Cristiano Ronaldo is just an epitome of all footballers and other exceptionally paid individuals on earth; actors and actresses, boxers, basketball players and Olympians.
Why are they paid so much? My question as well.
What is something exceptional among them? Were they the indispensable lynchpin in the society, where without them society won’t move an inch like if engineers, doctors, farmers, lawyers will all be gone? The quickie answer is, no!
They are not social imperatives as we think. In fact, it’s only later that I knew Cristiano Ronaldo and what the enormity of this guy in the world of his own – and it’s during the Cristiano’s snub of a Coca-Cola product in front of the world press.
And not being aware of them or their fame is just totally fine – we are totally fine!
I mean, not knowing that these people exist don’t compromise your wellbeing in the society. It’s not the same as when you are sick – you just got no any other choice but to know that you need a doctor and seek for a doctor. Or a lawyer if you’re into some legal hubbub.
Well then, why is it that they are so handsomely paid more than any other professionals in the world? Simple answer:
Rarity and Demand!
Pure and simple. All these boils down to one archaic economic theory of supply and demand. The theory or law is simple, a thing of value gets to be priced higher if the demand is high but the supply is low and vice versa.
Cristiano Ronaldo, for example, in 2019 became the 6th highest goal scorer of all time at 700 goal score. He also won trophies in whatever league he joins in. He’s got every Laurels to put on his escutcheon including Ballon d’Or, FIFA Ballon d’Or, FIFA World Player of the Year Award, FIFA Club World Cup Golden Ball and many more. Now, if you can tell the sports world high stakes that you can do twice as much as Cristiano Ronaldo did, then they’ll bow on you with great revere and pay you double instead.
But in our dreams.
This high payouts goes the same with actors and actresses, Olympians, CEOs of billion-dollar companies and so on. There is not much of them at the top of the food chain. And to be there sometimes takes phenomenal determination, discipline, habit, massive action and or a whip of luck. Contract after contract after contract from projects and advertising is turning them into King Midas with the golden touch.
In cases of footballers, and with the advent of new accessible media such as the internet and subscription televisions, they are becoming more in demand. Sports broadcasting rights, merchandise, adverts and ticket sales are making more money than ever. In the outset, players get paid more.
Secondly, Clubs and Sporting Businesses are trying to outbid each other for the best players (Again, take notice of the high demand and low supply of valuable players). So, players again are paid substantially and of course what player will not bend to the highest bidder. But only, and only if you are a Premier League material.
Cristiano Ronaldo for instance cached-in $64 million in four years for Juventus Club alone in 2021. Lionel Messi is at $650 million for the next 4 years since 2017. That’s a whole lot of money anyone can ever dream of.
Quick illustration will show you demands for certain occupations and how much they are worth it:
So, typically supply and demand affects your economic significance and your marketability. For some skills, they are just around the corner, so companies don’t need to compete to hire such workers. They can hire them for wages to the companies liking. Some roles in the company are not paid well if they are not making more money for the company itself, naturally making higher wages illogical.
As for valuable footballers, other companies would even pay through the nose to hire them as they know that they meant more money for the club.
As for you, I know that you can only dreamt of such affluence. Thinking, if nature plays natural selection, what is your chance. As always, persistence, focus, determination, massive action and a pinch of luck will do the trick – a way more scientific way of getting to the top of the food chain than your good old Darwinism.
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