2024 U.S. Political Ad Spend to Grow 16% Vs. 2020: Analyst

• by Wayne Friedman , 6 hours ago

Political ad spend for the 2024 presidential election year is estimated to grow 16% by $1.5 billion over the last Presidential election year (2020) to $11.1 billion, according to estimates from BIA Advisory Services.

Political advertising is projected to rise 24% (by $2.2 billion) this year compared to the midterm election in 2022, when it was $9.0 billion.

Political ad spending for the 2020 presidential political year totaled $9.6 billion.

Over-the-air TV will get the biggest share -- at $4.6 billion, growing 4.6% from 2020 ($4.4 billion). The addition of TV station-related digital advertising will push up the number to $4.9 billion -- up from around $4.7 billion in 2020. 

Connected TV and OTT political ad spending will rocket up to $1.0 billion from $74 million in 2020.

On the flip side, cable TV -- the only category to see a decline -- is projected to be down 14% ($183 million) to $1.1 billion. 

Non-TV digital (PC/laptop) business will be 13% higher ($132 million more)  at $1.3 billion versus four years ago.

Radio will grow 16% from the previous election period, projected to be $536 million.

Traditional advertising is projected to account for 70% of political ad spending -- down from 78% in 2020.