Nine Entertainment chief Mike Sneesby says the media giant will make money out of its big bet on the Paris Olympic and Paralympic Games.
Nine Entertainment’s eight-year bet on the Olympic and Paralympic Games is paying off, chief executive Mike Sneesby says, with the network banking $135 million in advertising revenue for the upcoming Paris event which he insists will turn a profit.a News Corp journalist, Mr Sneesby said Nine would send far fewer people to Paris to produce 16 times more footage than it did in 2012 when it last held the broadcast rights.
“We’ve now written $135 million of revenue across the Olympic and Paralympic Games. From a revenue point of view, that now guarantees that Nine will be profitable on the Paris Olympic and Paralympic Games,” he said.“We’re taking into account all costs of the games, the production, the rights’ acquisition costs and all other associated costs involved.
Mr Sneesby said improved broadcast and graphics technology meant far more would be done with far less. When Nine last broadcast the Olympics, in 2012 in London, the network took 254 people and produced 300 hours of live content. “The impression might be that it’s a fun and luxurious trip. In fact, it’s going to be jam-packed with official duties,” he said. “There’s certainly no executives that are travelling to the games for the purpose of spectating.”
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