It’s generally felt that the Olympics will be one of two main reasons the U.S. advertising market doesn’t completely tank this year. (The other is political ad spending -- which is why local TV stations hope the Obama-Clinton imbroglio continues.)
among major advertising outlets -- meaning, basically, TV -- the Olympics and presidential elections are the two main things that will keep the dollars up this year.
So, if there’s a boycott of any kind, the effects will be felt in media. There are already some saying they won’t be watching, or buying from sponsors.