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Advertisers Cancel 15%-25% Of 3Q Upfront Ad Buys

Author: Jon Lafayette
Publication: Broadcasting & Cable

Disrupted by the COVID-19 pandemic, advertisers canceled 15% to 25% of the third-quarter advertising time bought during the 2019-20 upfront, according to sources familiar with the situation.

Ad sales executives said the cancellations were “not as bad as expected,” after the networks saw ad revenue declines of from 30% to 59% in April, according to Standard Media Index.

Advertisers ordered  $21.9 million worth of television ads during the 2019 upfront. The networks sell a full year’s worth of commercials “upfront” and guarantee they will deliver a certain number of viewers. As part of the deal, the advertisers are given an option to cancel as much as 50% of their orders in the third quarter.

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