With the digital shift in political advertising, programmatic strategies have significantly increased. The EARKETER’s US Political Ad Spending Forecast 2024 report, a crucial resource, projects a 156.3% growth in digital political ad spending this year compared to the previous presidential election year, outpacing the overall growth in US political ad spend.
The report also highlights that US political ad spending is set to surpass $12 billion in 2024, almost tripling the amount spent in 2016. As campaigns allocate more resources, they increasingly turn to digital formats such as connected TV (CTV).
Despite the rapid growth of digital political ad spending, it still lags behind the overall US ad market. Currently, digital accounts for 28.1% of total political ad spending, while it constitutes 77.7% of total media ad spending. However, the majority of digital ad spending, approximately 90%, is directed towards programmatic formats, reflecting the increasing shift towards programmatic in political advertising.
Furthermore, political ad dollars are increasingly directed towards connected TV (CTV). Peter Newman, a forecaster, mentions that political advertisers tend to embrace channels once they are proven. According to the forecast, US political CTV ad spend is projected to be five times higher this year compared to 2020, amounting to $1.56 billion and capturing 12.6% of total political ad spend. Additionally, around 81% of CTV ad spend is allocated to programmatic, indicating a considerable increase in programmatic ad spend.
The paradigm shift towards digital and programmatic political advertising is not just a trend, but a significant development that impacts media channels and advertisers. As political ad spend continues to surge and diversify across digital platforms, the importance of understanding and adapting to these trends cannot be overstated for all advertisers navigating the dynamic advertising landscape.
Source: EMARKETER website.
