The company says that instead of upfront week bash, it will hold 'intimate gatherings' for clients in April.
But Paramount bowing out of the 2023 upfront week calendar marks a major shift, with the company having held fort at Carnegie Hall for decades.
“This continues to be a transformative period for our industry, and at Paramount, we know that new realities call for new approaches,” Halley wrote in his memo. “The same principle goes for our 2023 Upfront presentation. As media investment becomes more complex, the event needs to evolve to meet this moment.”
Already, one of Paramount’s competitors has committed to return to upfront week, with NBCUniversal ad sales chief Linda Yaccarino writing in her yer-end note that her company will kick off upfront week with its Monday morning Radio City Music Hall presentation, followed by Telemundo’s evening celebration.
While 2022 marked a return to in-person events, it did spark some changes to the presentations, with Fox pursuing a hybrid event in lower Manhattan, and Disney leaving Lincoln Center for an event space on the Lower East Side. It is not yet clear whether those companies will return to their previous upfront homes, or follow Paramount in opting out of the week altogether.
In addition, nearly every company deemphasized broadcast TV in favor of streaming offerings, acknowledging where the entertainment business is going.
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