Final answer:
The buying period before the TV season starts, where networks sell much of their advertising slots, is known as the up-front market. This period is crucial for networks to secure a substantial part of their advertising revenue in advance.
Step-by-step explanation:
The buying period that takes place before the TV season begins, where networks sell much of their commercial time, is referred to as the up-front market. During this time, advertisers have the opportunity to purchase ad slots in advance of the television season at potentially lower rates. The up-front market contrasts with other forms of TV advertising sales, such as the scatter market, where advertising time is purchased closer to the air date, often at higher rates due to less availability.
With advertising being a crucial source of revenue for networks, and given that television reaches a vast audience, the up-front market is an essential component of the industry's business model. In the context of technology and globalization, the way audiences consume television has evolved, with cable, satellite, and on-demand services reshaping viewing habits and advertising strategies. However, the up-front market remains a critical period for networks to secure a significant portion of their annual advertising revenue.