How do Olympians like Eileen Gu earn $23 million? Here are all the ways

NPR Business

The Olympic flame illuminates more than just athletic glory; for a select few, it ignites a financial firestorm. While thousands of athletes compete for a spot on the podium, a handful, like freestyle skier Eileen Gu and snowboarder Chloe Kim, ascend to a different stratosphere, translating their gold medals into millions of dollars. Gu, the most bankable athlete at the 2022 Winter Games, reportedly earned an estimated $23 million in the 12 months surrounding her Olympic triumph.

This level of financial success is the exception, not the rule, in the world of amateur and professional sports. It raises a critical question for athletes, marketers, and fans alike: What is the precise formula that transforms an Olympian into a global marketing powerhouse? The answer lies in a masterful combination of elite performance, strategic branding, digital savvy, and a unique personal narrative that resonates across global markets.

The Foundation: Unassailable Athletic Success

Before any sponsorship deal is signed, an athlete must first deliver an undeniable, world-class performance. Victory is the price of admission to the multimillion-dollar endorsement club.

• Podium Dominance: This is the non-negotiable starting point. Gu’s breakout performance at the Beijing 2022 Winter Olympics, where she secured two gold medals and one silver, instantly made her a household name. She has continued to win medals at major international competitions since.

• Sustained Excellence: A single victory is powerful, but sustained dominance creates a dynasty. Snowboarder Chloe Kim cemented her legacy and marketability by winning back-to-back gold medals in the halfpipe at the 2018 PyeongChang and 2022 Beijing games. This consistency signals reliability and longevity to potential sponsors.

The "It Factor": Crafting a Marketable Persona

Medals may open the door, but an athlete's persona determines how far they walk through it. Marketers look for a compelling narrative and a personality that connects with consumers on an emotional level.

• Telegenic Appeal: While subjective, a "telegenic" quality is a significant asset. Gu’s work as a fashion model for brands like Victoria's Secret and appearances in publications like the Sports Illustrated swimsuit issue demonstrate how her appeal transcends the ski slopes, opening up lucrative opportunities in the luxury and fashion sectors.

• Authentic Charisma: It's not just about looks. Rick Burton, a professor at Syracuse University and the former chief marketing officer for the U.S. Olympic Committee, refers to it as an "outward vibrancy" and an "it factor." Chloe Kim, who earned an estimated $4 million last year, became a media darling not only for her snowboarding prowess but for her bubbly, down-to-earth personality, which proved to be marketing gold.

• A Distinctive Brand: Sometimes a unique look can create a memorable brand. Snowboarding legend Shaun White’s iconic red hair during his early Olympic victories made him instantly recognizable and became a core part of his personal brand, which he later built into a business empire.

Strategic Positioning: The Dual-Market Advantage

For Eileen Gu, her unique background has become her most powerful financial asset. By leveraging her connection to two of the world's largest consumer economies, she has achieved unparalleled marketing reach.

• The U.S.-China Nexus: Born and raised in San Francisco but choosing to represent China, Gu has positioned herself as a bridge between East and West. While the decision attracted controversy, it was a masterstroke from a marketing perspective, allowing her to secure endorsements from both Western and Chinese companies.

• A Diversified Portfolio: This dual appeal is reflected in her sponsorship list. She is the face of global luxury brands like Porsche, Tiffany & Co., and Louis Vuitton, while simultaneously representing major Chinese corporations such as Anta Sports, Bank of China, and JD.com. This broad portfolio insulates her and provides access to a combined market of over 1.7 billion people.

Digital Dominance: The Modern Athlete's Playbook

In today's media landscape, an athlete's value is heavily tied to their ability to command an audience directly. A savvy social media presence is no longer a bonus; it's a core component of an athlete's brand.

• Multi-Platform Fluency: Gu maintains a robust presence on both Western and Chinese social media. Her Instagram account is filled with a mix of professional glamour shots and training content, while her account on Weibo, China's microblogging site, has amassed nearly 8 million followers, where she posts regularly in Mandarin.

• Cultivating Relatability: Top-earning athletes understand the power of authenticity. They mix high-production content with moments that make them appear relatable. Gu posting about the rice cooker she brought to an event or Kim sharing a video of herself trying on new shorts makes them more accessible to fans, which is a quality sponsors prize highly.

The Stark Reality: Most Olympians Don't Win Millions

The multimillion-dollar paydays of athletes like Gu, Kim, and figure skater Ilia Malinin are outliers. For the vast majority of Olympians, the journey is one of immense financial sacrifice.

• The High Cost of Competing: The expenses associated with elite-level training, coaching, equipment, travel, and medical insurance can be staggering, often running into tens of thousands of dollars annually.

• The Financial Struggle: Many athletes rely on part-time jobs, modest national federation stipends, or crowdfunding to finance their Olympic dreams. The story of the Jamaican bobsleigh team, famously portrayed in the film Cool Runnings, needing to crowdfund its way to the games is a reality for many teams and individuals from less-funded nations.

The Final Challenge: Sustaining Fame and Fortune

Perhaps the greatest challenge for an Olympic star is staying relevant in the three years and 11 months between games. This requires a proactive, entrepreneurial mindset.

• Building a Post-Athletic Platform: Some athletes transition into broadcasting or coaching. Others, like Shaun White, become business builders. After retiring from competition, White launched "The Snow League," a new snowboarding competition designed to create more events and inject more money and attention into the sport outside the Olympic cycle.

• The Next Chapter: The long-term financial success of an Olympian often depends on their ability to pivot their brand beyond athletic competition. Whether through entrepreneurship, media careers, or advocacy, the work of building a lasting financial legacy begins long before the final medal is won. For the next generation of athletes, the blueprint is clear: winning is just the beginning.