- Ad Age has the market down from $9.23 billion last year to between $7.8 to $8.1 billion.
- Broadcasting & Cable pegged the upfront at around $8 billion down from about $9 billion last year.
- Mediaweek said primetime revenue is dropping by 22 percent to $7.2 billion from $9.25 billion.
- The New York Times said last week that the total take would be $7.8 billion down from $9.2 billion.
While, in a more normal marketplace, networks would sell about 75 percent of inventory in the upfront, that's not the case this year -- CBS' Les Moonves said the net is holding back 35 percent of its inventory, using a tactic it hasn't employed since 2002. Other nets are holding back as much as 30 percent.
While it's a smart move for the network to take this gamble -- particularly with recent evidence that the economic downturn may be bottoming out -- there's one additional element in this year's TV ad sales stew that wasn't really there in 2002: the increasing availability of quality video inventory not only on cable but on the Internet. Some upfront regulars in the advertiser crowd were no shows in this year's upfront; there's also evidence that unwillingness by some advertisers to pay the rates the networks were asking led them to put more money into other platforms. What we don't know yet is how those two things connect. While the economy is the principal factor in the upfront market's declines, don't be surprised if some advertisers find that in diverting money elsewhere, they can pay the scatter market little mind.
Previous coverage of upfront and scatter at BNET Media: