The Super Bowl 2024 is going to miss General Motors’ advertisements. GM informed Reuters that its decision is part of an ongoing assessment of its “media strategies to ensure they align with our business priorities.” As of now, the company has not promptly replied to the queries in this regard.
The Super Bowl marks the culmination of each NFL season and is one of the globe’s most-watched single sporting events. It consistently draws the largest viewership for any U.S. broadcast annually, boasting 113 million viewers across digital and traditional TV platforms in 2022.
Given its immense viewership, commercial airtime during the Super Bowl broadcast commands the year’s highest prices. This has led companies to create their most expensive advertisements for this event. In 2023, the cost for a 30-second Super Bowl advertisement has reached a record-high average of $7 million, as reported by Forbes.
General Motors (GM), having announced in July its intention to reduce operating costs by an additional $1 billion by the end of 2024, disclosed in October that it would delay the launch of several electric vehicle (EV) models to achieve cost reductions. Additionally, GM revealed its decision to scale back on spending related to electric vehicle products.
Traditionally, General Motors has utilized the Super Bowl to showcase its new electric vehicles (EVs), featuring comedian Will Ferrell in their 2022 advertisements. Before the additional $1 billion in cuts announced in July, GM had stated its intention to reduce fixed costs by $2 billion by the end of 2024. In the July announcement, the company specified that $800 million would be trimmed from sales and marketing expenses, with the remainder originating from various facets of the business, including engineering, travel, and administrative costs.
In April, GM disclosed that approximately 5,000 salaried workers had accepted buyouts and departed from the company, contributing to a yearly fixed cost reduction of about $1 billion. This figure includes additional job cuts implemented in February.
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