So what’s driving the data? There are no doubt a multitude of factors: exciting games, compelling storylines, and perhaps even the economy. But one that may go unnoticed is the NBA’s two year old advertising campaign: “Where Amazing Happens.”

Debuting in 2007, the “Where Amazing Happens” commercial spots featured still photos of NBA action accompanied by a signature piano riff. The ads were also supplemented with internet banner ads, print and outdoor extensions and are streaming on Youtube, NBA.com and other online video sites.

This season, “Where Amazing Happens” commercials evolved into CGI replays of some of the most memorable moments in NBA history. By slowing down the action, the commercials highlight the drama embedded in professional basketball that may occasionally go unnoticed with the game moving at such high speeds.

According to Monitor-Plus, Nielsen’s advertising tracking service, the NBA ran more 30-second spots within nationally broadcast games than any other advertiser. The league used this inventory, which is negotiated into the network contracts, to promote “Where Amazing Happens” and is expecting the promotion to help increase viewership and deliver more eyeballs to its official sponsors and network advertisers.

Whatever the reason for the ratings renaissance, a Nielsen Sportsquest survey finds that buzz in the NBA is definitely surging. As of April 2009, interest in the NBA was at it’s highest point since July ‘07, with 33% of total persons aged 12+ identifying themselves as avid NBA fans. The data also revealed that NBA fan interest is spilling over to increased awareness for their sponsors: NBA fans are 50% more likely to name official wireless sponsor T-Mobile as a cell phone provider and 37% more likely to have a favorable opinion of Nike.

Viewership is also higher among patrons of Nike and T-Mobile. Nielsen’s MRI fusion data shows that in Q4 2008, NBA viewership on TNT, ESPN, and ABC, was 47% higher among Nike Shoe wearers, and 23% higher for T-Mobile subscribers.

In a day and age where advertising campaigns often come and go very quickly, the NBA has stuck with “Where Amazing Happens” and its persistence looks like it’s paying off for the league and its partners.

Additionally, video streaming on CBS Sports saw massive gains during the tournament, with nearly a 300% gain in unique users watching video. Those viewers racked up more than 380 million minutes of viewing time in March.

Perhaps the biggest challenge facing advertisers and web sites is the plethora of sites competing for scarce advertising dollars with little to offer in the way of differentiation.  Unfortunately, no single formula or strategy has emerged to guide advertisers looking to build brand loyalty, share of mind or unit sales when it comes to the online world.

Regardless, online media continues to have a tremendous amount of unrealized potential.  Roughly 57 percent of Fortune 1,000 companies advertised online in at least half the quarters from the past three years.  But the way they have been doing so points to a scatter-shot approach: 20 percent of Fortune 1,000 companies are distributing ad dollars across 32 or more web sites, while another 20 percent are hitting 8-31 outlets.

A number of companies are finding success: ConAgra, Exxon Mobil, Clorox, Cisco Systems, Foot Locker and Barnes & Noble each bought millions of online impressions in the fourth quarter of 2008, and got the most bang for their buck by concentrating more than 90 percent of their digital dollars on a single web site.  On the web site front, ESPN.com recently overhauled their entire site, moving easy-to-use streaming video and advertising to the forefront. The results have been impressive: 45 seconds per page, an audience of 19.5 million visitors and 29 percent of advertising utilizing non-standard formats.

Learn how to deploy effective online advertising strategies, including Nielsen’s four-point plan, in the current issue of Consumer Insight.