WarnerMedia and CBS Line Up Record March Madness Ad Revenue Following Covid Cancellation

It turns out marketers missed March Madness—which was canceled last year because of Covid-19—just as much as fans did. With just one week to go before the NCAA Division I Men’s Basketball Tournament, Turner Sports and CBS have "virtually sold out" of their advertising inventory for the event, and are expecting their most lucrative year yet, John Bogusz, evp of CBS sports sales and marketing, told reporters late Wednesday. “We are in great shape going into Selection Sunday,” which CBS will air at 6 p.m., said Bogusz. The "very complex" tournament, as CBS Sports chairman Sean McManus called it Wednesday, will kick off in earnest on March 18, with games airing on CBS, TBS, TNT and truTV. Jon Diament, CRO for Turner Sports, said CBS and Turner have “never billed as much” as they have for this tournament, both from a linear and digital perspective. “Financially, we've never been in better shape,” he said. “This is the best year we've ever had." That means the two companies, which jointly broadcast the tournament each year, should see even more national ad revenue that their estimated $910 million combined haul in 2019, according to Kantar. Before the world shut down a year ago, CBS and Turner Sports said they had sold out linear TV ad inventory in record time for the 2020 tournament. A rebound year This year, the companies lined up more than 100 combined advertisers, with 90% of planned 2020 marketers returning for the 2021 tournament. The top five categories include insurance (which is "fueling the robustness," said Bogusz, with spend up significantly), auto (which "has come back a bit" and is "even healthier than last year," said Bogusz), financial, telco (also "spending heavily," said Bogusz) and restaurants (Diament said both casual and quick service restaurants are "back in a pretty significant way"). “It feels like most of the categories that were challenged during the pandemic, including movies ... will be back advertising,” said Diament. Bogusz added that one major studio has a "pretty significant" tournament spend, and that streamers have also increased their March Madness presence. Expect to see some Paramount+ promos throughout CBS' tournament coverage, similar to the network's robust promotional campaign during the Super Bowl, while WarnerMedia's HBO Max will be promoted heavily on TNT, TBS and truTV. More than 80% of the tournament's linear advertisers will also have a digital presence. “We recognize the audience patterns and habits have changed,” said Diament. “And we have a tremendous product on NCAA March Madness Live" where most marketers have also purchased inventory. Making room for new sponsors Three new sponsors will debut during the tournament: Aflac, Invesco and Great Clips. Two of those brands, Invesco and Great Clips, had signed on for last year’s tournament before its was canceled. In total, there are 18 official March Madness sponsors, many of whom are in multi-year deals. “That's why we have such a strong base going into the market every year,” said Bogusz. “Because that that lays the base in for us, and we're practically half sold already as we go to the market.”