Millions of eyes will be glued to televisions over the next two weeks, with the 2024 Summer Olympics kicking off in Paris on July 26.
Here's a look at six companies that could experience a boost in interest and their financials from the 2024 Summer Olympics.
Comcast Corporation (NASDAQ: CMCSA): The media company has the rights to the Summer Olympics and will focus heavily on its Peacock streaming platform during the two weeks. All events will be streamed on Peacock with NBC also having network coverage in primetime.
The Summer Olympics includes top events across swimming, track and field, gymnastics, men's basketball and more that American viewers love watching. Given the time difference between the U.S. and host country France, sports fans and Olympics viewers may shell out the extra money to subscribe to Peacock to get real-time coverage instead of taking the risk of having event results spoiled ahead of Primetime replays.
"This is going to be a defining moment for Peacock," Peacock President Kelly Campbell said.
Airbnb Inc (NASDAQ: ABNB): The travel company could benefit from the Olympics, where it is housing hundreds of thousands of people during the two-week event. In June, the company shared that its Paris region listings had increased by 40% and nights booked in the region during the Olympic Games were up 400% year-over-year.
Airbnb shared at the time that over 50% of its guests booking trips during the Olympics were families or groups of three or more people, which could highlight the value of booking a home or apartment through the company.
In a recent interview with CNBC, Airbnb CEO and co-founder Brian Chesky highlighted the importance of the company's Icons program on display at the Summer Olympics. The CEO said the Icons program is about branding and highlights that Airbnb is not just a place to stay, "it's about experiences."
"This is the biggest event in Airbnb history," Chesky said.
Chesky reminded CNBC that Airbnb "was designed for events" when the company was founded. The estimated overall economic impact of the guests coming to the Summer Olympics through Airbnb is around $1 billion, Chesky added.
Anheuser-Busch InBev (NYSE: BUD): The beer company, still trying to get over a boycott of its Bud Light brand, could see an Olympics sponsorship boost several of its brands. The company's Michelob Ultra brand is the official sponsor for Team USA at the Olympic and Paralympic Games in 2024, 2026 and 2028. AB InBev is also a Worldwide Olympic Partner through 2028.
"Beer and sports are better together. This partnership illustrates the opportunity for the beer category to positively impact and engage with billions of fans around the world, ushering in a new era of Olympic spirt as we cheer for our favorite national teams as they go for gold," AB InBev CEO Michael Doukeris said.
Michelob Ultra is among the fastest growing beer brands in recent years and has partnered with the NBA, WNBA, PGA, U.S. Soccer, Copa America and other sporting events.
Anheuser-Busch InBev is also promoting its non-alcoholic Corona Cero during the Olympics. The beer is listed as a global beer sponsor of the Olympic Games.
The beer company will focus heavily on two of the fastest growing categories in the sector, non-alcoholic and low-calorie, a move that could pay off in future market share and financials.
Genius Sports (NYSE: GENI): As the provider of sports betting data and results to media partners and sportsbooks, Genius Sports could be busy during the Summer Olympics. The company also has a potential catalyst that could bring its data to millions of people around the world. Social media platform X recently launched Trend Genius with Genius Sports. The new product will leverage "real-time conversations to accelerate ad attention in moments that matter."
The platform was launched ahead of the Summer Olympics and the games could serve as a test to the popularity and usage of the data from Genius Sports. The platform will allow advertisers to target topics that have risen in popularity during sporting events.
X owner Elon Musk and X CEO Linda Yaccarino have already begun posting about how prevalent coverage of the Olympics will be on the social media platform over the next two weeks. Expect the Olympics to gain plenty of attention on X, with Genius Sports potentially kicking off the new product with a huge early result.
DraftKings Inc (NASDAQ: DKNG) and Flutter Entertainment (NYSE: FLUT): The sports betting companies have the two biggest platforms by market share in the United States. Betting on Olympic events has increased in recent years, with more events being offered across more states than in the previous Summer Olympics.
Top sports like soccer, men's basketball are drawing increased attention from bettors during the games. A total of 38 states plus Washington D.C. offer legal sports betting in the U.S. compared to 22 states back during the 2020 Summer Olympics, the Washington Post reported.
The time difference between Paris and New York is six hours, whereas the difference between Tokyo and New York is 13 hours. The smaller time difference with Paris could potentially increase betting activity in the U.S.
The United States is the favorite to win the most medals and gold medals at the 2024 Summer Olympics, with numerous stars participating in events. This will likely attract bettors eager to profit from their bets while supporting their country's athletes.