Media companies will put on their annual Upfront shows this week, which come as the industry faces challenges including a soft ad market.
Media executives across the board aren't as bullish on the advertising market as they were a year ago.said at the Cannes Lions advertising conference
The cost-cutting efforts are driven by an urgent motivation to make streaming profitable. Paramount Global, NBCUniversal and Disney have all promised streaming will stop losing money by next year. Warner Bros. Discovery said earlier this month its U.S. streaming business will be profitable in 2023 — a year ahead of schedule.
"I don't need to tell you that the last two years have been transformative not just for the TV business but across all industries. We needed to be inventive, agile, forward-facing, and yet and this is still how we are doing upfronts," Meyers said last year.
Last week, Paramount's CBS broadcast network announced three new series for next season – one being "Matlock," a reboot of the late 1980s-90s series that will star Academy Award-winning actress Kathy Bates, and the other, "Elisabeth," which is based on a character from "The Good Wife" and "The Good Fight" franchise.
U.S. TV ad spending during the Upfronts is expected to drop by 3.6% to $18.64 billion for the 2023-24 season, according to Insider Intelligence, evidence the market has stopped growing on the traditional TV side while more dollars shift toward digital.
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