US political ad spending will hit new highs amid the 2024 presidential election, with connected TV (CTV) driving the biggest gains. Despite the digital shift, traditional TV—long a mainstay of political advertising—will hold its own.
Political advertising is growing and changing. Campaigns and interest groups will spend more than ever promoting candidates and causes on media channels. This year, these advertisers will continue to direct the bulk of their budgets to linear TV, but they will also capitalize on the refined targeting capabilities of connected TV (CTV) and social media as they grow their investments in those venues. Against the backdrop of an increasingly polarized electorate, political advertisers are also focused on the potential pitfalls of misinformation and reputational risks.
Key Question: How much will be spent on US political ads in 2024, and how is the media mix changing from previous election cycles?
Key Stat: US political ad spending will vault past $12 billion in 2024—a new high—to nearly triple the $4.25 billion spent in 2016. As campaigns spend more, they are increasingly investing in digital formats like CTV.
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Table of Contents
Executive Summary
Ready or not, the $12 billion election is here
Digital is capturing more and more political ad dollars
Despite digital’s growth, traditional media still dominates political advertising
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Since the Last US Presidential Election, CTV Will Blow Past Other Formats/Platforms in Ad Spending Growth (% change in US political ad spending, by format or platform, 2020-2024)
Most US Political Ad Spending Will Be on Traditional Channels, in Contrast to Total Media Ad Spending (traditional vs. digital % of US political and total media ad spending, 2024)
Since the Last US Presidential Election, CTV Will Blow Past Other Formats/Platforms in Ad Spending Growth (% change in US political ad spending, by format or platform, 2020-2024)
Most US Political Ad Spending Will Be on Traditional Channels, in Contrast to Total Media Ad Spending (traditional vs. digital % of US political and total media ad spending, 2024)