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A man named Bart McGuire was the head of the WTA for a brief period. He is generally credited with being the person who saved women's tennis, and the man that forever changed it for the worse. He was the driving force behind the marketing of tennis athletes as sex symbols. While the WTA never before embraced such a stance, he brought in major sponsors and rating by focusing in on how sexy the women were. He ut athletes like Anna K on adverts, who were beautiful, but never won a tournament. He also finally quit over the hell that he let happen when the tennis players became big stars off the court and they began to make demands and pull out of tourneys that they did not like. He was shown the door, because he created a monster, but he made women's tennis what it is today.
Volleyball realized that their female athletes were just as beautiful as the tennis athletes, so they tried a spin on McGuire's marketing plan. Since the change to the new "required uniform" (tiny bikinis), the sport has gotten HUGE sponsorship deals. Also, the TV ratings for women's hockey are beating other big sports, like professional hockey and mens' tennis in non majors. Sure its easy to sell something with beautiful women in little clothing, but I think the skill at which these women play are whats keeping the attention. But its hard to argue with the success the change in uniform has brought to the sport.
On the men's side, the ratings are not there. Men have played shirtless and it did nothing for the ratings nor did it attract sponsors. Its a business. If it would make money, the men would play in speedos. As for why shirtless men playing volleyball did not attract viewers like women in bikinis has, I leave that to the cultural experts. I think stereotypes about hetero men in the desired advertising age bracket being more visually stimulated than women in the same age bracket is accurate. I think a lot of young men watch the sport because of the "hot chicks" while a lot of young women do not watch the sport because of the "hot guys."
I think you can see this in other sports as well. The "sexy" Agassi advertising did not bring in huge ratings to men's tennis, but when he and Sampras began their series of great matches, the ratings went up. The resent success of Federer and Nadal have only drawn the huge ratings when they play each other. However, the ratings are great when Misty May-Treanor and Kerri Walsh are destroying other teams. May-Treanor/Walsh are so much better than everyone else right now, its not really fair to compare them to other sports where no one is as dominant, but I find it interesting that they still garner huge TV ratings when they destroy other teams. I think their beauty is a major reason.
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