Advertising funds sports and culture
Advertising and sponsorship play an essential role in enabling sporting events such as the Olympic Games and the FIFA World Cup. The costs of running the 2012 Olympics in London – estimated at £2bn – will be entirely funded through sponsorship and related revenues.1
Companies’ marketing spend also heavily subsidizes the transmission of such events to a global audience.
In the arts, sponsorship subsidizes and pays for major exhibitions whether at the Museum of Modern Art or the Guggenheim or for performances at La Scala or the Opéra National de Paris.
Sponsorship also supports community sports teams, grassroots cultural events and aspiring artists. Damien Hirst, today one of the most eminent contemporary artists, started his career with a student exhibition made possible through sponsorship by the London Docklands Development Corporation.