BIA Advisory: ’24 Political Ad Spend to Hit $11.1 Billion
BIA Advisory Services reveals its forecast for the political ad spend in the U.S. for the 2024 election cycle and it expects the total to be just over $11 billion – that’s $1.5 billion more than was spent in the 2020 elections. BIA states, “While local ad spending on digital is growing, traditional advertising is
forecast to account for 70.2% of political ad spend in 2024, down from 77.9% in 2020. As with past presidential elections, in 2024 over-the-air TV (TV OTA) will get the largest share of political ad dollars in local with an estimated $4.6 billion in forecast spending. Add in TV Digital, and the number rises to $4.9 billion. PC/Laptop will be the second highest at $1.3 billion, followed by Cable TV at $1.1 billion. Cable TV is the only media channel forecast to be down from 2020 in this category, by nearly $183 million. Coming in fourth is relative newcomer Connected TV/Over-the-top TV (CTV/OTT), which is forecast to grow to $1.0 billion in 2024 from only $74 million in 2020. Over-the-air radio remains steady with $536 million in 2024, up 16% from 2020.”