The 2024 elections are shaping up to be a spending extravaganza unlike anything we’ve seen before, with a predicted $11.1 billion in political ad spend. What does it all mean for the future of our elections?
To explore the far-reaching implications of this trend, we’re delighted to welcome Steve Passwaiter, president of Silver Oak Political, on our latest Leading Local Insights Podcast. Our VP of Forecasting and Analysis, Nicole Ovadia, leads a riveting discussion with Steve about the forces driving this ad spend explosion and how campaigns are navigating the challenges of an increasingly complex local media environment.
Tune in to the podcast, Unpacking the Unexpected Record Political Ad Spending of 2024 with BIA and Steve Passwaiter, and catch up on the key takeaways below from Nicole and Steve’s discussion.
First, at this particular moment, it’s worth noting what’s set off the recent explosion in spend. Certainly, Donald Trump’s legal troubles have set off a fundraising frenzy, with both parties scrambling to cash in on the headlines. In just one night, Trump’s woes brought in a whopping $35 million for Republicans. It’s a sign of how campaigns are now using breaking news and social media to fuel their war chests.
But social media is getting more complicated. Campaigns are moving beyond Facebook and trying out new ways to reach donors, like targeted texts and emails. It’s a digital arms race, with everyone trying to stay one step ahead.
The real battle, though, is for the Senate. Races in Pennsylvania, Georgia, and Arizona are turning into money magnets, with millions pouring in from all sides. These states could tip the balance of power in Washington, and every candidate wants a piece of the action. Stars like Sherrod Brown and John Tester are pulling out all the stops to raise cash and lock down ad time. It’s not just about winning their races – it’s about shaping the entire Senate.
And then there are the wild cards, like Ohio and Florida. These one-time swing states are shifting allegiances, forcing campaigns to rethink where they spend their money. It’s a moving target, and only the nimble will thrive. Take Maryland, for example. Who would have thought that a Republican like Larry Hogan would have a shot in such a blue state? It’s a reminder that in politics, you can’t take anything for granted.
As we count down to 2024, one thing is clear: it’s going to be a battle, with billions on the line and the stakes higher than ever. As Steve shares in the podcast, “Buckle up, folks – it’s going to be a wild ride.” Listen to the full podcast here.
Would you like details about ad spending in your local market? BIA has local market ad forecast for all television and radio markets across 16 key media. See more about our forecasts here. We’d enjoy talking about your local market. Contact us to set up a discussion.
