Need a quick refresher on the latest marketing and advertising stories of the week? We’ve got you covered. Catch up on the news you need to know in our weekly roundup.

March Madness Brings in Record Ad Spend

The men’s and women’s NCAA Tournaments kicked off late last week, and lucky for the host networks, the programs have already “virtually sold out” their entire ad inventory. The men’s tournament alone surpassed last year’s record $1 billion in ad sales for CBS and Warner Bros. Discovery. Meanwhile, the women’s tournament, which is only in its third year of national broadcast on ESPN, sold out its ad spots for the second year in a row.

With record-setting viewership advertising throughout the season and broadcast rights set to expire next year, the women’s March Madness is only expected to skyrocket in value in the years to come. Learn more about how advertisers are capitalizing on these highly-anticipated sporting events here: https://www.adweek.com/convergent-tv/cbs-wbd-sell-out-mens-march-madness-ad-inventory-in-record-breaking-fashion/

What the SVB Collapse Means for Marketing

When Silicon Valley Bank infamously collapsed earlier this month, it quickly raised questions about the broader implications on the economy and financial sectors. However, these concerns have also trickled down to effect other business functions, including marketing and advertising. SVB’s downfall has more companies on edge about a looming recession, leading some to further tighten up their ad budgets. For marketers working with startups and tech brands, the collapse may affect their clients’ ability to secure funding, given SVB’s reputation as a startup-friendly bank.

This news comes on the heels of an overall slowdown on investments in certain ad media. According to Standard Media Index, national ad spend decreased by 6 percent year-over-year in January. Read more about SVB’s influence on the business world here:  https://www.marketingdive.com/news/silicon-valley-bank-collapse-marketing-slowdown/644925/

Heinz Pushes Sustainability Efforts Via Fortnite

In their newest campaign, Heinz is using Fortnite to educate gamers about an important issue in their industry: soil degradation. The brand created a new feature within the game called “SOS Tomatoes,” which puts players into battle on a shrinking island, which represents the rapid decline of soil health in the US. The activation aims to promote some of the sustainability practices Heinz has utilized in their real-world farms, including cover cropping and crop rotation.

To support the initiative, Heinz partnered with influencers on Twitch to play the game on Fortnite and livestream it to their followers. Find out more about Heinz’s interactive approach to eco-marketing here: https://adage.com/article/marketing-news-strategy/how-heinz-using-fortnite-push-its-environmental-efforts/2479926

Smartwater Elevates Their Brand with Pete Davidson

After Powerade’s Ja Morant debacle, Coca-Cola is putting their effort into another brand in their beverage portfolio. In their new campaign “Elevate How Your Hydrate,” Smartwater is promoting their most recent product launch, Smartwater Alkaline with Antioxidant, with brand ambassador Pete Davidson. In the campaign’s first spot, Davidson talks about being the “same old kid” he’s always been, just with an elevated routine, thanks to products like a rotating wardrobe, a VR headset, and Smartwater Alkaline.

According to Coca-Cola’s director of creative strategy, the campaign hopes to position Smartwater as a product that can help elevate anyone’s lifestyle, even if they’re not the typical star athlete spokesperson. It makes sense they instead chose someone like Davidson, who has a reputation as a more relatable celebrity who achieved success with hard work and confidence. Check out the ad and discover more details about the campaign here: https://www.marketingdive.com/news/smartwater-pete-davidson-athletes-campaign-trail/645181/