US political ad spending set to surge 30 per cent in 2024, fuelled by digital boom
Campaign signs are displayed on a table
Political ad spending in the United States is expected to skyrocket 30 per cent this year compared to the 2020 presidential election, driven largely by a surge in digital advertising, according to research firm Insider Intelligence.
According to a Reuters report, several factors are contributing to the spending spree.
"Political candidates have bigger advertising budgets now," Peter Newman, the forecasting director at Insider Intelligence told Reuters.
He attributed this to "more polarised voters donating more to their preferred candidates" and easier fundraising platforms that allow for contributions to multiple campaigns.
While traditional television will remain the dominant platform, capturing the majority of the estimated $12.3 billion spent on political ads in 2024, digital platforms are poised for the most significant growth.
Insider Intelligence predicts a 156 per cent increase in digital ad revenue from 2020, reaching $3.46 billion this year.
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Connected TV, which allows viewers to access streaming services like YouTube and Hulu on their television sets, is spearheading the digital surge.
"Connected TV offers more precise ad targeting and can be cheaper than broadcast TV ads," Newman elaborated, making it an attractive option for campaigns with smaller budgets.
This opens the door for a wider range of candidates to compete for voter attention on the same screens as well-funded campaigns.
The increased spending is already evident on the airwaves, with supporters of Republican presidential hopefuls Ron DeSantis and Nikki Haley launching attack ads against each other ahead of their recent head-to-head debate in Iowa.
(With inputs from Reuters)