Times Square attracts tourists and big advertisers on New Year’s Eve

Global Business

The Times Square ball drop in New York City is one of the most iconic New Year’s Eve events in the world. But it’s not only an exciting time for New Yorkers and tourists, it’s equally exhilarating for advertisers. CCTV America’s Shraysi Tandon reported this story from New York.

The ball drop in the square has been an annual event since 1908, and it’s become a big opportunity for business to boost their bottom line. An estimated million people gather to take part in the festivities, and more than a billion people around the world tune in.

Times Square attracts tourists and big advertisers on New Year's Eve

he Times Square ball drop in New York City is one of the most iconic New Year's Eve events in the world. But it's not only an exciting time for New Yorkers and tourists, it's equally exhilarating for advertisers. CCTV America’s Shraysi Tandon reported this story from New York.

With that kind of potential audience, advertisers clamor to have their brands displayed in Times Square.

“You’ve got a captive audience. We love that in the advertising industry because the folks are there, waiting for something to happen. The ball to drop, the countdown, there’s entertainment,” said Al Lieberman, director of entertainment, media and technology at New York University’s Stern School of Business.

This year, the ball drop is sponsored by Cosmopolitan and Cover Girl.

It’s not just New Year’s Eve that attracts advertising. Throughout the year, hundreds of global firms display their logos and brands on billboards.

“Just the daily impact of the million plus people that go through Times Square on a day to day basis. They’re not just people from the community or the neighborhood in New York City, but the transient nature of tourists and people who actually are just drawn into Times Square because of the dynamics of Times Square,” Chris Carr, chief operating officer of City Outdoor USA said.

Last month, Google made news when it became the first company to rent the world’s largest and most expensive billboard in Times Square. The screen, which is the size of a football field, is estimated to cost more than $2 million.

“If you look at the advertising industry, one of the mantras or one of the directives is to go where people are. In television or print media, they talk about eyeballs, but in Times Square you have the full person,” Lieberman said.

It’s not just American businesses that make their presence felt. Companies in China, the U.K., Australia, and Spain have all claimed a stake in Times Square.