2024 Political Ad Spending to Surpass $10B, Sets New Record.
OAN’s James Meyers
12:17 PM – Tuesday, September 12, 2023
Political ad spending is expected to break records by the end of the 2024 election cycle, going over $10 billion, which would make it the record for the two most expensive years in election cycle history.
AdImpact, which is a firm that tracks political spending, expects $2.7 billion will be spent on the presidential election from campaigns and outside groups. Additionally, they project $2.1 billion will be spent on the Senate, $1.7 billion on the House, $361 million on gubernatorial elections and $3.3 billion on other elections.
With the projected numbers, the $10.2 billion expected for 2024 would be a 13% increase over the $9 billion spent during the 2020 election cycle. This is a significant increase compared to the 2016 election cycle where $2.6 billion was spent.
This comes after ad spending in the GOP race has hit a rapid pace, with over $100 million already spent so far in the primaries, eclipsing other previous elections.
Streaming television is expected to make a higher ad increase, TV ad spending is projected to decrease and Spanish-language ads are projected to go up 9% from the previous cycle.
However, AdImpact expects digital spending to increase this election cycle compared to 2022, but it is not expected to hit the same numbers of the last presidential cycle. It also is projecting a 27% increase in presidential primary spending between 2020 and 2024.
Additionally, the firm also expects a 17% increase in general election ad spending to $2.1 billion, with over 75% of the projected money coming in from swing states: Arizona, Georgia, Pennsylvania, Michigan, North Carolina, Nevada and Wisconsin.
All of the states except the Tar Heel State flipped from Donald Trump to Joe Biden in the past presidential election.
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