Advertising in the 2024 Olympics- Let the Games Begin!
The Olympics kicked things off with an untraditional yet spectacular opening ceremony on Friday. The Games continue through the early part of August. In the meantime, we are examining advertising in the 2024 Olympics and have compiled some Gold Medal Media Facts, focusing on how these Paris Summer Games compare to previous Olympics – from a media buying POV.
Understanding the Media Landscape
The 2024 Olympics will be a multimedia extravaganza, with coverage spanning traditional TV, digital platforms, social media, and beyond. Media buyers need to be aware of the following:
1. Broadcast Rights and Partnerships
The International Olympic Committee (IOC) has granted broadcast rights to various networks and streaming services around the world. In the U.S., NBCUniversal will continue to handle the bulk of the coverage, as they have consistently done since the 1988 Summer Games. Comcast, NBCUniversal’s owner, paid $7.65 billion to renew media rights through 2032.
2. Daytime is the “New” Primetime
Due to the more convenient time zone difference (compared to recent games held in Asia), there is a shift in how the Paris Summer Games will be broadcast and rated. Per a recent AdWeek article, NBC Sports is trying something new, combining two three-hour blocks across linear and streaming to yield one magic primetime viewership number. In this case, “primetime” will be defined as 2 p.m. to 5 p.m. ET, when NBC and Peacock carry evening Olympics events live from Paris, and 8 p.m. to 11 p.m. ET, when “Primetime in Paris” provides a narrative-driven recap of the day’s big stories.
3. A First for Programmatic Buying
In March, NBCUniversal announced that advertisers would be able to purchase ads programmatically for the very first time. We suspect a big driver in making this decision is the fact that there will be roughly 7,000 hours of coverage across all the media giant’s linear, digital and streaming platforms. Over 70% of that inventory will land on Peacock, so selling a healthy chunk of that inventory programmatically will greatly support the sales efforts. Speculation surrounding what CPMs advertisers will pay ranges from $40 for the highlights, news coverage, shoulder content and replays and $60+ for live events and replays on Peacock and NBC Sports app. Still a high CPMs in today’s marketplace but definitely more affordable than an NFL game on a given Sunday in the fall.
4. More Inventory = More Brands, Big & Small
With so many hours of content to support, and the aforementioned decision to sell inventory programmatically at more affordable CPMs than in previous Olympics will pave the way for small and mid-sized brands to get in on the action. We, at Modus Direct, will be paying close attention to what new advertisers are new to the Games. It will even be more exciting to find out what they collectively have learned from the experience and if this experience will impact their media strategy going forward.
5. Social Media
As the social media space is becoming increasingly significant, platforms like Instagram, TikTok, and X (formerly Twitter) are driving engagement, based on what is happening right now. This makes social media essential for advertising in the 2024 Olympics, thanks to its dynamic nature and ability to respond to events in near real time. Media folks will need to be prepared to adapt their media buys based on live event outcomes, trending topics, and audience reactions. Utilize tools for social listening and performance analytics to adjust your strategy on the fly.
6. Creative Flips
Unlike in past years where the brand was front and center and the athletes had to wait until after the games to find their face on a cereal box or cash in on their success through other channels; the tables have now turned. We now expect to see several Olympic campaigns for brands such as Coca-Cola, Delta Airlines, Visa and Herbalife focusing on the athletes or moments showcasing sportsmanship with the brands staying in the background. Powerade, an Olympics sponsor, is taking it a step further by focusing on both an athlete – Simone Biles and a topic impacting athletes and viewers alike – mental health. In the Olympic Village, the beverage brand will host an experience for athletes that will provide an environment for recovery, virtual reality visualization practices and safe spaces for conversations about mental health.
Final Thoughts
These Paris Games have an opportunity to bring back the grandeur of the Olympics after the Tokyo Games were postponed for over a year and then sadly still inhibited by Covid when they aired in 2021. With that, there will be plenty of content to take in live while you are sitting at your desk or on a summer vacation. You will likely be seeing a host of new advertisers and different creative approaches promoting the best of human achievement and sportsmanship. The Olympics Games at their best transcends sport and connect us all.