Is the Olympics worth more than Google?

Brand wars: The Olympics vs. Google?

STORY HIGHLIGHTS

• Report says the Olympics is the second biggest brand in the world
• Games lags well behind leader Apple but is above Google
• However, sports business analyst says they cannot be compared
• He argues that brand value is more than just a financial concept

(CNN) -- The Olympics may have started out as an idealistic showcase of amateur sporting prowess, but now it's a very big business.

In fact, it's one of the biggest brands in the world, claims a new report.

The four-yearly sporting spectacular -- rated second in scale behind soccer's World Cup -- is worth just over $47.5 billion according to valuation specialist Brand Finance. That leaves it behind only Apple ($70.6 billion) and above the corporate world's next biggest brand, Google ($47.4 billion).

These figures, based on the International Olympic Committee's financial statements, put the legacy of Pierre de Coubertin well above major sponsors such as Samsung ($38.2 billion), General Electric ($33.2 billion) and Coca-Cola ($31.1 billion).

Greece's most valuable export

The Frenchman -- who believed in the right for everyone to take part -- revived the Ancient Games in the late 1800s. Some 116 years after the first modern Olympics took place in Athens, the event is apparently now worth 134 times the National Bank of Greece ($354 million).

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While the Hellenic economy is all but crippled in these difficult economic times, the Olympics -- originally dedicated to the gods, but now seemingly devoted to the dollar -- is experiencing significant financial growth.

In the four years since the Beijing Games, total revenue has increased 38% to $5.1 billion. Of that amount, broadcast revenue has boomed by 51% to $3.9 billion (compared to just $1.2 million in 1960) with the largest spend by continent in North America ($2.3 billion).

These numbers are expected to go up again as the Olympic cycle moves from London to Rio in 2016, with Brand Finance -- which has yet to rate soccer's World Cup or European Championship -- reporting that revenue will pass the $6 billion mark.

In fact, another report -- by Sportcal -- states that this four-year cycle will be worth $8 billion overall, covering London 2012 and Vancouver's 2010 Winter Games.

As the IOC retains only 10% of its income to cover operating costs, this represents a healthy profit -- much of which is plowed back into developing sport worldwide.