Upfronts

Each spring, US networks and streamers stage presentations, traditionally in New York in May, showing advertisers their upcoming shows, talent and ad products. Afterwards, buyers and sellers negotiate "upfront" deals: advertisers commit large amounts of money for the season ahead, often in exchange for price guarantees, audience guarantees and preferred placement. Inventory not sold upfront is sold later in the "scatter" market, often at different prices.

Upfront deals usually guarantee audience delivery, measured in ratings or impressions; if a show underdelivers, networks provide "make-goods", extra ads to make up the shortfall. Increasingly, deals include CTV and streaming inventory, Addressable TV, alternative measurement currencies and data-driven targeting. Digital publishers hold a parallel event, the NewFronts. Other countries have similar annual trading moments, such as agency-broadcaster negotiations in the UK and upfront-style presentations by Indian broadcasters and streamers.

Upfronts remain a barometer of TV advertising health and a major moment for measurement debates, including which audience currencies are accepted.

Think of it like this

Upfronts are like a farmers' market where restaurants reserve a season's worth of produce before planting, locking in price and supply.

An example

A US beverage brand commits $80 million in the upfront to a media group for broadcast, cable and streaming, with guaranteed impressions among adults aged 18 to 49 and make-goods if delivery falls short.