The 2024 election cycle is projected to be the most expensive to date, with anticipated ad spending of $10.2 billion across all platforms.
In a new report, the ad tracking firm AdImpact said the election cycle covering the years 2023 and 2024 “will be the most expensive political cycle of all time, 13% higher than the 2019-2020 cycle’s record of $9.02 billion.”
Breaking down its projections, AdImpact said that it expected $2.7 billion to be spent on ads in the presidential race, which has already seen nearly $200 million in ad spending so far.
Several familiar battleground states would see a significant share of the ad spending, AdImpact predicted in its report.
“We expect spending in the Presidential general election to be concentrated on seven key states: Pennsylvania, Arizona, Georgia, Michigan, North Carolina, Nevada, and Wisconsin,” the firm said.
AdImpact further projected $2.1 billion in ad spending on Senate races, $1.7 billion in ad spending on House contests, $361 million in ad spending for gubernatorial elections, and $3.3 billion spent on ads in various down-ballot races and other initiatives.
Control of Congress is on the line next year – with Republicans defending a narrow majority in the US House and Democrats attempting to maintain their slim margin in the US Senate.
Acknowledging the charged political climate, AdImpact said its projections were based in part “due to a highly contested Presidential election, razor-thin margins in Congress, and tremendous growth in the downballot category, which consists of all political spending that is not Presidential, House, Senate, or Gubernatorial.”
AdImpact also highlighted the influence of abortion-related ballot measures in driving up ad spending. Such ballot initiatives have been voted on in several states since the overturning of Roe v. Wade…
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