The news: Upfront spending on primetime TV declined for the third year in a row as viewers shift to streaming and advertisers follow suit, per Media Dynamics.

• Media Dynamics estimates that linear TV Upfront spending totalled $17.8 billion this year, down from $18.4 billion in 2024.
• Broadcast TV networks’ primetime ad sales fell 2.5% to $9.1 billion, and cable channel ad sales slipped 4.3% to $8.7 billion.
• Streaming surged 17.9% to $13.2 billion by comparison.

Lower linear TV consumption and increased competition in ad-supported streaming drove average CPMs down across the board: Broadcast primetime CPMs for 30-second spots fell 4.1% to $43.50, cable declined 6.8% to $19.35, and streaming fell 7.6% to $27.25.

Tipping points: Consumer habits and industry moves indicate a permanent power shift toward streaming.

• Monthly time spent with streaming has clocked in far above broadcast and cable individually for well over a year, per Nielsen’s Gauge. But streaming surpassed broadcast and cable’s combined time spent for the first time in May 2025 and again in June.
• CBS will stop producing “The Late Show” in 2026, citing years of losses and viewership declines. While there is speculation that the move was politically motivated, it also marks a traditional broadcaster surrendering what was once its cultural crown jewel.
• Football is one of the few remaining bright spots for linear TV viewership, but the NFL’s recent purchase of a 10% stake in ESPN (which will launch a DTC streaming offering on August 21) signals its belief in a streaming-first future.

Our take: Though linear still commands more ad spending than streaming for now, money and viewership are becoming more entrenched within streaming.

Declining CPMs and high ad effectiveness will help preserve some spending on linear TV, but advertisers will increasingly spend on streaming as the sector’s ad options mature.