Madison Avenue is calling for a different route for the billions of dollars it sends to TV networks every year.
A group representing the nation’s biggest advertisers has called for massive changes to TV’s “upfront” market, an annual ad-sales process in which U.S. TV networks try to sell the bulk of their commercial inventory for the next programming cycle. For decades, the networks have kicked off negotiations in mid-May, and tried to wrap them by summer’s end.
, an industry organization that represents 1600 companies that spend more than $400 billion each year on advertising and marketing, has begun to push for a new system. “As we navigate uncertain times on a global and unprecedented scale, all of us are having to re-engineer every aspect of how we go to market,” said Meredith Verdone, chief marketing officer, Bank of America, in a statement. “The upfronts, a long-serving and valuable marketplace, are no exception.”commitments and told TV networks they intend to delay new purchases until the fall. Movie studios, retailers, travel advertisers and automotive marketers are among those who have been affected.
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