Continuing to show TV weakness, this year’s linear TV prime-time upfront advertising market is down 5% to a combined broadcast and cable network revenue of$19.1 billion, according to estimates from Media Dynamics.
At the same time, streaming platforms -- from those TV network-owned companies -- have seen a sharp 31% increase to $8.03 billion.
"What we are witnessing is both forms of TV content access — linear and streaming — coming together in the thinking of major national TV advertisers and their time buyers,” says Ed Papazian, president of Media Dynamics.
Papazian adds:” As a result, the combined linear and streaming upfront saw streaming's gains wipe out all of linear's losses.”
Overall, this brings the total linear TV/streaming upfront total for the 2023-2024 TV upfront marketplace to a 3% improvement, to $27.1 billion.
Cable TV networks took the biggest hit for linear TV -- down 7% in total upfront revenue volume to $9.5 billion -- while broadcast TV slipped 3% to $9.6 billion.
Linear TV also witnessed a rare decline in average cost-per-thousand viewer prices (CPMs) down 3% to $48.04 -- this for adult viewers 18 years and older for 30-second commercials. Cable TV networks were now down 5% to a $22.15 CPM. Streaming CPMs averaged $38.50.
In addition, Media Dynamics says other daypart upfront deals -- early AM, daytime, and early and late evening programming-- are estimated to be between $10 billion and $12 billion.
All in, for the upfront—including national TV syndication ($1 million to $2 million) -- the total is between $37 billion and $40 billion.
This story has been updated.