There is plenty of reason to smile in the halls at CBS and Turner right now. Virtually all ad inventory for the Men’s NCAA Tournament is sold out according to Deadline and revenues are showing huge increases after two years of uncertainty.
While Deadline does not cite any specific numbers, writer Date Hayes quotes CBS Sports’ John Bogusz as saying that ad rates are seeing “close to double-digit” increases” over 2021. Ads are bought to run over the course of the three-week tournament. Advertisers are expected to pay over $2 million to be a part of the Final Four.
Bogusz says ad sales set a new record for the event this year. He said that the total figure is “in the range” of $1 billion in revenue.
“We still deliver significant ratings, and people watch these programs live. So, between a larger audience and delivering them in real time, I think advertisers across all demo groups are allocating more dollars to the sports marketplace,” he said.
The NCAA Tournament is following in the footsteps of the Super Bowl. NBC set revenue records and attracted the biggest price tags ever for 30 second ads. That inventory sold out too. Advertisers want to spend on sports right now.
The 2020 tournament was cancelled entirely. It was the first major sporting event lost to Covid-19. The 2021 tournament was played in full with all games taking place in Indianapolis. This year will see games again spread across the country with the Final Four scheduled for New Orleans on March 15. The normalcy is a major appeal to advertisers.
