mind that:
- The official event name is: Games of the XXX Olympiad.
- Tickets for the London games will probably be tough to buy.
- There is a five hour time difference between London and New York. Los Angeles and Vancouver are eight hours behind London.
- The British pound was worth 1.7 American dollars and 1.23 Euros in September 2008, but there is no guarantee how the three currencies will trade in 2012.
- London normally draws more foreign visitors than any other city, meaning travel and lodging will be major challenges in the summer of 2012. Terminal operator BAA Ltd. announced in September that the major overhaul of two terminals at London's troubled Heathrow Airport will not be finished in time for the Olympics.
- London has always been one of the world’s most expensive cities and the Olympic games will probably make it even more expensive in 2012.
- There will be competition in 35 categories, ranging from archery to wrestling and categories will include several events. Softball is being dropped.
About 100,000 people are expected to work on the games. Officials said the total includes 3,000 staff, 70,000 volunteers and thousands of contract workers.
Stratford in East London
The 2012 games will be conducted at Stratford in east London, which is now a highly depressed area. Officials hope that a new hotel/shop/office complex costing more than $2.5 billion, will be completed in time to serve as the gateway to the games and will revitalize the Stratford area. The complex is being built by the Westfield Group of Australia, one of the world’s largest shopping center builders and operators.
The Committees: LOCOG, ODA AND GOE
The games are the responsibility of three separate groups.
- The London Organising Committee for the Olympic Games (LOCOG), headed by Lord Coe, is responsible for preparing and staging the games. It will begin procuring contracts to conduct the games in 2009. It hopes to raise nearly $3.5 billion from sponsorships, broadcasting rights and merchandise sales.
- The Olympic Delivery Authority (ODA), chaired by John Armitt, is responsible for construction of the complex and transportation facilities and to insure the facilities will have community uses after the games.
- The Government Olympic Executive (GOE), a unit of the Department for Culture, Media and Sport, is responsible for coordinating the games and assuring they will benefit the city and nation during and after the games.
The committees are located at One Churchill Place, Canary Wharf, London E14 5LN.
Games for Athletes, Not London
Not all the English people are excited about hosting the games. Some of them have complained about the cost to taxpayers and about siphoning funds from local sports programs. There is even debate over the unusual logo and whether England should enter a soccer team in the Olympics.
London has committed about $15.8 billion to host the games, less than half of what China reportedly spent on the Beijing games. Facing citizen complaints about the price, London officials insisted in 2008 that they will complete the games under budget. An International Olympic Committee official reminded British officials that the games are for the athletes, not for London.
Sources:
- London2012.com, September 2, 2008
- City Mayors.com, September 3, 2008
- BBC World News, June 18, 2008
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