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Understanding The Advertising Element During The 2024 Olympics

2024 Summer Olympics Brings in Advertising Opportunities

The 2024 Summer Olympics in Paris, France, presents an exceptional opportunity for businesses to enhance their marketing strategies through diverse digital advertising channels. The global event attracts millions of viewers, making it a prime occasion to engage with a vast and varied audience. By leveraging this event, businesses can significantly boost their visibility and brand recognition.

What is Media Buying?

Media buying is the strategic process of purchasing advertising space across various platforms to reach a targeted audience. It involves selecting the right channels, negotiating prices, and scheduling ads to maximize reach and effectiveness. This can include TV, radio, digital media, and more. During events like the Olympics, media buying becomes crucial due to the high viewership and competitive advertising environment. viewership levels change dramatically. Businesses who place their own media buys on an annual basis may not have adjusted their schedule for big events, such as The Olympics. 

What Forms of Advertising Are the Most Effective During the Summer Olympics?

1. Local TV Advertising: Local TV remains a powerful medium during the Olympics. It reaches a broad audience and provides a sense of community engagement, making it ideal for businesses targeting local markets.
2. Digital Ads: Online platforms see a surge in traffic during the Olympics. Digital ads on social media, streaming services, and sports websites can effectively capture the attention of viewers who are following the games online.
3. Mobile Advertising: Many viewers use mobile devices to stay updated on Olympic events. Mobile ads can offer timely and location-based content to engage users on the go.
4. Programmatic Advertising: Using automated technology to buy ads, programmatic advertising can target specific demographics and optimize ad spending in real-time.

Understanding the Power of the Olympic Sports and Digital Ad Creations and Consumption

The consumption of online content during the Olympics has seen significant increases. According to the International Olympic Committee (IOC), the 2020 Olympic Games in Tokyo recorded 28 billion video views on Olympic broadcast partners’ digital platforms. This indicates a 139 percent increase from the 2016 Olympics in Rio. For instance, during the Tokyo 2020 Olympics, there were over 7.5 billion video views across digital platforms, highlighting the importance of incorporating digital media into your advertising strategy. This trend indicates that viewers are not only watching but actively engaging with Olympic content online, creating ample opportunities for businesses to reach their audience through tailored digital ads.

During the Tokyo 2020 Olympics, digital content consumption reached unprecedented levels. 
– 7.5 billion video views across digital platforms.
– 4.5 billion engagements on social media.
– 1.2 billion minutes of Olympic content consumed online.

These numbers demonstrate the immense potential for digital advertising during the Olympics, making it a crucial time for businesses to invest in digital media strategies.

Top Mentioned Sports in English During the Olympics.

1. Athletics
2. Swimming
3. Gymnastics
4. Basketball
5. Soccer

Want to Reach a Larger Audience? Try CTV, OTT, & FAST Advertising!

CTV (Connected TV): Advertising on smart TVs, providing targeted ads to viewers through internet-connected devices.
OTT (Over-The-Top): Streaming services like Netflix and Hulu that deliver content directly over the internet, bypassing traditional cable or satellite TV.
FAST (Free Ad-Supported Streaming TV): Platforms like Pluto TV and Tubi that offer free streaming content supported by ads.

 

What Are Some of the Challenges When Advertising During Such a Competitive Event Like the 2024 Olympics? 

Advertising during the Olympics is highly competitive. Here are some challenges and strategies to overcome them:

High Costs: Ad slots during the Olympics can be expensive. Plan your budget carefully and consider a mix of media to maximize reach.
Ad Clutter: With many brands competing for attention, it’s crucial to create standout ads. Focus on creative, engaging content that resonates with your audience.
Viewer Attention: Olympic viewers are highly engaged but also have a short attention span. Use concise, compelling messages to capture and retain their interest.

Breakdown of Advertising Content During the Olympics

– Celebrity Endorsements: 35%

– Product Promotions: 25%
– Brand Awareness: 20%
– Interactive and Social Media Ads: 15%
– Others: 5%

Usain Bolt with Peloton during the olympics and encouraging the community to join together

Can Advertisers Use the Term “Olympics” in Their Advertising?

Using the term “Olympics” in advertising is restricted due to trademark protections. Advertisers must avoid using the Olympic name, logo, and other protected symbols unless they are official sponsors. However, creative workarounds and themed marketing can still capture the Olympic spirit without infringing on trademarks.

Key Takeaways for Olympic Advertisers

It’s evident that the 2024 Summer Olympics offer unparalleled opportunities for businesses to leverage media buying and digital ads. Key takeaways include:
Strategic Media Buying: Plan and optimize your media spend to maximize reach and engagement.
Diverse Advertising Formats: Utilize a mix of local TV, digital ads, and innovative formats to capture audience attention.
Adaptability: Be prepared to adapt your strategy in response to real-time data and audience behavior.

NBC and Peacock Covering The 2024 Paris Olympics 

The 2024 Paris Olympics will be extensively covered on NBC and Peacock. NBC will provide at least nine hours of daytime coverage daily, including live broadcasts of major events like swimming, gymnastics, and track and field finals. In primetime, NBC will air a three-hour special showcasing the day’s highlights, stories, and key moments.

Peacock will stream every event live, making it the most comprehensive Olympic streaming service ever. It will feature all 329 medal events, full-event replays, curated clips, virtual channels, and exclusive programming. 

NBC used to delay the broadcast of major events to prime time, but for the 2024 Paris Olympics, many events will be aired live during U.S. daytime due to the time difference with Paris. However, the primetime broadcasts will still feature enhanced coverage, recapping and dramatizing the day’s events for American audiences.

Cool Brand Media For The Win!

Julia McDonald, the owner and founder of Cool Brand Media, exemplifies success in media buying. With a 24-year career in television spanning research, syndication, and sales, Julia retired from KXAS NBC 5 in 2019 after selling the biggest new business deal in the station’s history. Shortly after she started Cool Brand Media in Dallas offering a comprehensive suite of services to elevate the brand of the clients including: social media management, web design, video production, SEO, graphic Design, branded merchandise, event management, merchant services and more! To learn more about how Cool Brand Media can help with all your advertising needs click below to get started!