Despite ratings that have declined 15% over the past five years, the Oscars remain a must-buy for advertisers, leading to rising ad rates, reports Adweek.
The average 30-second spot sold for $1.7 million this year, up from $1.5 million last year, the story notes. Hyundai will be a pillar sponsor of the program, joined by Coca-Cola and JCPenney as the show’s key advertisers, according to the piece. Each of the three companies spent more than $10 million in last year’s Oscar telecast, the story notes.
Other major advertisers will include McDonald’s, American Express, Procter & Gamble and Samsung, with companies eager to reach an upscale audience that’s also 70% female, the piece adds. The 84th Academy Awards will be telecast on ABC this Sunday, Feb. 26.