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Saturday, May 25, 2024

Nike Evaluating $1B in Media Spending

  • Nike is assessing its media spending in a review expected to run through the spring.
  • Around $1 billion is at stake for ad agencies.
Nike
Nike/Design: Alex Brooks

Nike is reportedly conducting a full review of its media accounts, inviting a host of major ad and media agencies to compete for their portion of around $1 billion.

The process, which Nike hasn’t conducted at this scale in more than 10 years, is only just beginning and is expected to run until spring. 

Nike uses a variety of agencies across different global markets, each of which will have to justify its role as a partner of The Swoosh. Jordan Brand’s media is also up for review, but Converse‘s is not.

  • Nike has requested information from GroupM, Omnicom Media Group, Dentsu Media, Publicis Media, IPG Mediabrands, Stagwell Media, and Havas Media. Requests for proposals are expected to begin next year.
  • Nike’s ad and promotional expenses reached $3.1 billion in fiscal 2021, down 13% year-over-year due to pandemic-related cutbacks.
  • Of that sum, $245 million was spent on media, according to research firm COMvergence, primarily in the Asia Pacific region ($120 million) and North America ($95 million). 

Metaverse Ambitions

Nike is looking more toward digital environments to build its brand: On Monday, it announced the acquisition of NFT fashion and collectibles maker RTFKT

Last month it launched Nikeland, a virtual space within Roblox in which users may play games, check out products, and socialize.

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