Advertisers turn to social media as London summer Olympics approaches

As the date for the London summer Olympics fast approaches, advertisers and marketers are placing high hopes on social media outlets, particularly on Facebook, to get more consumers to buy their products. Most brands are developing ways to calculate what each click of the "like" or "share" button is worth, based on factors like number of people who saw it, engaged with it, and the total time spent on a particular campaign.
 
According to Thomson Reuters, digital media spending by London 2012 sponsors amounts to 15-20 percent of budgets, Leo Burnett says, with digital outlets attracting funds that might have gone to television in prior years.
 
According to advertising executives, a comprehensive multimedia Olympic campaign might cost anywhere from $30 million to $50 million.
 
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