The anticipation for the GRAMMY Awards this weekend are high and the price for advertisements have adjusted to reflect that. Billboard reports that a single 30-second spot during the ceremony cost some advertisers nearly $1 million dollars, rivaling the type of prices seen at bigger events like the Super Bowl.
Exec VP-prime time sales and innovation at CBS Linda Rene seems to think so as well:
“We liken it to a musical Super Bowl”... It’s a huge event for the music industry; live events have really gone through the roof for quite a while. The social aspect has added to the immediacy of that -- there has been an increasingly heavy demand from our partners moreso this year than any other year.”
Viewership reached over 25 million for 2013's ceremony, with ad prices reaching an astronomical price of $900,000 per spot. Demand is high for the GRAMMYs, and the social media prominence of live events means more eyes and more dollars for willing companies.
This is also reflected by sponsorship by companies such as Pepsi, Cover Girl and Chevrolet who are actively supporting the GRAMMY's parent company, National Academy of Recording Arts & Sciences, and also have ads slated to air Sunday night.
Also interesting to note; the GRAMMYs are airing during an Olympic year, meaning that companies who normally cannot air ads due to the strict exclusivity of brands tied to that event can get a chance to show ads before the Olympics air. The GRAMMY Awards air this Sunday at 8pm on CBS.
[via Billboard]
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