From skiing to skating: Billions at stake in Sochi

The Winter Olympic Games in Sochi are projected to generate billions of dollars and raise revenue to record setting levels. From broadcasting, licensing, ticket sales and sponsors, the International Olympic Committee estimates $4.85 billion in revenue from the games.

So far, most of the buzz around the games has created fears of a real threat of terrorism or the gross hotel conditions.

Do the rewards outweigh these risks?

In an interview Friday, Forbes Media Executive Editor Michael Ozanian said the Olympic Games will be a huge success.

"This Olympic cycle will generate more money than any other Olympic cycle," Ozanian said on CNBC's "The Kudlow Report." "The two key drivers are broadcasting and Olympic partners, which together bring in about 90 percent of the revenue".

In terms of advertising revenue, NBC wins the gold medal having already sold a record $800 million by early last month. "I'm absolutely bullish on NBC. They are going to kill it in advertising on their digital platforms," he said.

When it comes to Russia, the co-host of Forbes "SportsMoney" said they are not going to do well. "This is the most expensive Olympics, by far, even adjusting for inflation. ... This is a vanity play and it's hopefully, from [Russian President Vladimir] Putin's stand point, brand building but they are having a lot of problems."

Security and terrorism fears are high as countries plan to bring in security for their athletes. "You don't want the athletes there saying. 'Gee, I wonder if I'll be safe,' you want them concentrating on their events."

—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly.

Disclosure: NBCUniversal is the parent company of NBC and CNBC.