Along with offering a trophy and spot in the tennis history books, the four Grand Slams also provide serious financial incentive for would-be champions.
Here is what you need to know about the prize pot on offer at the 2024 Australian Open, the first Grand Slam of the year:
WHEN IS THE AUSTRALIAN OPEN HAPPENING?
* It runs from Jan. 14-28.
WHAT IS THE TOTAL PRIZE FUND IN 2024?
* The total prize money is A$86.5 million ($58.91 million)
* It has increased 13.5% from 2023.
* Tournament Director Craig Tiley said they had increased prize money for every round "with the major increases in qualifying and the early rounds of singles and doubles."
HOW MUCH WILL MEN'S AND WOMEN'S SINGLES PLAYERS EARN?
* First round: A$120,000
* Second round: A$180,000
* Third round: A$255,000
* Round of 16: A$375,000
* Quarter-finals: A$600,000
* Semi-finals: A$990,000
* Runner-up: A$1,725,000
* Champion: A$3,150,000
HOW DOES THE WINNER'S PRIZE COMPARE TO 2023?
* The winners of the men's and women's singles in 2023, Novak Djokovic and Aryna Sabalenka, received A$2,975,000 in prize money.
WHAT ABOUT THE OTHER GRAND SLAMS in 2023?
* French Open singles champions, Djokovic and Iga Swiatek, received 2.3 million euros ($2.54 million).
* Wimbledon singles champions, Carlos Alcaraz and Marketa Vondrousova, received 2.35 million pounds ($2.99 million).
* U.S. Open singles champions, Djokovic and Coco Gauff, received $3 million.
WHAT IS THE PRIZE MONEY ON OFFER IN MEN'S AND WOMEN'S DOUBLES AT THE AUSTRALIAN OPEN IN 2024?
* First round: A$36,000
* Round of 32: A$53,000
* Round of 16: A$75,000
* Quarter-finals: A$128,000
* Semi-finals: A$227,500
* Runners-up: A$400,000
* Champion: A$730,000
WHAT IS THE PRIZE MONEY ON OFFER IN MIXED DOUBLES AT THE AUSTRALIAN OPEN IN 2024?
* First round: A$6,900
* Round of 16: A$13,275
* Quarter-finals: A$26,500
* Semi-finals: A$50,000
* Runners-up: A$94,000
* Champion: A$165,000
