Brian Steinberg Senior TV Editor Madison Avenue pulled hundreds of millions of dollars out of primetime TV and sent them to streaming venues in the industry’s recently completed “upfront” market, the latest sign that one of the media sector’s most stable mediums is in an era of severe flux.
Ad commitments for primetime broadcast TV fell 3%, to $9.595 billion, compared with $9.91 billion in last year’s market, according to Media Dynamics Inc., an advertising consultancy that tracks the upfront, when U.S.
TV networks try to sell the bulk of their commercial inventory for their next programming cycle. Cable TV saw even worse erosion, with advertisers committing $9.52 billion for primetime TV, down 7% compared to the $10.23 billion in commitments secured last year.
In all, advertisers pulled 5% of the ad dollars they committed to primetime TV last year, with total primetime commitments falling to $19.12 billion for the 2023-2024 TV season, compared with commitments of $20.14 billion last year.
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