TV's upfronts – are they still relevant?

An excuse for networks to gather TV’s biggest and brightest stars for lavish parties? Or an opportunity to secure the best TV inventory for the coming year? Upfronts is an annual tradition, and possibly the last bastion of old TV – paying for reach and reach alone.  
But, TV is no longer just about reach. It’s also about response, especially when it comes to using TV to activate audiences in the digital ecosystem. With the new age of TV, can upfronts keep pace and all