AMONG THE records broken at the Tokyo Olympics, one went uncelebrated: the games were the least-watched in decades. In America just 15.5m people tuned in each night, the fewest since NBCUniversal, now part of Comcast’s cable empire, began covering the event in 1988. Viewership was 42% lower than at the Rio games in 2016. Broadcasters in Europe recorded similar falls. Brands that had paid to advertise alongside the jamboree complained. NBC scrambled to offer them free spots to make up for the ratings shortfall. Yet the Olympics illustrated a puzzle of advertising. Even as audiences desert TV, brands are paying as much as ever for commercials.
Tokyo was an
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