Monaco grand prix economic impacts - Essay Example

They are typically organized by variable combination of national governmental and international non-governmental organizations (Sylt and Reid, 2010).” The Monaco Grand prix has great economical impacts; first and foremost it leads to technological development of mass communication especially satellite television. This development means that revenues from television to host the events increase overwhelmingly. The television rights are sold very highly like the rights to host Olympic games in 2000 in Sidney was over US$1 billion (Sylt and Reid, 2010).

There is also a lot of corporate sponsorship which provide huge sums of money to the host countries. The event is also useful in marketing products and showcasing various country attractions hence attracting tourism and foreign investments. This event is one of the most significant events ready to transform the country. This leads to an increase in the volumes of tourists who come to the event for various reasons (Sharkey, 2011). In return, the huge visitor or tourist volumes increase the revenue received from the tourist and hence boosts the local trade.

To host such an event, a lot of marketing and publicity has to be done, this leads to the host country being known world wide and having a positive image which in return boost tourism even during the non pick periods (Sharkey, 2011). Hosting such a mega event gives the host country a chance to be put on the world map, by providing significant exposure to the world. They serve as a platform to show the cultural, economical and political power of the host. By hosting such a significant event it shows that the country has entered the international scene as a major figure.

This has been the case for countries like Singapole, Japan which hosted the 2002 FIFA World Cup, South Korea etc which little was known about them but after hosting sporting events their economies emerged and the political status became known