SPORTS BUSINESS
NBC HAS ALREADY SOLD $1.2 BILLION IN ADVERTISING FOR PARIS OLYMPICS
NBC finds itself in the money in a big way with the upcoming Paris Olympic Game
Apr 10, 2024
To say the 2024 Paris Summer Olympics Games is shaping up to be a major money-maker for NBC is an understatement.
Dan Lovinger, NBCUniversal president of Olympic partnerships said in a Tuesday conference call that the network has already received $1.2 billion in ad sale commitments for the Paris Games. He expects NBC to soon break the revenue benchmark.
"We’re also approaching a new ad revenue record with Paris 2024 on track to generate the most advertising revenue in Olympic history," Lovinger said. "I’ll say it again: The most advertising revenue in Olympic history."
Lovinger went on to point out "an unquestioned resurgence in Olympic interest" ahead of spectators returning to the competitions. He said NBC has already sold all of its ad slots for the opening and closing ceremonies.
Primetime space sold out "almost immediately." They also quickly received sponsors for basketball and soccer halftime coverage.
Of the $1.2 billion accrued so far, $350 million is from new advertisers. NBC has also already set a record for digital ad revenue.
Lovinger cited Peacock's presence as a major boost. The platform will stream all Olympic coverage live while hosting other viewing experiences such as a watch party hosted by podcaster Alex Cooper and Gold Zone, an Olympic version of RedZone featuring Scott Hanson.
Lovinger noted that NBC will devote over half of its primetime coverage to women's sports. He touted this as the first Olympics to achieve "full gender parity" and said some companies are advertising specifically to reach female viewers.
"It's not just the Olympics," he added. "I can say across NBCUniversal and all of our sports properties, we are seeing a surge of interest in reaching women and supporting women in sport."
THE UNDERRATED LINE:
Now back in 2014, NBC paid for the rights to 10 Olympic games which cost the network $7.6 billion. Historically, networks end up losing money from Olympic coverage, but this time around it appears NBC has a chance to actually turn a profit.
