AdImpact forecasts that political ad expenditures during the 2024 election cycle could reach an impressive $10.7 billion, marking a 19% increase from the 2020 cycle.
AdImpact reported tracking more than 7,400 distinct political TV ads, surpassing the numbers seen at the same point in 2022 by 700 and in 2020 by 2,600.
According to AdImpact’s latest Political Projections Report released Monday, approximately half of the total amount, estimated at $5.35 billion, will be allocated to broadcast television ads. The report also estimates $1.9 billion for cable television, $1.5 billion for Connected TV (CTV), $381 million for radio, $309 million for network cable, and $102 million for satellite advertising.
AdImpact adjusted its digital ad spending forecast slightly to $1.12 billion from its initial $1.18 billion estimate, the only expected decrease.
“We still project growth in digital spending compared to the 2022 cycle; however, a slow Presidential primary that did not utilize digital in the same capacity as 2020 resulted in this decrease,” according to the AdImpact report.
AdImpact’s projections indicate that political ad spending will be distributed as follows: nearly $2.7 billion in the presidential election, $2.2 billion in Senate races, $1.8 billion in House races, $469 million in gubernatorial contests, and $3.6 billion in down-ballot races.
AdImpact says the “true spending season” is still ahead. It reports presidential political ad spending made up just 20% of the $3.1 billion spent on political ads through June 30. That’s well under the 51% targeting presidential candidates through the same period during the 2020 cycle.
“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,” AdImpact forecasts.