, political advertising in the world’s largest economy has climbed to unprecedented heights. In 2024,
to over 10 billion U.S. dollars, reaching a new peak. This result would mark an increase from the 2022 midterms spending, which in turn was slightly lower than that for the 2020 election cycle. While most of that haul was devoted to traditional media – mostly TV – buys,
28 percent of 2024’s political ad spend.
Candidates fight their electoral battles to the last ad dollar
In the early hours of Wednesday, November 6, former president Donald Trump received the minimum requirement of electoral votes to claim the presidency once again, beating former vice president Kamala Harris. Additionally, early results indicated that Trump was poised to win the popular vote nationwide, marking the first time a Republican candidate would secure a majority of votes since 2004. Prior to the election, Trump and Harris locked horns on TV, digital, and radio: As of September 2024,
Harris was the top spender in these three fields, investing nearly 1.2 billion dollars in ads since March, while Trump followed with a spend of 602 million. Harris’ campaign
also outspent Trump’s on both Meta and Google in September’s second and third weeks. The electoral race intensifies into a particularly fierce showdown in key swing states, with
Pennsylvania leading the pack in TV ad spending from both candidates.
CTV ramps up as a channel to win voters, but broadcast still rules the nation
The
boost in digital political ad spending indicates that campaigns are determined to reach voters across all media. As audiences shift their media consumption to streaming platforms, connected TV (CTV) has become a powerful channel for political advertisers to target and reach voters. In 2024, eight out of 10 U.S.
households owned at least one CTV device. With often non-skippable ads, connected TVs draw viewers of all ages and attract a young demographic that is difficult to reach with linear television. Additionally, voters can be targeted based on their location and purchasing behavior. Candidates and political parties are seizing this opportunity. In 2024,
political ad buys on CTV were forecast to amount to more than 1.5 billion dollars, roughly 45 percent of the political campaigns’ total digital ad expenditure. Despite the growing focus on CTV, broadcast television still receives the highest amount of investment in political advertising, with spending projected at around 5.1 billion dollars in 2024.
Generative AI: entering the chat amid misinformation concerns
The 2024 presidential election season differs from its predecessors in one crucial way: It is the first to feature an increased
usage of generative artificial intelligence (GenAI) by advertisers, which raises concerns over misinformation and manipulation. In November 2023, Meta announced that it would require advertisers to reveal whether their political ads on its platforms have any AI-generated or digitally altered content. Meta's move followed a similar announcement made by Google two months prior. Critics have previously denounced Meta, especially during the 2016 presidential election, for failing to curtail the spread of misinformation on its apps.
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