TIP Initiative Announces Progress in Accelerating Electronic Transaction Workflows for Local TV Advertising at Annual TVB Forward Conference
NEW YORK--(BUSINESS WIRE)--Sep 27, 2018--TIP (Television Interface Practices), a consortium of local television broadcasters including Hearst Television, Nexstar Media Group, Raycom Media, Sinclair Broadcast Group, TEGNA, and Tribune Media today released updates for the project at TVB Forward 2018, local broadcast television’s annual advertising and marketing leadership conference in New York City. At the annual industry event attended by more than 500 C-suite television and media industry executives, Perry Sook, Founder, Chairman, President and CEO of Nexstar Media Group and Chairman of TVB, highlighted the progress the work group has achieved toward its goal of accelerating electronic advertising transactions for local broadcast TV stations and their media agency partners. To continue the momentum around transitioning the market toward increased automation, Mr. Sook, on behalf of the TIP members also called for increased industry participation and collaboration from system providers, buyers and sellers.
Streamlining the advertising buying and selling process and making standardized, modern transaction interfaces available are keys to enabling future revenue growth and innovation in the local broadcast television industry. To solve this industry-wide challenge executives from the largest U.S. broadcast TV groups launched the TIP . TIP’s mission is to create a coalition of system providers to implement the technical framework necessary to streamline transaction workflows for local broadcast television and create greater interoperability between systems.
“The TIP Initiative continues to make notable progress on our objectives to eliminate the complexity of the buying and selling process for local television,” stated Perry Sook. “If we, as an industry, share a common goal of strengthening local broadcast television’s long-term competitiveness, then we must work towards increased automation on a broad scale. We encourage broadcasters, media agencies and system providers to support this important, ongoing collaborative effort so our respective businesses share in the financial benefits and revenue opportunities of a more efficient marketplace.”
Jennifer Hungerbuhler, EVP, Managing Director, Local Video and Audio Investment at Dentsu Aegis Network, added, “We are committed to driving best-in-class results on behalf of our clients across all media channels, and local television plays a key role in our ability to do that. We are excited to be part of the TIP initiative, as it not only signifies the importance of local television, but also the importance of future proofing its buying process.”
In 2018, the objective of TIP has been to encourage several key system providers to execute pilot transactions using modern open interfaces. To accomplish this goal, TIP engaged over twenty buy-sell system providers, media agencies and television broadcasters to initiate an unprecedented program of industry collaboration.
In the first quarter of 2018, TIP designed a set of interfaces to accommodate today’s business practices and released them as the TIP interface 2.0 framework in April 2018. Today at TVB Forward 2018, the consortium released the TIP interface 3.0 framework that incorporates some novel solutions to common issues such as pre-approved make goods and an automated RFP-proposal workflow. Seven of the interfaces have also been translated into draft automated program interfaces (APIs) using the ubiquitous open API interface standard.
TVB, the trade association representing local broadcast television, provides a repository for TIP’s work and open access for industry partners. The consortium’s updated framework is available at www.tvb.org/TIP.
In the third quarter of 2018, several system providers, most notably PremiumMedia360 and Videa, began executing transactions utilizing the TIP APIs. Due to the enhanced automation, stations and agencies can extract meaningful benefits including a streamlined RFP-proposal process, the ability to make in-flight adjustments with more immediate feedback from log times, and reduced reconciliation and payment cycles. WideOrbit, Surewaves and Imagine are also testing several TIP APIs and have independently committed to enable them in the coming weeks.
Walker Burl, Director Short Form Media Operations at Havas Edge commented, “We congratulate our partners on their success and look forward to scaling the benefits of local television automation in the fourth quarter.”
Looking ahead, TIP members will continue to invest in the initiative and are calling for increased industry participation from system providers, buyers and sellers to scale the shared benefits. The work group will continue to expand the portfolio of interfaces to ensure current and future workflows are addressed, and local television broadcasters will continue to require system providers to modernize interfaces and interoperate.
“The TIP members remain committed to working with all industry stakeholders to develop open interfaces and, more importantly, champion their scaled adoption to facilitate marketplace efficiency and integrity with our media agency partners,” confirmed Greg McCastle, Chief Revenue Officer at Raycom Media.
To drive interface adoption, the TIP broadcasters will ramp up engagement with agency partners to advance changes to their systems and TVB will take a lead role in helping the industry coordinate advocacy efforts. The TIP Initiative’s goal is for local broadcasters and media agency partners to evolve the transaction workflows together to increase the value for all industry stakeholders.
