More than $10 billion in advertising arrangements, sponsorship deals and promotional events were linked to the summer games, which had been scheduled for July, according to the market intelligence service Sportcal. Companies often create elaborate campaigns around the Olympics, the most-watched sporting event in the world, recruiting athletes to star in Olympics-themed commercials and scheduling products to debut in promotional tie-ins.
Companies such as Coca-Cola, Airbnb, General Electric, Procter & Gamble and Visa had signed on as sponsors for the 2020 games.
But on Tuesday, the International Olympic Committee and Prime Minister Shinzo Abe of Japan said that the games would be delayed, possibly for a full year.
Now, “commercial plans four years in the making are being hastily rewritten around the world,” said Conrad Wiacek, head of analysis and consulting for Sportcal, in a statement.
NBCUniversal, the main American broadcaster of the Summer Games since 1988 and the Winter Games since 2002, had already sold more than $1.25 billion in advertising commitments for 7,000 hours of planned broadcast, streaming and social media content. The media giant was set to send more than 2,000 people to Japan for the games.
NBC Universal said in a statement on Tuesday that it was “actively working with our advertising partners to navigate this postponement.”
Catch up: Here’s what else is happening.
-
Universal Studios said on its website on Tuesday that it would extend the closure of Universal Orlando Resort, including its theme parks and entertainment district, through April 19.
-
Campbell Soup Company said sales of soup jumped nearly 60 percent in the four weeks that ended March 15 from the same period last year, while sales of Prego pasta sauce were up more than 50 percent. The company, which also owns snack lines such as Goldfish, Cape Cod and Kettle potato chips and Snyder’s of Hanover, is offering extra pay to employees who work during the coronavirus crisis.
-
Citigroup will temporarily shut down 10 to 15 percent of its roughly 700 branches by the end of the week in response to “shifts in foot traffic and market dynamics,” a spokesman said. Other branches will have shorter operating hours.
-
General Motors said it would draw down a $16 billion credit line as it “aggressively pursued austerity measures” to mitigate the business impact of the coronavirus.
-
Business activity in the eurozone plunged in March at record rates, according to surveys by IHS Markit. Britain’s index fell to 37.1 from 53 in February, the lowest point since comparable figures have been available.
Reporting was contributed by Noam Scheiber, Mike Isaac, Sheera Frenkel, Matt Phillips, Michael H. Keller, Taylor Lorenz, Tiffany Hsu, Niraj Chokshi, Elaine Yu, Ben Dooley, Jason Karaian, Carlos Tejada, Jim Tankersley and Daniel Victor.