The nation’s biggest media chiefs have for months asked investors to be patient. Wait until the back half of 2023, they’ve said, when ad money will start to flow once again. Now companies like Para…
when U.S. media companies try to sew up deals for the bulk of their advertising inventory ahead of the fall launch of their next programming cycle. Big marketers are not only uncertain about what new content will be available come autumn – a writers’ strike has squelched production of everything from late-night programs to scripted comedies and dramas – but what they should expect from the economy over the next few months.
“The overall entertainment advertising marketplace has been challenging,” said Christine McCarthy, the Disney executive who recently stepped down as the company’s CFO, during a quarterly call with analysts. “While the weakness has moderated somewhat, we anticipate that some softness may continue into the back half of the fiscal year.”,” leaving the rest to be traded as “scatter,” or advertising that sells on an as-needed basis closer to the time the commercials need to run.
At present, CFOs at big TV advertisers “don’t feel the pressure to get money down,” says one executive familiar with current negotiations. “Let’s hope it comes later,” this executive adds. “If it comes later in scatter, we will all be fine.”. Ad spending on national U.S. TV networks is seen falling 7.7% in 2023, to approximately $38.3 billion, according to Magna, a research unit of ad giant Interpublic Group.
Just a short while ago, some media CEOs were optimistic about the remainder of 2003. “We are seeing signs of market stabilization,” said Paramount Global chief Bob Bakish during a call with investors to discuss the company’s first quarter. “Within the domestic ad market, sports remains an area of strength.
Even so, Paramount may be playing the long game. The company, which is slated to broadcast Super Super Bowl LVIII on CBS in 2024, is, least for now, not pushing for big increases in price, as most networks typically do. Fox,
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