Political Ad Spend for the 2024 Election Cycle Hit a Record $11.1 Billion

Pixabay
(Image credit: Pixabay)

New research on the 2023-24 election cycle has concluded, as expected, that it was the most expensive one ever. But an AdImpact study also found that the $11.1 billion record-breaking spending was not a bonanza for all media outlets, with 13 states accounting for $7.4 billion, representing 67% of total spending over the cycle.

It was also the first cycle where broadcasters’ share of total spending fell below 50%.

Overall the 2023-24 cycle was significantly higher than the $9.08 billion spend in the 2020 cycle and the $8.9 billion spent in the 2022 cycle.

During the 2024 cycle, spending was concentrated in battleground states, with Pennsylvania becoming the first state to reach $1 billion in spending. After Pennsylvania, Michigan ($806 million), Wisconsin ($673 million), and Arizona ($511 million) were also among the most-expensive states.

Overall, the report found broadcast spending hit $5.3 billion, while connected TV accounted for $2.3 billion. Digital, meanwhile, hit $1.6 billion.

Thanks to rapid growth, connected TV accounted for 21% of total cycle expenditures, which caused linear cable to fall by nearly $400 million, coming in at $1.37 billion.

The presidential race hit $3.2 billion, making it the most expensive in history. Senate races totaled $2.7 billion, with six contests exceeding $200 million. House spending rose to $1.7 billion, with 34 races surpassing $20 million, AdImpact reported.

Fifty-one percent of the 2024 cycle’s record-breaking $11.1 billion occurred in the election’s final eight weeks.

The report found that this was the first cycle in which broadcast’s share fell below 50%. But broadcasters still received $5.3 billion, $100 million more than the 2020 cycle and $620 million more than the 2022 cycle. The most significant shift came from CTV, which established itself as a major player in the media ecosystem. In its first full cycle of being tracked, CTV accounted for $2.3 billion in spending, making it the second-highest spending category and capturing 21% of total cycle expenditures.

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George Winslow

George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.

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