Track and field has become the first sport to introduce prize money at the Olympics, with all individual gold medallists at the 2024 Paris Games to pocket $US50,000 ($A75,500).

World Athletics (WA) president Sebastian Coe made the announcement on Wednesday, only a matter of hours after the sport’s governing body informed the International Olympic Committee of the historic move.

WA has set aside $US2.4 million ($A3.6 million) to pay the gold medallists across the 48 events on the track and field program at the Paris Olympics.

Relay teams will split the $US50,000 between their members.

Coe said the payments would also extend to silver and bronze medallists from the 2028 Los Angeles Olympics onwards.

“And as we continue to grow the commercial size and reach of the sport, it’s my intention to continue to grow the prize pot,” Coe told reporters in a teleconference on Wednesday.

“We needed to start somewhere and I think this is a reasonable start.

“It’s really the sport’s commitment and I hope ... recognition for the athletes that they are in large part the reason why we are the No.1 Olympic sport.”

Coe refused to be drawn on whether other sports or the IOC itself should now follow track and field’s lead in offering prize money for Olympic gold.

“That’s really a matter for those individual sports,” he said.

“I’ve always made it a point not to speak on behalf of other sports, any more than I would want other sports to be speaking on behalf of athletics.

“It is entirely a matter for them and that’s a judgment they will have to make and for the international Olympic movement as well.”

By comparison, gold medallists at the biennial outdoor world athletics championships now take home $US70,000 ($A105,600) apiece, and minor medallists are also recompensed.

WA makes 95 per cent of its total revenue from its various world championships.

The modern Olympics originated as an amateur sports event and traditionally do not award prize money, though many medallists receive payments from their countries’ governments, national sports bodies or from sponsors.