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Economic Benefits of 2014 Sochi Winter Olympics
March 4, 2014 10:19

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The Sochi Olympics generated almost 2 billion roubles in revenue for the Russian TV channels who acquired the broadcasting rights for the 2014 Winter Games.
The ad revenues outpaced the rights fees by almost 400 million roubles, says a newsletter by Quendi RusMediaAudit.
According to its survey, Channel One, Rossia 1 and Rossia 2 stations earned 1.95 billion roubles, VAT exclusive, between February 7 and 23. Channel One raked in 55 to 65 percent of the total.
Sberbank, Russia’s biggest lender, was the most active company in terms of advertising. All in all, a total of 29 brands paid for their spots during the Olympic airtime on Channel One, and 18 brands appeared on Rossia 1.
Olympic broadcasts were watched by more than 63.7 million people in Russia, which represents 93.5 percent of the total Russian viewership. The opening ceremony draw some 41 million to the screens while the closing ceremony was less popular, watched by slightly more than 22 million Russians.
With 33 medals, Russia topped the medal chart setting a new all-time record in Russian and Soviet history.
Earlier, Russia-IC reported that the Winter Games in Sochi are expected to boost the economy by 0.3 percent amid a continuing stagnation, says a report by the Russian Central Bank.
According to it, the event will have a positive impact, especially in the first quarter, driven by more demand in the hotel, catering and transportation services. This could add an extra 0.3 percent to the national GDP.
In terms of the long-term impact, there are concerns over the payback period of the newly-built facilities and their maintenance costs. But the long-term benefits will outweigh any negative factors in the long run.

But even the most conservative projections will now have to be revised, after the markets collapsed on Monday by some 10 percent following an announcement of a possible military invasion of Ukraine’s Crimea by the Russian army. 

Author: Mikhail Vesely

Tags: Sochi Olympic Games 2014 Sochi 2014 Sochi Olympics Russian economy  

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