IOC President Thomas Bach (Image via @BostonHerald)
With the opening ceremony less than two months away, the International Olympic Committee (IOC) is inching closer and closer to a launch of their official Olympic Channel—a digital, over-the-top (OTT) network.
The new Olympic Channel just announced agreements with 27 International Sports Federations (IFs), some of the big ones being the International Basketball Federation, the International Ice Hockey Federation, the International Swimming Federation and the International Gymnastic Federation, among 23 others.
However, the Olympic Channel still has more work to do in securing the signatures of all those IFs that are still holding out. But a couple, like those governing soccer (FIFA) and track and field (IAAF), already have global television rights deals.
With these agreements in hand, the Olympic Channel is aiming towards an official announcement of a launch date within the next few weeks. Upon starting up, it will offer every variety of Olympic programming, such as the majority of what is happening in Rio this summer, but also news, highlights and other original content. Additionally, the channel will showcase historic Olympic videos. So, envision the already existing Olympics YouTube page, plus extended content and then potentially throw live streamed events on top of all of that.
Nowadays, it seems that almost every major sporting organization has their own digital, OTT network. One of the big names in the game is MLB Advanced Media (MLBAM), who created an OTT network for the MLB and also the PGA Tour. MLBAM is not involved in this venture, but their fingerprints are all over the intentions and output of the Olympic Channel.
Not only are digital OTT services a way for organizations to skirt around the hassles of working through a cable company, but they get the added bonus of being able to connect with the millions of “cord-cutters” around the world that prefer to watch content with their computers.
IOC President Thomas Bach noted the targeting of millennials that prefer to view content online rather than via a traditional television set. “The Olympic Channel will mark a major shift in how the Olympic Movement connects with young people all year round. The International Federations have embraced the Olympic Channel and we look forward to working with them on the exciting programming and promotional opportunities,” Bach said.
This year’s Olympics in Rio will be the first summer Olympics following the massive revolution in live streaming. Live streaming was around back in 2012, but not to the extent that it currently is. Since 2012, the number of digital video viewers in the United States has risen by 20 percent. This new Olympic Channel should make the Olympics available to just about everyone that wants to watch it.
The IOC commissioned the Olympics Channel back in 2014, as the world of live streaming was beginning to grow exponentially. The whole project cost the IOC $600 million dollars for seven years of operating. Bach expects to begin turning a profit in eight years—at the 10-year mark.
Olympic Channel Services has around 60 full time employees at the moment, representing 20 different countries. English will be the primary language for the content of the Olympic Channel, although the facilities are housed in Madrid.
At this point in time, the Olympic Channel is looking to secure deals with more IFs first, and then create partnerships with everybody involved in the Olympics—be that candidate cities, athletes or social media platforms.
