As the Olympic games start this week, brands are gearing up to capitalize on this global spectacle’s massive viewership and engagement opportunities.
The Olympics aim to draw record viewership between their broadcast and new streaming features that will debut this year. Fans are already showing excitement for the games, as evidenced by a 24% increase in viewership for the Olympic trials compared to the COVID-delayed Summer Olympics three years ago.
From the emphasis on streaming capabilities to the costs advertisers are willing to pay to reach a captivated audience, we explore what viewers and advertisers can expect from this year’s Olympic Games.
Streaming Takes the Lead
Gone are the days of relying solely on traditional TV broadcasts. NBCUniversal is making a big push towards streaming and interactive features, offering Olympics content on Peacock and the NBC Sports app. The heavy focus on streaming opens new doors for advertisers targeting viewers who have cut the cord or prefer a more on-demand experience.
The streaming coverage of the 2024 Paris Olympics promises to be significantly more comprehensive and interactive compared to the 2021 Tokyo Olympics. Here’s a comparison of the two:
2021 Tokyo Olympics: The primary streaming platforms were NBC’s streaming service, Peacock, as well as the NBC Sports app and NBCOlympics.com. Peacock offered live streaming of many events, highlights, and replays.
2024 Paris Olympics: Peacock will once again be the main streaming service in the U.S. but with enhanced features. Every sport and event, including all 329 medal events, will be streamed live. Additionally, new interactive features will be introduced, such as the “Peacock Live Actions” tool and “Peacock Discovery Multiview,” allowing users to watch up to 40 live events simultaneously with real-time on-screen descriptions.
Interactive Features
2021 Tokyo Olympics: The coverage included standard streaming of events, with some options to catch up on highlights and replays.
2024 Paris Olympics: Peacock will offer an industry-first interactive experience. Users can create custom schedules, follow specific athletes, and view key plays. The “Gold Zone” will provide whip-around coverage of live events, and “Your Daily Olympic Recap on Peacock” will use AI to personalize daily highlights narrated by a synthesized voice of Al Michaels.
Availability of Content
2021 Tokyo Olympics: Live coverage of many events, with replays and highlights available post-event.
2024 Paris Olympics: In addition to live coverage of all events, Peacock will provide full-event replays, curated clips, and virtual channels, ensuring that viewers can catch up on any missed events at their convenience.
The 2024 Paris Olympics will offer a richer, more user-friendly viewing experience with more comprehensive and interactive streaming options, ensuring that fans can customize their viewing experience and never miss a moment of the action.
Highlight Reels are the New MVP
For the fans who can’t watch the entirety of lengthy broadcasts, viewers will gravitate towards shorter, compact content. Peacock’s 3-5 minute highlight clips offer a glimpse into the games without the commitment of a full program. Much like MLB’s “Condensed Games” highlight package, NBC will offer the key points of the events while offering ad breaks before and after each chosen video. This trend presents a unique opportunity for advertisers to create engaging messages that resonate with viewers on the go.
Much like the NFL’s “RedZone” NBC debuted the “GoldZone” in 2012 as a recap of all the stories and results of the day. This year’s “GoldZone” will be available on Peacock, providing a unique and exciting way to capture viewer attention, making it an attractive option for brands looking to create memorable impressions.
Gold Standard Pricing for Live Events
Reaching viewers during live events like the coveted gold medal moments comes at a premium. Brands are facing a floor CPM of $60, which could climb even higher for longer ad spots.
There’s an alternative. Highlight packages offer a less expensive entry point at $40 CPM. This allows you to showcase your brand while viewers catch up on the biggest moments.
Given the higher CPMs for live events, brands should consider a mixed approach, balancing investments between live footage and highlights. Highlights offer a cost-effective way to maintain visibility and engagement without overspending.
The Olympic Ad Sales Record Will Be Broken
NBCUniversal is projected to record $1.2 billion in commitments, which would put it on track for the most advertising revenue in Olympic history. Currently, $350 million has come from new advertisers.
This year, NBCUniversal will utilize programmatic advertising for the Olympics on Peacock, a technology they initially introduced for the NFL. This enables advertisers to automatically bid for digital ad space in real-time using advanced software.
According to Mark Marshall, Chairman, Global Advertising & Partnerships at NBCUniversal, the programmatic work they had done with NFL telecasts was a proving ground that opened up these capabilities for the Olympics. “A lot of the things that we worked on last year, now we’re able to implement them and we’ve gotten smarter about how you work biddable with DSPs [demand-side platforms] bidding against particular units versus pods. We feel like we’re in a great spot as we roll into the next 20 days.”
The 2024 Olympics offer a golden opportunity for advertisers who embrace the power of streaming and understand the evolving viewing habits of today’s audience. If the Olympics are not currently part of your advertising plans, but large events are part of your long-term advertising goals, there are several important factors to consider for your future strategy.
By tailoring your strategy to shorter content formats and leveraging programmatic buying options, you can reach a massive audience and make a lasting impression during sporting events on any level.