How Their Mistakes Can Cost Them Millions
Over this past summer, sports fans around the world witnessed two Olympians harm their images with both their actions and words. Ryan Lochte lost many of his major endorsements and Hope Solo had her contract terminated with the U.S. Women’s Soccer Team. These major consequences are prompting a closer look at the modern professional athlete and how big of an impact their own actions have on their career.
Athletic equipment companies have used professional athletes as the faces of their brands for many years. In fact, the multi-million athletic endorsement business took off with the late Arnold Palmer in the 1960s. Palmer was able to utilize his image to make money for more than 15 companies and himself, growing his own personal endorsement earnings from $6,000 to $500,000 a year.
With technology and social media in play, today’s modern athlete has more to think about than commercials and ads. Brands are now encouraging and even requiring athletes to tweet, retweet or host Twitter parties on behalf of the brand. For example, just one 140-character tweet from Lebron James has a media value of $139,474!
To learn more about how technology has evolved the role of the modern athlete, check out the infographic below, created by Ohio University’s Master of Coaching Education program.