SUMMARY
- A record-breaking $10.2 billion expected in political ad spending for 2024.
- Presidential ads to eat up $2.7 billion, with $2.1 billion for the general election alone.
- While most categories surge, gubernatorial ad spending dips with fewer races in play.
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Hold onto your hats, folks! The 2024 election cycle is shaping up to be a blockbuster event in terms of political ad spending. With an anticipated budget that would make Hollywood blockbusters green with envy, we're looking at a whopping $10.2 billion across all media platforms, as projected by AdImpact. Just to put that into perspective, it's a leap of more than $1 billion from the previous record, set during the whirlwind 2020 election. Remember that? It was when Trump made his exit and Biden took the center stage.
The growth in spending isn't just a random spike. Looking back, the 2016 election saw a total of $2.6 billion in ad money. Fast forward to the projected 2024 figures, and there's a 13% growth in spending from just four years prior. What's even more riveting? Of that grand $10.2 billion, a solid $7 billion is earmarked just for TV ads. That's right, expect to see a lot of political faces during your favorite show's commercial breaks!
But wait, there's more! Of the entire amount, a staggering $2.7 billion is for presidential ads alone. And most of this—around $2.1 billion—will be poured out during the prime-time: the general election. Meanwhile, Congress isn't tightening the purse strings either. The Senate and the House are projected to splash out $2.1 billion and $1.7 billion respectively.
While the figures are astronomical for most races, gubernatorial ad spending seems to be taking a backseat this cycle. Predictions show a decline in spending for governor races, especially when compared to the 2022 cycle. The reason? A lot fewer seats up for grabs. Out of all the predicted ad spend for 2024, only about $400 million is expected to be for those 14 gubernatorial races. Regardless of the decline in this category, one thing's for sure: the 2024 election is set to be an advertising extravaganza!
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