Paramount says Super Bowl ads 'virtually sold out'

Paramount, the parent company of CBS, told Bill Bradley of AdWeek that advertising inventory for Super Bowl LVIII (58) is "virtually sold out," with sales for the spots "pacing ahead of schedule."

"Paramount didn’t reveal details such as pricing; however, Fox, which broadcast Super Bowl 57, brought in nearly $600 million in revenue and sold the majority of 30-second spots in the mid-to-high $6 million range, with multiple 30-second spots going for north of $7 million," Bradley wrote.

It wasn't all that long ago when sports media was amazed that television networks were selling these 30-second spots for $2M.

Of course, this is par for the course when it comes to the Super Bowl and the network group that gets to broadcast it every February. However, what is most interesting is that advertising revenue for "The Big Game" comes at a somewhat precarious time for Paramount, which like its competitors in the industry, has been impacted by dual strikes in Hollywood. 

The Writers Guild of America strike, which ended in late September, combined with the ongoing strike from SAG-AFTRA (the union representing the actors) put a halt on the production of scripted shows that would normally be on television right now. Although talks have progressed between media companies that own the TV networks and production studios, and the actors in recent days, at this point it wouldn't be a shock if Paramount punted on getting any new scripted content for the 2023-24 television season.

This makes the Super Bowl all the more important for Paramount, which has aired reality programs and select streaming shows such as the popular "Yellowstone" to fill CBS' primetime schedule this fall. The lack of new episodes of regularly scheduled comedies and dramas may hit the company's bottom line with little reason for viewers to engage with the channel beyond live sports. Advertisers are willing to pay far more to be a part of the biggest event of a given year. However, CBS and its parent are proving to be the beneficiary at a most critical time.