Comcast NBCUniversal and the International Olympic Committee (IOC) have agreed on a partnership, announced on Thursday, that extends the media rights on all platforms in the United States for the Olympic Games through to 2036. According to the announcement, the roughly $3 billion agreement elevates Comcast from a media rights holder to a “strategic partner.”
“This agreement with Comcast is groundbreaking because it goes far beyond the traditional media rights agreement which we have had for many years with our valued partner,” IOC President Thomas Bach said in the announcement. “The media landscape is evolving rapidly and, by partnering with one of the world’s leading media and technology companies, we will ensure that fans in the United States are able to experience the Olympic Games like never before.”
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IOC also stated that it distributes 90% of the revenue it generates to support athletes and sports organizations around the world in a media release, this includes the renewed partnership with Comcast, taking effect in 2025.
While Comcast’s original agreement would have come to an end by 2032, this deal gives the company broadcast rights over the 2034 Winter Olympics in Salt Lake City as well as the 2036 Summer Olympics in a not-yet-determined city.
“We live in a time when technology is driving faster and more fundamental transformation than we’ve seen in decades. This groundbreaking, new, long-term partnership between Comcast NBCUniversal and the International Olympic Committee not only recognizes this dynamic but anticipates that it will accelerate,” Comcast Chairman and CEO Brian Roberts said.
This comes at a time when Comcast and its NBCUniversal unit are attempting to drive up subscriptions to the streaming service Peacock. NBC will spend about $2.5 billion per year to carry a package of NBA (National Basketball Association) games starting next season.
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The push towards Olympics coverage on Peacock also seemed to work for the company during the Paris Summer Olympics 2024, marked a significant uptick in U.S. viewership, with an average of 30.6 million daily viewers across NBCUniversal’s platforms, reflecting an 82% increase from the 2021 Tokyo Games. The same year, the advertising revenue came in at a record $1.2 billion.
NBCUniversal’s comprehensive coverage strategy, which included broadcasting on NBC, cable channels like USA, and streaming via Peacock, potentially played a pivotal role in this surge. Notably, Peacock’s user-friendly features, such as multi-view options, enhanced the viewing experience, contributing to a 33% increase in viewership compared to previous Olympics.
