In just one month, on Aug. 8, NBC will begin airing the Summer Olympics from China, but from the looks of things it's not shaping up all that well for NBC as it attempts to sell its remaining ad inventory.

At the least, the Games are looking to be a disappointment for the network, say media buyers.

A lot will depend on how viewers and advertisers respond to the Olympic trials now airing.

Ad spending will most likely fall short of NBC’s goal of more than $1 billion, despite it having a record 3,600 hours of coverage on television and the internet.

About 15 percent to 20 percent of the TV inventory remains unsold, say buyers, down from roughly 30 percent just prior to last month’s upfront ad market. NBC declined to comment for this story.

“Advertiser demand is okay,” says Andrew Donchin, director of national broadcast at Carat.

“Are they sold out? Absolutely not. Do they have a lot of hours to sell? Absolutely yes. But, from what I understand, and I’ve been in the marketplace, their sales have been picking up.”

What's hurt the Olympics has been the negative press over many months, and that's led many advertisers to hold back from committing to the Games.

“I think the Olympics have the makings of a massive disaster. Advertisers are antsy about it,” says another buyer. “This is a toxic Olympics, and some people don’t want to be a part of it.”

Much of the recent bad press has been directed toward China's rulers over their shoddy human rights record, from their oppressive control over neighboring Tibet to the recent imprisonment of protesting parents whose children died in the May earthquake.

Also, leading into the Games, there's been increasingly negative reports on China’s deplorable living conditions and air pollution so thick that visiting reporters say they can’t see more than two blocks away.

What NBC most needs is a shift in the story away from the negative toward some of the positive stories that are emerging from the trials, such as the performances of swimmers like Michael Phelps and Dara Torres, who have been breaking records in the trials.

"We’re starting to see some great stories emerge,” says David Carter, principal at consulting firm Sports Business Group. “The stories and personalities are starting to emerge and, despite the backdrop of China, it makes for an intriguing Olympics.”

Says Larry Novenstern, executive vice president and managing director of newcast at Optimedia:

“Obviously, human rights and that type of thing is being played up, but the Olympics as a platform is one of the best places to advertise. And NBC is going to maximize the positive and minimize the negative.”

These positive stories appear to be coaxing out advertisers who a few weeks ago were considering staying out of this Olympics. More such stories should coax out even more advertisers.

Also working in NBC's favor is the sheer amount of coverage on NBC’s cable networks and the internet. That's opened up opportunities for advertisers that could never afford ad time on NBC.

And even with the protests and the negative coverage, buyers point out the Olympics is still the Olympics.

“There are not that many big TV events anymore and this is a big event,” says Donchin. “Even with all the controversy about China, I think it’s good to associate yourself with the Olympics and people who watch the Olympics are very engaged.”

In 2004, the Summer Games in Athens averaged an 8.7 rating in primetime among adults 18-49, up from an 8.2 for the 2000 Sydney Games, according to a Magna Global analysis of Nielsen ratings.

To break even on this Olympics, NBC needs to pull in enough ad revenue to offset the $900 million it paid for the Games, and it's expected to do that.