The Olympics are coming to a close but many top athletes who've attracted huge social media followings may have potential far off the ice or slopes and well after the games end. Gregory Galant is the Co-creator of The Shorty Awards and the CEO of MuckRack and joins Cheddar to explain the role of social media in this year's Olympics.
Galant explains that athletes have always been sponsored by brands, but now they have their own platforms to pursue deals. Instagram feeds and Twitter provide great platforms for fan engagement and brand engagement.
In terms of reacting to surprise Gold winners and viral Olympic moments, Galant says brands have learned to move a lot faster. Brands have real-time advertising teams that can jump on opportunities as they arise.
As inflation-weary consumers cut back on dining out, brands like McDonald’s are relying more heavily on celebrity and influencer endorsements to move the needle
Plus, Starbucks reported its first quarter of declining sales and earnings since the pandemic, Biden tries to tackle the national debt and Warren Buffett is set to host the annual meeting of his investment firm Berkshire Hathaway.
