It’s now the end of 2023 and it’s full steam ahead to 2024. Before you know it, elections will be ramping up across the country, starting with primaries and then into what’s sure to be a wild fall with a Presidential election. There will be billions of dollars spent over the next 12 months. How will radio — and news/talk radio, specifically — capitalize on the event?
According to a new report, the advertising dollars spent on U.S. elections and advocacy issues will grow to roughly $16 billion next year, up 31.2% compared to the last presidential election in 2020.
The report notes that a majority of political advertising spent in the U.S. goes to local broadcast TV, but an increasing amount is moving toward digital channels.
We know that TV has always been the hub of political advertising. The amount of money wasted on TV is astronomical, but it’s not going to change overnight.
Meantime, digital growth continues as the world continues to change. Also, the internet offers infinite inventory for campaigns to place ads with few regulations.
But what about radio?
Radio remains the only medium that offers something that combines the best of each of the previously mentioned platforms: Radio’s cost is cheaper than TV, but its storytelling is far superior to anything digital. Plus, it’s far more likely to receive engagement from its audience of one in a car, on a stream, or on an Alexa, than another annoying pop-up ad or video player on your phone or computer.
I know there are many people in our industry telling radio’s success story to political media planners ahead of 2024, but we need to keep beating our drum because if not, TV’s monopoly on the bulk of political dollars will only continue.
Want to reach a younger voter? Radio’s your best bet.
Here are the numbers: The median viewer age continues to creep upward for CBS (63.2), ABC (58.5), NBC (59.2), and Fox (52.4). Meantime, the median listener to AM/FM Radio is 46 years old.
Want a better chance to reach potential voters?
Nielsen’s most recent Radio Today report revealed on average AM/FM radio reaches 91% of U.S. adults 18+ each month. The reach figure is greater than live and time-shifted TV (90%), smartphones (87%), connected TV devices (86%), PCs (79%), and tablets (57%).
And these numbers are not skewed by a certain age group. Nielsen found for the hard-to-reach adults 18-34 demographic, 87% listen to AM/FM each month. And of that same group (18-34), only 9% of them watch linear TV.
Looking at ad-supported audio sources only, the monthly reach disparity among young adults (age 18-34) is even greater. Whereas AM/FM radio has a reach of 87%, ad-supported (free) YouTube Music has a reach of 31%, followed by Pandora (18%), Spotify (16%), and Amazon Music (10%).
When looking at all age groups, the report found radio garnered a 38% share of total audio listening ahead of streaming audio (17% share), YouTube (13% share), followed by podcasts and satellite radio both with a 9% share.
Despite these incredible numbers, radio continues to fall behind, or at least not keep up, when it comes to political advertising dollars. This should not be happening. And we can only continue to be our own best advocates, whether it’s local races unique to your market, regional congressional seats or statewide U.S. Senate or Presidential races, political media buyers need to know the truth. Or as some might say, they need to stop believing the “fake news”. Radio has a story to tell. Let’s tell it. Onto 2024.
Pete Mundo is a weekly columnist for Barrett Media, and the Vice President of News/Talk for Cumulus Media, while also hosting “Mundo in the Morning” and programming KCMO Talk Radio in Kansas City. Previously, he was a fill-in host nationally on FOX News Radio and CBS Sports Radio, while anchoring for WFAN, WCBS News Radio 880, and Bloomberg Radio. He’s also the owner of the Big 12-focused digital media outlet Heartland College Sports. To interact, find him on X @PeteMundo.
