Political Ad Spend Hits a Record

New research on the 2023-24 election cycle has concluded, as expected, that it was the most expensive one ever. But an AdImpact study also found that the $11.1 billion record-breaking spending was not a bonanza for all media outlets, with 13 states accounting for $7.4 billion, representing 67% of total spending over the cycle.

It was also the first cycle where broadcasters’ share of total spending fell.

TV Technology reports overall the 2023-24 cycle was significantly higher than the $9.08 billion spend in the 2020 cycle and the $8.9 billion spent in the 2022 cycle.

During the 2024 cycle, spending was concentrated in battleground states, with Pennsylvania becoming the first state to reach $1 billion in spending. After Pennsylvania, Michigan ($806 million), Wisconsin ($673 million), and Arizona ($511 million) were also among the most-expensive states.

Overall, the report found broadcast spending hit $5.3 billion, while connected TV accounted for $2.3 billion. Digital, meanwhile, hit $1.6 billion.

The presidential race hit $3.2 billion, making it the most expensive in history. Senate races totaled $2.7 billion, with six contests exceeding $200 million. House spending rose to $1.7 billion, with 34 races surpassing $20 million, AdImpact reported.

Fifty-one percent of the 2024 cycle’s record-breaking $11.1 billion occurred in the election’s final eight weeks.