"It's a new phenomenon, which has been undervalued and underestimated," said Maurice Levy, chief executive of Publicis Groupe, the world's fourth-largest advertising and marketing services conglomerate.

"We've certainly missed an opportunity."

Television viewership data from around the world provided to Reuters shows that 39 percent of the tournament's audience so far has been female. That is the same percentage as for the entire 2002 World Cup, and by the time a champion is crowned in July, the figures are expected to be higher.

"We haven't even played the matches yet where the female share of viewing is likely to be the highest," said Kevin Alavy, the analyst for media-buying firm Initiative who compiled the TV data, explaining that more women tend to watch the later matches that determine the eventual winner.

"By the end of the tournament, the female share will be well in excess of 39 percent," he said.

Nevertheless, the bulk of World Cup advertising has centred on traditionally male consumer goods like beer, cars and electronics, and featured bawdy humour, men playing soccer, and bikini-clad women.

More than $1 billion will be spent on advertising during the tournament, analysts have estimated.

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