Olympic ad spending at record levels as streaming boom helps fuel demand | yahoo!finance
The 2024 Paris Olympics have officially begun, and they’re already making waves for a variety of reasons. This year’s Games are shaping up to be a landmark event, particularly in the realm of advertising. Comcast’s NBCUniversal is leading the charge with record-breaking ad revenue. In April, they announced they were on track to smash previous records, having already secured a staggering $1.2 billion in ad commitments. This includes a noteworthy $350 million from new advertisers who’ve never dipped their toes into Olympic waters before.
A big change this year is the role of digital platforms. For the first time ever, NBC’s streaming service, Peacock, is set to livestream all 329 medal events, which amounts to over 5,000 hours of coverage. Mark Douglas, CEO of MNTN, praises NBC for its “modern” approach to advertising. This modernity blends traditional TV ads with cutting-edge programmatic buys via streaming, which lets even smaller brands create targeted, niche campaigns.
The 2024 Paris Olympics are touted as the first truly multiplatform Games. This means advertising and viewer engagement will happen across various channels like linear TV, social media, digital platforms, gaming, radio, and podcasts. David Dellea from Altman Solon notes that platforms like TikTok and Roblox are buzzing with excitement from sponsors eager to connect with younger audiences through interactive and personalized experiences.
NBCUniversal’s focus on digital has already set new records, with digital ad revenue surpassing any previous Olympics. This strategy reflects a broader trend of blending traditional media with digital innovations to create more engaging and targeted advertising campaigns……..
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Rising Dough
How do you think the shift to multiplatform advertising in major events like the Olympics affects the way companies reach and engage with different types of audiences, particularly younger consumers?
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Companies advertising during big events in the world is beneficial for them. This is because they reach bigger platforms of people and can attract new consumers through advertising.
Companies advertise on multi-platforms because most of the audience watches through their devices. So they have to get their attention with these ads. Especially because people use their phones for everything.