It’s an advertising touchdown for Paramount Global and CBS.
A spokesperson for Paramount says that game inventory for Super Bowl LVIII on CBS “is virtually sold out, pacing ahead of schedule.” The big game is set to be held in Las Vegas, Nevada on Feb. 11, 2024.
That the Super Bowl is effectively sold out (at least for the in-game ads) is a big win for Paramount at a time when traditional media companies are still seeing overall advertising declines.
Earlier on Thursday Fox reported that its advertising revenue was down year over year, following similar trends at NBCUniversal. Magna, the advertising investment firm, projected that 2023 and 2024 advertising revenue would rise but added that “traditional media continue to struggle” with TV in particular “struggling.”
The two strength points are streaming video ads and live sports, with the Super Bowl being the ultimate sports advertising prize. CBS and Paramount had been seeking as much as $7 million for a 30 second ad during the game.
Fox, which broadcast the 2023 Super Bowl, took in more than $600 million in advertising revenue tied to the game, which drew record TV ratings with 115 million viewers.
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