More information about the TIP Initiative and the updated TIP interface framework is available at www.tvb.org/TIP.
About Nexstar Media Group, Inc.
Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 171 television stations and related digital multicast signals reaching 100 markets or nearly 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities. For more information please visit www.nexstar.tv.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country. Sinclair owns and operates, programs or provides sales services to more television stations than anyone and has affiliations with all the major networks. In addition, Sinclair is the leading local news provider in the country, as well as a producer of sports content. Sinclair owns a multicast network, four radio stations and a cable network. Sinclair’s broadcast content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. Sinclair, either directly or through its venture subsidiaries, makes equity investments in strategic companies. Sinclair Broadcast Group, Inc. was founded in 1986, went public in 1995 and is traded on the NASDAQ Global Select Market under the ticker symbol SBGI.
About Tribune Media
Tribune Media Company (NYSE: TRCO) is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting’s 42 owned or operated local television stations reaching approximately 50 million households, national entertainment cable network WGN America, whose reach is more than 77 million households, and a variety of digital applications and websites commanding 54 million monthly unique visitors online. Tribune Media also includes Chicago’s WGN-AM and the national multicast networks Antenna TV and THIS TV. Additionally, the Company owns and manages a significant number of real estate properties across the U.S. and holds a variety of investments, including a 31% interest in Television Food Network, G.P., which operates Food Network and Cooking Channel. For more information please visit www.tribunemedia.com.
TEGNA Inc. is an innovative media company that serves the greater good of our communities. With 47 television stations and two radio stations in 39 markets, TEGNA delivers relevant content and information to consumers across platforms. It is the largest owner of top 4 affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide. Each month, TEGNA reaches 50 million adults on-air and approximately 30 million across its digital platforms. TEGNA has been consistently honored with the industry’s top awards, including Edward R. Murrow, George Polk, Alfred I. DuPont and Emmy Awards. TEGNA also delivers innovative and unparalleled solutions for advertisers through TEGNA Marketing Solutions (TMS), an unmatched suite of services and solutions that reach consumers across television, email, social and over-the-top (OTT) platforms, including Premion, TEGNA’s OTT advertising service. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. For more information, visit www.TEGNA.com.
About Hearst Television
Hearst Television owns and operates television and radio stations serving 26 media markets across 39 states reaching over 21 million U.S. television households. Through its partnership with nearly all of the major networks, Hearst Television distributes national content over nearly 70 video channels including programming from ABC, NBC, CBS, CW, MY Net, MeTV, This TV, Estrella and more. The radio stations are leaders in Baltimore news/talk and rock music listenership. Hearst Television is recognized as one of the industry’s premier companies, and has been honored with numerous awards for distinguished journalism, industry innovation, and community service. Hearst Television is a wholly owned subsidiary of Hearst.
About Raycom Media
Raycom Media, an employee-owned company, is one of the nation’s largest privately-owned local media companies and owns and/or provides services for 65 television stations and 2 radio stations in 44 markets located in 20 states. Raycom Media owns or provides services for stations covering 16% of U.S. television households and employs over 8,300 individuals in full and part-time positions. In addition to television stations, Raycom Media is the parent company of CNHI (community newspapers and information products; over 100 titles located in 23 states), PureCars (digital ad platform for the automotive industry), Raycom Sports (a marketing, production and events management and distribution company), Tupelo Raycom (sports and entertainment production company), RTM Productions (automotive programming production and marketing solutions company) and Broadview Media (a post-production/digital signage company). Raycom Media is headquartered in Montgomery, Alabama.
TVB is the not-for-profit trade association representing America’s $21 billion local broadcast television industry. Its members include over 800 individual television stations, television broadcast groups, advertising sales reps, syndicators, international broadcasters and associate members. TVB actively promotes local media marketing solutions to the advertising community and works to develop advertising dollars for the medium’s multiple platforms, including on-air, online and mobile. TVB provides a diverse variety of tools and resources, including www.tvb.org, to support its members and to help advertisers make the best use of local ad dollars.
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CONTACT: Nexstar Media Group, Inc.
Brett Jenkins, 972-373-8800
Chief Technology Officer
Jennifer Neuman / Joe Jaffoni, 212-835-8500
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PUB: 09/27/2018 11:01 AM/DISC: 09/27/2018 11:01 AM