A 2Mbps profile (what they mentioned) is about 900Megabytes/hour. They use ABR (hls) so, most likely there _average_ bitrate is actually only 1.5Mbps. That means about 675 MB per hour. Which means about 600k hours where consumed by this relatively small Brazilian streaming service.
500GB = 4Tb, not 400Tb, so it would be 100,000 people watching for a few hours. Still not much.
However, I think they miscalculated. They also mention 30M hours of video watched at an average bit rate of 2Mbps. By my calculation that would make it (30 hours is around 100k seconds, so 30M hours is about 100G seconds) 200,000Tb. That's "more than 400Tb", yes, but also 500 times as much (check: that brings it up to 50M "watcher events", quite close to the 30M hours.)
Also, if I understand this correctly, this is for Brazil only, not worldwide ("Before starting, I would like to clarify that Globo.com only had rights for streaming the content to Brazil.")
Given that and the fact that large parts of Brazil's population are poor, the 30M hours do not seem obviously wrong to me.
Keep in mind that ISPs and large streaming services each take steps to reduce the bandwidth of streaming media via different compression methods. The average video that you download in high quality may be around 500MB, but if you were to stream the same video on Netflix in a good area you would probably only consume 100-400MB of bandwidth.
Let's say that 1000 thousand people are watching the Olympic games. 500 GB * 1000 people = That's 500 GB of traffic.
Let's convert GB to Gb (multiply by 8) and we're talking 400 Tb.
So.. The title of this article means there are about 1000 people who watched ONLY one event of the olympics and then put off their TV.
Well, I thought Olympics were a big worldwide event... I was wrong.
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Alternative: We can take it the other way around and say that there were 1000 sport events during the Olympic, and one guy to watch them all :D
Just for Fun: I'd love to see the numbers from Dailymotion.com, see how much the Olympic Games are unpopular in comparison.