Learn how Paramount Advertising President John Halley overcame corporate challenges and delivered a compelling upfront pitch amidst uncertainty. Discover the new strategic approach that boosted Paramount's performance and garnered positive feedback. Explore the company's momentum in certain areas, such as its record-breaking Super Bowl broadcast and its position as the most-watched broadcast network. Gain insights into Halley's optimism about the industry's growth and the future of upfronts.
Paramount Advertising President John Halley Successfully Navigates Corporate Upheaval with Compelling Upfront Pitch
( Credit to: Deadline )
Paramount Advertising President John Halley faced a challenging situation when news broke that Bob Bakish was stepping down as CEO of Paramount Global. Despite the corporate drama and uncertainty surrounding the company's future, Halley remained focused on delivering a compelling upfront pitch to Publicis, one of the major holding companies in the ad business.
Halley implemented a new strategic approach to upfront selling in 2023, which has proven successful in boosting Paramount's performance. Instead of a single upfront presentation, the company now hosts more intimate gatherings, including seven dinner events in New York, as well as presentations in LA and Chicago. Despite the absence of a unified red carpet and ensemble walk-and-waves, Paramount still attracts significant talent to these events. Notable names such as Billy Bob Thornton, Sylvester Stallone, Nicole Kidman, Drew Barrymore, Demi Moore, Stephen Colbert, and Jon Hamm have all made appearances.
The decentralized approach not only saves resources but also allows Paramount to enter the marketplace earlier than the traditional upfront week. This shift in strategy has received unanimous positive feedback, with stakeholders expressing satisfaction with the new format. Halley believes the old way of doing upfronts feels increasingly outdated, and Paramount's approach aligns better with the evolving media landscape.
Momentum in Certain Areas and Impressive Audience Reach
While Paramount Global has faced its fair share of challenges, the company enters the upfront season with momentum in certain areas. Its Super Bowl broadcast in February shattered ratings records and showcased the streaming capabilities of Paramount+. Additionally, CBS remains the most-watched broadcast network for the 16th consecutive season. Paramount boasts an impressive audience reach of 260 million monthly viewers across its linear and digital platforms.
Successful Alternative Approach to Traditional Upfronts
Reflecting on the previous year, Halley acknowledges the debilitating effects of the strike that disrupted the industry. However, Paramount's decision not to hold a traditional upfront in 2022 turned out to be a stroke of genius. The strike led to picketers targeting NewFronts and upfronts, making them less attractive to talent. Paramount's alternative dinner events allowed them to engage with talent before the strike, avoiding any negative optics.
Halley remains optimistic about the macroeconomic environment, noting improvements over the past year. While the effects of the pandemic still linger, he believes that factors such as supply-chain issues, interest rate hikes, inflation, recession fears, and global conflict have all moderated. This moderation should contribute to the growth of the advertising industry.
Evolving Media Landscape and the Future of Upfronts
As the industry becomes more streaming-oriented, the influence of upfronts on overall results diminishes. In the past, a broadcast network's upfront sales accounted for a significant portion of their inventory, making upfronts a strong indicator of the year ahead. However, as streaming takes center stage, upfronts play a less significant role.
Despite the timing of Paramount's corporate changes, Halley remains unfazed. He acknowledges that the situation could have been worse if it had occurred later, when they were not in front of their clients. Halley humorously compares the media business to a line from The Godfather, stating, "This is the life we chose, I guess."
In conclusion, Paramount Advertising President John Halley navigated the challenges posed by corporate upheaval and successfully delivered a compelling upfront pitch. The company's new approach to upfront selling, characterized by intimate gatherings and early market entry, has garnered positive feedback. Paramount enters the upfront season with momentum, thanks to its Super Bowl broadcast and its position as the most-watched broadcast network. Despite the evolving media landscape, Halley remains optimistic about the industry's growth and the future of upfronts.