Political advertising is transforming significantly, driven by changing media consumption habits and evolving campaign strategies. As campaigns and interest groups gear up for the 2024 election, they are poised to invest record amounts in promoting candidates and causes across various media channels. While linear TV remains a cornerstone of political advertising, there’s a notable shift towards leveraging the targeting capabilities of connected TV (CTV) and social media platforms. However, amidst this evolution, concerns about misinformation and reputational risks loom.
Key Question: How much will be spent on US political ads in 2024, and how is the media mix changing from previous election cycles?
Key Stat: Political ad spend will hit $12.32 billion this year, according to EMARKETERS forecast, nearly three times what it was in 2016.
Political ad spend not only impacts the political landscape but also reverberates across other segments of advertising, as it often leads to increased competition for ad inventory. With digital platforms gaining prominence, especially connected TV, the dynamics of political advertising are experiencing a significant shift. However, as advertisers navigate the digital landscape, they must grapple with the challenges posed by generative AI and the proliferation of misinformation.
The 2024 election cycle is poised to redefine political advertising, with digital platforms taking center stage. Our forecast predicts that US political ad spending will soar past $12 billion this year, marking a substantial increase from the 2020 presidential election. While traditional media still commands a significant share of political ad dollars, the rise of digital channels, particularly connected TV, reflects a broader trend towards innovation and adaptation in political campaigning.
For a comprehensive analysis of the changing landscape of political advertising and insights into how campaigns are rethinking their strategies, download EMARKETERS analyst report, “US Political Ad Spending Forecast 2024: CTV Share Grows as Campaigns Rethink Social Media Strategies.”
Contact us at sales@adtonos.com for expert guidance to leverage digital audio advertising effectively in your media plan.
