#20: Wimbledon 2023: Beyond the Courts - Exploring the Business Side of the Championships

Episode 20: Today's news in English will look at the business side of Wimbledon. Please find the full transcript here.  

Transcript

Hello my beautiful students and welcome back to English News Pod, the best way for you to learn practical English through the news. I’m your host and teacher, Caroline. 

In this episode, we’ll be diving into the business side of Wimbledon 2023. We'll explore the financial aspects and the global impact of this renowned tennis tournament. You can find a full transcript of this podcast episode in the description.

Wimbledon 2023 has come to a close, with Marketa Vondrousova winning the women’s single, and Carlos Alcaraz with a surprise win over longtime champion, Novak Djokovic, in the men’s single. However, Wimbledon is not only a sporting event; it's also a major business venture that generates significant revenue each year. Let's take a closer look at some of the numbers and statistics behind the scenes.

One of the most significant revenue streams for Wimbledon comes from ticket sales. Each year, thousands of tennis enthusiasts from around the world travel to the United Kingdom to witness the excitement firsthand. In 2023, it is estimated that over 530,000 people attended the tournament, contributing to the lively atmosphere and supporting the local economy through tourism and hospitality.

In addition to ticket sales, Wimbledon generates substantial income from corporate sponsorships and partnerships. Prominent companies across various industries, including fashion, technology, and luxury brands, eagerly associate themselves with the tournament to enhance their brand image and reach a global audience. These partnerships often involve multi-million-dollar deals, which greatly contribute to the overall financial success of Wimbledon.

Furthermore, broadcasting rights play a crucial role in the tournament's revenue. Wimbledon is broadcasted to millions of viewers worldwide, with numerous television networks and digital platforms securing the rights to provide live coverage of the matches. The broadcasting fees and advertising revenue generated from these partnerships form a significant portion of the tournament's income.

Let’s take a look at some grammar:

1. 'Revenue' - 'Revenue' is a noun and refers to the income or funds generated by a business or organization. 
2. 'Prominent' - 'Prominent' is an adjective and describes something or someone that is important, well-known, or stands out in a particular field. Prominent companies from various industries associate themselves with Wimbledon to enhance their brand image.
3. 'Sponsorships' - 'Sponsorships' is a noun and means financial support or endorsement provided by companies to individuals, events, or organizations in exchange for promotional benefits. Wimbledon secures corporate 'sponsorships' from prominent companies, such as fashion, technology, and luxury brands.
4. 'Broadcasting rights' - 'Broadcasting rights' is a noun and refers to the exclusive permission granted to television networks and digital platforms to broadcast or stream an event, such as Wimbledon. In this news story, we highlighted the importance of 'broadcasting rights' in contributing to the tournament's revenue.
5. 'Multi-million-dollar deals' - 'Multi-million-dollar deals' is a noun phrase and refers to business agreements or contracts worth several million dollars. Prominent companies eagerly associate themselves with Wimbledon through such 'multi-million-dollar deals' to enhance their brand image and reach a global audience.

Bonus:

Do you know what GDP stands for? GDP is a noun and stands for Gross Domestic Product. It is a measure of the total value of goods and services produced within a country over a specific period. GDP is often used as an indicator of a country's economic performance and growth. Although not mentioned in the news story, it is relevant when discussing the economic impact of major events like Wimbledon.

That wraps us up for today. If you liked this podcast, please subscribe and follow.

Thanks for listening, and I will see you soon for more news in English!