A new estimate from AdImpact projects that political advertising revenues will rise to $10.7 billion for the 2023-2024 election cycle, up from an earlier estimate of $10.2 billion. This represents a 19% increase compared to the 2019-2020 presidential election period, which saw political ad revenue total $9.02 billion.
The breakdown of the projected revenue is as follows:
- Broadcast platforms (local and national): $5.35 billion
- Local cable TV systems: $1.93 billion
- Connected TV: $1.51 billion
- Digital media: $1.12 billion
- Cable TV ad spending on networks: $309 million
- Satellite-provided local media: $102 million
In terms of the specific elections, the projected ad spending is:
- Presidential election: $2.7 billion
- Senate candidates: $2.2 billion
- House of Representatives candidates: $1.8 billion
- Governors’ races: $469 million
- Down-ballot candidates: $3.6 billion
Through the end of June, more than 7,400 political TV ads have aired, which is 700 more than in June 2022 and 2,600 more than in 2020. AdImpact’s projections are based on data from over $33 billion in spending, 18,000 elections, 45,000 unique political ads, and 24 million ad airings.