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NBC Likely Failed To Profit Off 2022 Winter Olympics

“The expectation of lower ratings meant that the network was willing to be flexible with advertisers. It charged less for primetime spots in exchange for a lower guaranteed audience.”

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NBC was always up front with advertisers and the industry. Viewership for Beijing 2022 would not meet the levels of previous Olympic Games. Now comes word that these games will go down as the least watched in TV history.

The expectation of lower ratings meant that the network was willing to be flexible with advertisers. It charged less for primetime spots in exchange for a lower guaranteed audience. While that made it easier for NBC to meet advertisers’ expectations, it also made it much harder to profit. In fact, Anthony Crupi of Sportico writes that it is likely the network failed to break even on this year’s Olympic investment.

“NBC almost certainly did not make a profit on these Winter Olympics—as of last night’s primetime replay of the closing ceremonies, NBC had yet to provide guidance either way, an uncharacteristic silence which translates to a resounding nope—although making money on the event is never a given,” he wrote.

Rights fees for the Olympics, like everything else in sports, have skyrocketed. Add the general apathy from the American public for the second Olympics contested amidst a pandemic in a country not conducive to live broadcasts in primetime, and no amount of cost cutting could help NBC.

There is a silver lining though. The network has acknowledged there is work to do to build back the US Olympic spirit, but the company has high hopes for Paris 2024, noting that the Covid-19 pandemic should be even better controlled by then and that could create an atmosphere in the stands more inviting to in-home viewing.

Sports TV News

Jimmy Pitaro: Reaching Younger Audience A Priority for ESPN

“The thing that keeps me up at night is how do we reach the younger audience. As an industry in general, we need to figure out how to be more relevant to younger people.”

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Many in the media industry have voice concern that millennials and Gen Z aren’t consuming traditional media outlets like previous generations. ESPN President Jimmy Pitaro said it’s a priority for the network.

“The thing that keeps me up at night is how do we reach the younger audience,” Pitaro said, quoted by Morning Consult sports business reporter Mark J. Burns. “As an industry in general, we need to figure out how to be more relevant to younger people.”

Pitaro made the comments at Sports Business Journal’s Media Innovators conference Wednesday. It is a continuation of comments he has made in recent years.

In 2018, Pitaro said at ESPN’s upfront “I think we are doing a fantastic job serving the sports fanatic,” said Pitaro. “What about the casual sports customer? Are we doing all we can to serve him or her?”.

In 2019, Pitaro said it was “all hands on deck” to reach a younger audience and women. “We have to be open and go to where our customers are,” he said in regards to reaching younger viewers on social media platforms like Instagram, Snapchat, and TikTok.

Earlier this year, Pitaro added that ESPN won’t be leaving linear television anytime soon.

“What I will tell you is that as I sit here right now, that business is still incredible,” Pitaro said. “We serve the sports fan anyway and at any time. I know there are a lot of people that still want ESPN in that traditional ecosystem.”

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Sports TV News

Don Mattingly Joining Blue Jays Staff After YES Network Courtship

The former Dodgers and Marlins manager had been mentioned as a someone YES Network was interested in potentially hiring to be an analyst.

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The New York Yankees regional sports network can take Don Mattingly off its talent wish list. Mattingly was announced Wednesday as a bench coach for the Toronto Blue Jays starting in 2023.

The former Dodgers and Marlins manager had been mentioned as a someone YES Network was interested in potentially hiring to be an analyst.

But Mattingly told Andrew Marchand of The New York Post this week that he had another opportunity in the works but wouldn’t elaborate.

YES also has been considering luring Yankees legend and Hall of Famer Derek Jeter into broadcasting. But no formal talks have taken place.

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Sports TV News

ESPN Paying Nearly $45 Billion For Rights Fees Through 2027

Currently, the network’s largest spending comes for its Monday Night Football package, which is $2.6 billion annually

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The last year or two has been evident that the price of rights to airing major college and professional sporting events on television are only going up. But the various networks either with longstanding relationships with leagues and conferences or looking to break into the media rights landscape are willing to pay up. That’s no more evident with Disney, which will be shelling out tens of billions of dollars to have regular season and postseason events air on ESPN.

According to Sportico, which reviewed Disney’s annual filing with the Securities and Exchange Commission, ESPN is set to spend $44.9 billion on sports media rights through 2027.

Currently, the network’s largest spending comes for its Monday Night Football package, which is $2.6 billion annually. Additionally, ESPN will pay $1.4 billion through the 2024-25 season for NBA rights.

The Sportico report noted ESPN will generate more than $8.1 billion in affiliate revenue to help offset those costs. The network will soon be entering talks to renew its media rights deal to be the exclusive home for nearly all NCAA Division I championships, as well as engaging in new NBA rights negotiations.

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