March Madness, the great days when we all think of excuses to work from home, are coming up soon and CBS stands to make a boatload of money on the online rights.
Revenue is up 30 percent online, jumping from $23 million to $30 million despite the struggles of the advertising industry.
This number, of course, needs to be taken in context. Sure, $30 million is a lot, but when you consider that advertisers spent $643 million on the tournament last year, the online revenue becomes less impressive. In other words, it’s less than one-twentieth of the total amount.
Still, there could be hope as the proliferation of high-speed Internet continues and makes the games more fun to watch as they stream on the Web. Jason Kint, senior vice president and general manager for CBSSports.com, said that last year only 4.8 million of the 130 million people that watched the tournament saw it online. As this percentage increases, you have to think the money will come.