-By Kenneth Hein, Brandweek

NEW YORK This week Nike pushes forth with what it is calling the largest campaign in the brand's history. Based around the Olympics in Beijing, Nike will debut a new global spot called "Courage," continue to promote the Nike Hyperdunk shoe and launch the "Human Race" event.

The new TV spot breaks first in Asia and Latin America. It will air in the U.S. on Aug. 8. The ad celebrates the 20th anniversary of the "Just do it" campaign by showing a collage of inspirational sports imagery. Michael Jordan kissing his National Basketball Association championship trophy and Lance Armstrong defeating cancer are among the 30-plus different athletes from 17 different countries that appear. The Killers' "All These Things That I've Done" serves as the soundtrack.

Consumers can then go to Nike.com/courage to freeze the many moments in the spot, read narrative about why they were important and add their own comments. Independent Wieden + Kennedy, Portland, Ore., handles. 

"The TV ad celebrates quite frankly what we felt is one of the most inspirational brand statements of all time -- Just do it," said Joaquin Hidalgo, vp, global brand marketing, Nike. "It's at the core of an athlete's persona whether they are a professional or amateur. It's a call to arms to do better, to get to the next level."

The hefty ad investment has some analysts concerned. Nike's sales growth has slowed along with the economy. In the U.S., for the fourth quarter ended May 31, revenue grew only 4 percent to $1.7 billion, compared with 16 percent to $5.1 billion worldwide.

Hidalgo said the investment is one that would cement the brand for the future. Nike's Olympic efforts are "a way to connect to the world. It's the most important in the history of the brand. ... We're investing in demand creation to ensure we're driving brand strength for current and future revenue growth for the company."

Nike spent $75 million on advertising in the U.S. through April, per Nielsen Monitor-Plus. In comparison, last year's ad expenditure was $190 million and almost $220 million in 2006.

"The levels we are investing at, we feel are appropriate to connect with consumer and drive growth," Hidalgo said.

Nike will use the Olympics as a platform to promote its Hyperdunk basketball shoe ever. On Aug. 31, it is spearheading "The Human Race," slated to be the largest single-day running event in history with 1 million runners in 25 cities. High-profile entertainers such as Kanye West and the All-American Rejects will be on hand to celebrate with participants.