As spring approaches, the networks are gearing up for their favorite event, the Prime Time Upfronts held in New York City. At this weeklong, star-studded gala, the major networks unveil to advertisers and advertising agencies their prime time schedules for the new fall season. The Upfronts are the prelude to weeks of negotiations by advertisers for national advertising time.

Now, the television networks have competition for advertisers’ attention during the upfront season. Last year, there was a lite version of the digital upfront previews. This year, the major digital providers are gettings serious. Taking the television networks’ lead, the first online video upfront will be held in April in New York City. Major online video content sites Google, Yahoo, AOL, Microsoft and Hulu will be holding a two-week event called “Digital Content New Fronts” to attempt to capture a portion of the $9 billion upfront marketplace traditionally owned by television.   

According to e-marketer, “online video totaled $2.02 billion in 2011, which was up 55% from 2010. More than 100 million Americans watched online video content on an average day.” The hope is, that by making it easier for advertisers to purchase video online, they will commit more dollars to it and do it early. Each content provider will have a day to meet with advertisers and pitch their content and announce plans for development of new web series. For instance, CSI creators are developing new YouTube thrillers and Steven Van Zandt of the E Street Band and The Sopranos is starring in the Netflix streaming series Lilyhammer, which debuted last month. Web-only content will be a key component to the growth of online ad spends in the next few years. As advertisers embrace the web as a larger component of their marketing budgets, this newly created content should prove to push the needle even higher.

With the “Digital Content New Fronts” being planned over a span of two weeks, will advertisers and agencies be willing to commit that much time away from the office? The television industry can bring out the stars but what will digital providers offer as enticement to capture the industry’s attention over a two-week period? 

I am curious to see how the various sites present their content, see what’s being touted as “new” in the digital space and just how creative they get in terms of pricing and packaging. Since 2012 is the first year, attendance should be strong. The success story of the 2012 “Digital Content New Fronts” and its impact on the Prime Time Network Upfront is yet to be written. It will, however, provide valuable insights into the direction of online video advertising for the future.