With a total prize pool of A$76,500,000 this year, it’s no wonder the Australian Open is one of the biggest annual events in Australia. Let’s take a look at some of the staggering figures surrounding the first of the four Grand Slam tennis tournaments.
Held every January in Melbourne, the Australian Open brings the likes of Rafael Nadal, Novak Djokovic, Naomi Osaka and pretty much all the other world-renowned tennis champions into the country.
The Australian Open comprises several smaller tournaments including doubles, juniors including wheelchair, legends and exhibition events. Hundreds of players compete over the course of two weeks, with the overall champions bringing home millions – such as the record-breaking A$2.975m prize for the singles event.
It’s no surprise then that the Australian Open gathers an enormous audience. In 2022, over 500,000 spectators travelled from all parts of the world to Melbourne, creating the equivalent of 270,000 hotel room nights. The event was also the highest-rated broadcast in the country, bringing in over 4.26 million viewers. With all this hustle and bustle, a massive A$267.3m in economic benefit was generated last year alone.
In the past 10 years, the Australian Open contributed a total of A$2.71b to the Victorian government. Can you imagine how much the four Grand Slam tournaments bring altogether?
No wonder the Australian government is willing to host the tennis tournament. Under Tennis Australia, the management and development of tennis and its Australian players as well as events including the Australian Open are managed in a single organisation.
And guess what? Tennis Australia actually releases annual reports of its financial statements. Yes, it is a for-profit organisation – last year, it made a net profit of A$4.66m. The government also helped keep it alive during the pandemic – Tennis Australia received A$6.5m in COVID-19 support payments back in 2020.
Corporations naturally compete for the revenue the event brings. Nine Network ($NEC) for example, signed a A$425m deal to have domestic broadcast rights to the Australian Open. Kia, Emirates, ANZ ($ANZ), Mastercard ($MA) and several others have also signed up to be event sponsors.
As an individual, will you also be watching the event? Take note: visitors spend an average of A$259 a day to be part of the Australian Open!