This research analyzes “telenovelas” in Brazil, with the objective of defining to what extent these popular programs represent a dream factory, literally as an industry that sells dreams and metaphorically in terms of profitability. The angle of this exploratory study will focus on product placement in Brazilian “telenovelas” that is the promotion of a product integrated in the plot or the settings themselves. The purpose of this thesis is to highlight best practices in terms of merchandizing, by analyzing the reactions - in theory and in practice - of audience when confronted to product placements in “telenovelas”. A sum up of books and papers already published on the subject within a classic literature review will allow us to have a theoretical point of view on the matter. The collection of qualitative primary data through the conduct of several interviews will lead us to confront these theories to practice and identify main trends allowing brands to be as efficient as possible when promoting a product through televisual programs in general, and “telenovelas” in particular.