Live TV has been carrying the TV industry, but the Tokyo Summer Olympics being postponed until 2021 over the coronavirus serves as another reminder of the industry’s vulnerability.
The longtime Olympics broadcaster NBCUniversal previously said it was “full steam ahead” for the Olympics, but the company subsequently said March 23 that it supported the International Olympic Committee’s decision.
A cancellation could dent ratings and the rollout of NBCU’s new streaming service, Peacock, sources said.
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Live events have been propping up the TV industry, but confirmation that the Olympics will be delayed over the novel coronavirus serve as another big reminder of its vulnerability.
The International Olympic Committee and Japanese Prime Minister Abe Shinzo agreed on March 24 that the games will be postponed until summer 2021 because of the uncertainty around the virus. The $70 billion TV advertising business has been in slow decline as people cut the cord and shift to online viewing, and if not for the Olympics and the 2020 election, TV advertising was expected to decline further in 2020, according to the forecaster Magna. The longtime Olympics broadcaster NBCUniversal said it sold a record $1.5 billion in ads around the …read more
Source:: Businessinsider – Technology