BIA Advisory Services has shared its political spending projections for 2024, and the news is encouraging for the media industry, as spending is expected to grow exponentially. But cable TV won’t be a benefactor of that growth.
While spending from political campaigns and PACs is expected to reach $11.1 billion, an uptick of 24% compared to 2022 and 15.5% compared to the last presidential election, cable TV is the only media channel that will see a decrease in revenue.
The medium is forecasted to see a drop of nearly $183 million in 224 compared to the last two major political cycles. It will still, however, reach $1.1 billion in ad spending in 2024, according to the BIA report.
As with past elections, over-the-air TV will see the major revenues with political ad dollars forecasted to reach $4.6 billion. Another $4.9 billion will be spent on TV digital.
