The Olympic Games is undeniably a major brand marketer moment. And lately, marketers have been eyeing everything from women’s sports to Formula One races as opportunities for growth, making sports marketing more competitive than ever.
Still, brands are throwing money at the games, including the likes of Powerade, Reese’s, Old El Paso and, of course, Nike. The athletic retailer in particular has already shelled out nearly $143 million in advertising dollars from January through May this year, even before the Olympic Games start, according to data from MediaRadar. That figure is up 10% year over year from the $130 million spent during the same period in 2023.
Nike, which didn’t respond to comment on this story, told Reuters that this year’s Olympics were its “biggest” spend yet. In 2021, Nike spent an estimated $39 million on advertising during the Summer Olympics in Tokyo, per MediaRadar’s data.
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