Speaking from Singapore, Sir Martin Sorrell, the WPP chief executive and an advisor to the London bid, said: "2012 represents a major opportunity for our industry to show its capabilities."
The Games are expected to create an extra $1 billion in global ad revenue, 5 per cent of this in the UK. Global Olympic sponsors including Coca-Cola, Panasonic, Kodak, McDonald's, Samsung, Visa and Xerox will have to consider whether to sign up.
British companies will also be asked to consider involvement in national sponsorship programmes, while TV and press can expect growth in ad revenue. Live coverage, however, will be shown on the non-commercial BBC.
Outdoor stands to benefit, owing to the increased footfall in the capital.
The London Underground contract, held by Viacom Outdoor but under review, has become an even greater prize for competing outdoor contractors.
- Comment, page 40.