Political ad spending in 2024 will far surpass any previous election cycle.
You’ve read and heard this statement numerous times over the last several months, and experts are predicting this to be the first election cycle to reach $11 billion in political spending. That’s an increase of over $2 billion from the spending for 2022 or 2020.
What else should broadcasters know as a big election cycle is about to reap big dollars on TV, and a somewhat more tepid influx of money to Radio?
While more spending is being dedicated to a wider array of media including social media, digital and an increasing investment in OTT, linear TV is the most efficient way to reach seniors, who are the demo most likely to vote.
According to Active International research, of the estimated $11 billion dollars, over $5 billion are expected to be dedicated to linear TV alone.
Meanwhile, all eyes are on the Lowest Unit Rates (LUR) for the general election, which will go into effect on September 6, 2024.
The LUR for Iowa, the first primary election, will start on December 1, 2023.
The LUR for Super Tuesday begins in just three months, on January 20, 2024.
Markets with primary spending to look out for include Alabama, Missouri, California, Massachusetts and Michigan. Looking at political spending market by market in 2020/2022 versus 2024, pundits expect Salt Lake to be hot, with continued attention on Arizona, Nevada, New Mexico, Ohio, Pennsylvania and West Virginia.
