As the July opening ceremony for the 2024 Paris Olympics draws closer, NBCUniversal is seeing renewed interest from major corporate sponsors in the premier global sporting event as fans are expected to fill Olympic stadiums for the first time since the COVID-19 pandemic.
Reuters reports Comcast-owned NBCU said on Tuesday it has sold $1.2 billion in advertising for the Paris games and is on track to achieve a new sales record in Olympic history. The company paid $7.65 billion to renew its broadcast rights deal through 2032, the largest deal in the world for the games.
The announcement represents a rebound from previous years. In recent Olympics, IOC sponsors reduced their ad spending with the media company, according to a former NBCU executive and a second person familiar with the ad sales.
IOC sponsors, which include major brands like Visa, Toyota and Procter & Gamble, pay upwards of an estimated $100 million for the right to use the famous Olympic rings in their marketing materials.
The growth can be attributed to Paris being the first Olympics to allow all spectators since the pandemic, and with a more favorable time zone for U.S. audiences after three Olympics in Asia, Lovinger said.
As viewers, particularly young people, increasingly consume content online and through social media, NBCU has taken steps to follow the shift. It announced last month that in a summer Olympics first, every Paris event would be available on its streaming service Peacock. Advertisers will be able to buy ads for the first time using automated technology, rather than salespeople, and NBCU has also inked agreements to post clips on X and Snapchat.
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