ABC has completed its upfront ad sales period, Advertising Age reports, racking up commitments totaling a little less than the $2.3 billion to $2.4 billion it secured last year.
The report notes: “The figures further illustrate the tougher market TV networks have faced in this year’s upfront negotiations, when they try to sell the bulk of their inventory for the coming TV season. Most networks appear to have sold less time in this year’s upfront, while securing price hikes that allow them to maintain similar amounts of volume to last year’s sessions.”
Advertisers have reportedly been reluctant to increase their TV spending in a time of economic uncertainty, with some choosing to keep more money available for quick decisions as business conditions change.
ABC obtained price increases in the 6%-7% range, according to ad buyers, with some deals bringing increases as high as 8%, the report notes.
CBS has also been putting the finishing touches on its upfront, with total commitments about flat with last year, as previously reported. CBS reportedly received CPM increases in the 8% to 9% range.