A new study from The Myers Report estimates that U.S. political ad spending for the 2024 campaign will top $12 billion, eclipsing the $9.02 billion spent in 2020 and the $8.9 billion doled out for the 2022 midterms. The Myers Report conducted the analysis for the nonprofit MediaVillage Education Foundation.
The $12 billion figure—a 33% increase over the 2019-2020 election campaign—is part of an overall estimate of $18.2 billion that will be spent on reported and unreported political marketing investments, the researcher said.
As expected, broadcast television garnered most of the ad spending, receiving $6.1 billion, just over half of the total ad spend during the campaign season.
Myers expects connected TV to log $1.8 billion in political ad spending; cable to see $1.6 billion, which represents 13% of total spending; and digital platforms, including social media and online advertising, to get $1.6 billion. Radio/audio advertising is projected at $440 million and national network cable at $350 million, with satellite getting only $110 million of the total.
Outdoor advertising jumps 10% from 2020 with $1.1 billion in spending, Myers said.
The researcher noted that its report “focuses on political advertising expenditures by U.S.-based candidates, parties and Political Action Committees (PACs). It does not account for covert or illicit activities by foreign operatives from countries like Russia and China.”
With the presidential candidates raising record amounts this season—Vice President Kamala Harris, the Democratic candidate, has raised more than $1 billion since entering the race in July—there’s no shortage of ad money to go around; NBC reported that nearly $1 billion was spent during Halloween week alone.
Although traditional media still dominates the political ad spending market, Myers noted, digital media and spending on more personal contact with voters are gaining traction when allocating campaign budgets.
“As the 2024 U.S. election cycle concludes, political advertising expenditures have reached unprecedented levels, underscoring the intensifying competition for voter attention across diverse media platforms,” the researcher said. “The 2024 election cycle underscores a pivotal shift in political advertising strategies.
“While traditional media like broadcast television continues to command significant investment, the surge in digital and CTV spending reflects a broader trend towards diversified media consumption. The increased emphasis on grassroots and field operations plus direct mail are experiencing significant growth. Campaigns are increasingly recognizing the need to engage voters across multiple platforms to effectively convey their messages.”
