The Olympics is a ratings flop. Advertisers don’t care

AMONG THENBCNBCTV records broken at the Tokyo Olympics, one went uncelebrated: the games were the least-watched in decades. In America just 15.5m people tuned in each night, the fewest since Universal, now part of Comcast’s cable empire, began covering the event in 1988. Viewership was 42% lower than at the Rio games in 2016. Broadcasters in Europe recorded similar falls. Brands that had paid to advertise alongside the jamboree complained. scrambled to offer them free spots to make up for the ratings shortfall. Yet the Olympics illustrated a puzzle of advertising. Even as audiences desert , brands are paying as much as ever for commercials.Tokyo was an uneven playing field. Many events took place while Americans and Europeans were asleep. Stars such as Simone Biles and Naomi Osaka left some events early. Covid-19 meant no spectators, and face-masks all round. But the collapse in viewership wasn’t a one-off. Tokyo’s opening ceremony was watched by 36% fewer Americans on the day than watched Rio get under way in 2016. Rio’s audience in turn was 35% lower than London’s in 2012.