Comcast’s NBCUniversal has long been a dominant force in broadcasting the Olympics, but this year, the company took a bold approach to the 2024 Paris Games, revamping its playbook to attract more viewers, especially on its streaming platform, Peacock. The strategy seems to have paid off, with over 30 million viewers tuning in to NBC’s TV and streaming platforms to watch the games and a record $1.2 billion in advertising revenue generated.
A Shift in Strategy
NBC executives recognized the need for a change in their approach to the Olympics, given the challenges faced in previous Games. Jenny Storms, chief marketing officer of entertainment and sports at NBCUniversal, explained, “We completely changed the game plan internally. We ripped up the playbook two years ago. It was very scary at the time to take the institutional knowledge that we had for so long and rip it up and start over. We really started new and fresh in totality, from production to company-wide counterparts.”
The Olympics have always been a cornerstone for NBCUniversal, with Paris marking the 18th Olympic Games broadcast by NBC in the U.S. The company renewed the rights in 2014, agreeing to pay $7.65 billion for the Games between 2022 and 2032, amounting to more than $1.2 billion for each. However, efforts fell flat in the 2021 Tokyo Olympics and 2022 Beijing Olympics, which drew the lowest-ever audiences for Summer and Winter Games, respectively.
Challenges and Learnings
Storms noted that the challenges faced during the Tokyo and Beijing Games were largely out of NBCUniversal’s control, with the early stages of the pandemic affecting both events. Tokyo was postponed by a year, and fans and families were not present at either Games. Additionally, the time zone difference from Asia worked against the U.S. broadcast. However, one of the biggest missteps during those Games was the strategy for Peacock, NBC’s streaming platform. In Tokyo, few events were available to stream live on Peacock, and in Beijing, fans had difficulty finding the content they wanted to watch.
Mark Lazarus, chairman of NBCUniversal Media Group, admitted, “We made a claim that Peacock would be the home of the Olympics, and we didn’t exactly deliver. We were nervous about how much content to put on there, how to program it, and how to cross-deliver it with traditional TV. And we were rightly told by the fan base that we didn’t deliver what we said we would.”
Success in Paris
Paris proved to be a turning point for NBCUniversal, with favorable factors such as eye-catching scenery and a more suitable time zone working in NBC’s favor. The company also began marketing the Olympics much earlier this time around, utilizing various parts of NBCUniversal to spread the word through news programs, talk shows, and various forms of advertising. A key success factor was airing the Olympic trials in the weeks leading up to the Games, which generated significant viewer interest.
The company also strategically leveraged its internal talent during the 2024 Olympics, with NBC A-listers playing a more prominent role in the coverage. Integrating these personalities into the events themselves, co-hosting, and reporting from the sidelines helped draw more eyes to the live events and generated social media buzz. Fan favorite Snoop Dogg, a special correspondent for NBC Olympics, was a standout presence in Paris and helped promote his upcoming role with NBC’s “The Voice.”
Looking Ahead
The success of the Paris Games has set the stage for future Olympics, including the Milan Winter Olympics in 2026 and the Los Angeles Summer Games in 2028. NBC executives have emphasized that the strategy used in Paris will serve as the roadmap for upcoming live sports events aired on NBC’s TV networks and Peacock. With the new seasons of English Premier League soccer, American college football, and National Football League on the horizon, NBC is poised to continue its momentum in the sports broadcasting arena.
Peacock’s Role
Arguably, no NBC property shined brighter during the Olympics than the streaming platform Peacock. With a significant increase in streaming minutes compared to previous Games, Peacock played a crucial role in delivering live coverage and exclusive shows like “Gold Zone.” Features tailored specifically for the Olympics, such as an artificial intelligence function featuring daily recaps in the voice of Al Michaels, further enhanced the viewer experience.
The success of Peacock during the Olympics was evident, with a substantial increase in sign-ups during the Games. Analysts predict that despite some churn post-Olympics, Peacock is likely to retain a significant portion of its new customers. While traditional TV still accounted for the majority of viewership during the Paris Games, Peacock’s performance highlights its growing importance in NBC’s overall strategy for live sports coverage.
Conclusion
NBCUniversal’s revamped playbook for the 2024 Olympics proved to be a resounding success, with record viewership and advertising revenue. The company’s strategic shift, combined with the utilization of its internal talent and the enhanced role of Peacock, set a new standard for sports broadcasting. Looking ahead to future events, NBC is well-positioned to continue its dominance in live sports coverage, leveraging the lessons learned from the Paris Games to drive growth and engagement across its platforms.
