Twenty million Americans are tuning in each day to the 2026 Winter Olympics in Milan.
Many of them are streaming the Olympics, too. Viewership on NBC’s streaming platform, Peacock, has exceeded the past two Olympics combined. Clicking on highlights of a favorite Olympic sport feels refreshing for those who grew up at the mercy of whatever cable feed they could find. And, with the viewing experience, ads are evolving, too.
Ads this Olympics feel more native and creative. No longer does live coverage run “Be Right Back” feeds as in previous Olympics. On this week’s podcast, we discuss how this Olympics shows how much change has happened in the CTV world in just two years.
Snack bar signaling
Then, we turn to an analysis of quarterly earnings of CPG companies.
AdExchanger Senior Editor James Hercher has noticed that many of these companies – from snack bar sellers to toilet-paper hawkers – are trumpeting their reductions in ad spend, which they say are happening without a reduction in ROI.
For example, Pepsi cut its marketing spend by $500 million in 2025. P&G and Mondelez ran enough promotions to get investors asking questions, though P&G said promotions are often cheaper than marketing cost.
It’s possible media is becoming more efficient, but when big players cut budgets, it affects the rest of the online ad industry. And it’s also possible that ads are on the chopping block, as these companies seek efficiencies due to changes in spending from their customers.
For example, multiple CPG companies cited changes in spending among Hispanic consumers during the final quarter of the year. Which coincides with an immigration crackdown in America that has left citizens and noncitizens alike fearful of running errands, including shopping for the products sold by these companies.
Plus, many of these companies are experiencing spending changes as a result of the K-shaped economy, where poorer customers are finding it harder to make ends meet. All of which adds up to a tougher time to sell, regardless of what marketing is used to push these products.
