Political advertising is expected to make a large increase in 2024, and the radio industry will be a beneficiary of that growth.
Political advertising is projected to grow to $10.7 billion in 2024, according to a study from AdImpact. That figure represents a 19% increase compared to what was spent in the run-up to the 2020 presidential election.
Of that $10.7 billion, $381 million is estimated to be spent on terrestrial radio. A projected $5.35 billion will be spent on broadcast television, with cable TV to see $1.93 billion.
“As Presidential spending rapidly increases after the party conventions this summer, the 2024 cycle will set its pace to become the most expensive political cycle of all time,” the company said about its projections. “A concentration on seven key general battleground states will drive spending in the category.”
Senate races in those battleground states — coupled with competitive polls in the presidential campaign polls — will see high dollar figures spent.
More than a billion dollars will be spent in California alone while Arizona is projected to see $803 million, with Pennsylvania ($800M), Michigan ($684M) Nevada ($577M), Florida ($464M), Ohio ($464M), New York ($453M) and Wisconsin ($423M) all expected to see more than $400 million in political advertising spent during the 2024 campaigns.
