Along with offering a spot in the tennis history books, the four Grand Slams - the biggest events on the tennis calendar - also provide serious financial incentive for would-be champions.
Here is what you need to know about the prize pot on offer at the Australian Open, the first Grand Slam of the year:
When is the Australian Open happening?
The 2023 Australian Open runs from Jan. 16-29.
What is the total prize fund in 2023?
The total prize money is A$76.5 million ($53.37 million). It has increased 3.4 per cent from 2022.
Tournament Director Craig Tiley said they had increased prize money for every round from qualifying through to the final "with the major increases in the early rounds, where substantial rewards help players invest in their own careers".
How much will men's and women's singles players earn?
First round: A$106,250. Second round: A$158,850. Third round: A$227,925
Round of 16: A$338,250.
Quarter-finals: A$555,250.
Semi-finals: A$925,000.
Final: A$1,625,000.
Champion: A$2,975,000.
How does the winner's prize compare to 2022?
The winners of the men's and women's singles in 2022, Rafael Nadal and Ash Barty, received A$2.875 million in prize money.
What about the other Grand Slams last year?
Last year's winners of the men's and women's singles at the French Open, Nadal and Iga Swiatek, received 2.2 million euros ($2.38 million).
Last year's winners of the men's and women's singles at Wimbledon, Novak Djokovic and Elena Rybakina, received 2 million pounds ($2.45 million).
Last year's winners of the men's and women's singles at the U.S. Open, Carlos Alcaraz and Swiatek, received $2.6 million.
What is the prize money on offer in men's and women's doubles?
First round: A$30,975. Round of 32: A$46,500. Round of 16: A$67,250.
Quarter-finals: A$116,500.
Semi-finals: A$210,000.
Final: A$370,000.
Champion: A$695,000.
What is the prize money on offer in mixed doubles?
First round: A$6,600.
Round of 16: A$12,650.
Quarter-finals: A$25,250.
Semi-finals: A$47,500.
Final: A$89,450.
Champion: A$157,750.
($1 = 1.4335 Australian dollars) ($1 = 0.9235 euros) ($1 = 0.8179 pounds)