There is no question that Michael Phelps is one of the greatest athletes of all time, and what he has accomplished in the sport of swimming is almost inconceivable; but can he capitalize on the almost unlimited financial opportunities that come with winning 8 gold medals at the Beijing Olympics. Michael has numerous endorsements and solicitations from other companies eagerly wanting to hitch themselves to the Phelps bandwagon, but the big question is how marketable is he in the long run. There is an old saying that ‘fame is fleeting,’ and one wonders if Michael will be talked about as much six months from now as he is presently. Bob Costas, at the NBC Sports Center in Beijing, China interviewed Michael Phelps several times and in every instance, Michael didn’t have a lot to say that was any different from previous times. This is certainly understandable because what he accomplished in the field of spots competition would leave anyone in a state of shock and at a loss for words. Be that as it may, Michael will have his greatest and perhaps most challenge yet, and that is, to let people know a little bit more about his personality.
It has been estimated that Michael has the potential to earn somewhere around 100 million dollars in lifetime earnings based upon what is perceived to be his market value, but that is based on more than just showing videos and replays of his amazing victories in the pool. Michael has the rare opportunity that very few athletes have and how he capitalizes upon it depends to a great extent upon who he is as a person. Becoming a marketable commodity and the object of a slick Madison Avenue advertising campaign is more than possessing near superhuman athleticism, rock hard abs, and yes, even eight gold medals, but rather can the consumer identify you with a particular company’s product brand name, logo, or service. Michael Jordan and Tiger Woods achieved the success they did because they were able to ‘sell’ themselves along with the right product label that matched their popularity based upon certain social and economic demographics and mass appeal.
Of course, swimming isn’t exactly one of those events that has always drawn as much interest in Olympic competition like ‘track and field,’ ‘gymnastics,’ or ‘basketball,’ and even the great swimmer Mark Spitz, whose Olympic record Michael Phelps broke, didn’t really enjoy the lucrative commercial endorsements he could have although he accomplished a feat just as amazing as Michael did, nearly forty years ago. There are certainly other candidates who could be promoted just as heavily as Michael Phelps, namely, Misty May-Traenor and kerri Walsh, who, if they should win the gold medal in ‘beach volleyball,’ will set a record that will probably not be broken in a very long, long time.
Also, one cannot forget fellow women’s swimming phenom Natalie Coughlin, who although not getting as many gold medals as Michael Phelps, essentially achieved for the American women what Michael did among the men. When the closing ceremonies for the Beijing Olympics concludes and Michael appears as a guest on nearly every show on television, it will be interesting to see whether he will be the marketing once-in-a-lifetime-dream-come-true, or will he instead be just a formerly bullied, ADHD son of a single parent who was enrolled in a swimming class to counter his boredom and restlessness who discovered through escaping from his pain and inner isolation that a watery world of wonder and imagination welcomed him. It was within the swimming pools and countless hours of grueling training and the crucible of athletic competition and extraordinary athletic ability and the drive to get better and better that an Olympic champion was forged. And now after all that Michael has accomplished, does Michael want his picture to be displayed on larger-than-life billboards or marquees in Times Square N.Y., on boxes of cereal, candy bars, sports drinks, athletic apparel, etc., or is he just a 23 year old male who wants to hang out with his friends, play video games, and listen to Lil’ Wayne and some ‘Techno’ on his Ipod.
Robert Randle
776 Commerce St. B-11
Tacoma, WA 98402
August 19, 2008
pbks@hotmail.com
