‘Upfront’ TV ad fest will reflect times

It used to be that you could gauge the strength of the advertising market by the beer the networks served at their “upfront” parties. If Heineken was on tap, it meant things were looking up. If it was Budweiser, well . . .

Next week advertisers might consider bringing their own beer. This time the glitz in New York will be vastly toned down. Presentations of the new fall schedules once droned on for three hours but this year will be kept to a deflationary 90 minutes.

The parties will be less grand as well. CBS is exiting the tony Tavern on the Green in Central Park for Terminal Five, on 11th Avenue and 56th Street, practically Siberia in Manhattan. ABC’s post-presentation party is for media buyers only at a Cheney-like undisclosed location.

Fewer Hollywood executives will be boarding jets to JFK in the next few days, and those who do will be flying coach instead of business class.

But perhaps the clearest indicator of the new economic reality is that the William Morris Agency is not hosting its annual party. The Monday soiree always drew network presidents and studio chiefs. Sure, sorting out the merger with Endeavor probably made this bash less pressing, but if ever there was a time for a blowout party, now would appear to be it.

From a business standpoint, however, austerity could be the right message for the networks to send. Advertisers are hinting that this year’s upfront market could total $7 billion, a 20% drop from last year.

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joe.flint@latimes.com