Political advertising expenditures in the United States are poised to surge by 30% in 2024 compared to the previous year, fueled by a substantial uptick in spending on digital platforms, according to research estimations.
Insider Intelligence has projected this upward trajectory, attributing the trend to the augmented advertising budgets of political candidates. The increased polarization among voters has resulted in more significant contributions to their preferred candidates. Additionally, fundraising platforms have facilitated streamlined contributions to multiple campaigns, as highlighted by Peter Newman, Forecasting Director at Insider Intelligence.
The surge in digital growth is notably driven by Connected TV, a platform that enables viewers to access YouTube or Hulu on their television sets. This avenue not only facilitates more precise ad targeting but is also likely to be more cost-effective than traditional broadcast TV ads, Newman explained.
Insider Intelligence estimates that digital platforms will experience the most substantial growth among various mediums for political ads. Revenue is anticipated to soar by 156% from 2020, reaching $3.46 billion in 2024.
“It allows people with less funding to be able to reach the same screens,” Newman commented.
Despite the surge in digital ad spending, traditional television ads are expected to maintain their dominance, constituting the majority of the projected $12.3 billion to be spent on US political advertising in 2024. Broadcast TV, in particular, remains a preferred medium for political advertising due to its ability to reach a broad and diverse audience.
As the November 5 elections approach, political ads are intensifying on various platforms. Supporters of Republican candidates Ron DeSantis and Nikki Haley have initiated attack ads against each other, building anticipation for their upcoming head-to-head debate in Iowa on Wednesday.
