[eMarketer] US TV advertisers’ upfront commitments to reach nearly $20 billion this season
At the height of the COVID-19 pandemic, US TV advertisers cancelled $3 billion of their upfront commitment around June as quoted by Media Dynamics as the pandemic ravaged economies.
However that grim situation is turning into promising prospects for the industry with the 2021-2022 TV season seeing upfront advertisement spending moving back to the pre-COVID rates according to estimates from eMarketer.
If the ongoing recovery from the pandemic and economic crisis in the US persists, the forecast shows that advertisers will grow upfront TV spending in 2020 to $190 billion, representing a 7.6 per cent growth.
In the 2020-2021 season there was a reduced number of advertisers leaving the TV market as had earlier been predicted.
Although upfront commitments don’t necessarily translate to ad dollars spent, the cancellations rise sharply in the second half of 2020. Ordinarily advertisers cancel about 4 per cent of their upfront commitments and this is expected to return to post pandemic levels in the 2021-222 season.