As the 2024 US elections loom, there’s a buzz in the air — and it’s not just the political debates or campaign rallies. This political season is set to be the most expensive in American history, and those advertising dollars are expected to give a massive boost to radio stations in the neighborhood of $400 million.
Not all of this spending will be even, though, with three-quarters of the cash expected to be hyper-focused in seven key states. So which radio stations can capitalize on 2024 the most?
According to AdImpact, the total projected political expenditure for the 2024 elections is up 13% across all media, including broadcast, cable, radio, satellite, digital, and connected television, and almost four times the spending in 2016. By AdImpact’s estimates, radio stations are expected to capture approximately 3.9% of the total advertising expenditure. By BIA’s forecast, the industry could net around 5.3%.
A considerable chunk of this spending will be focused on seven battleground states: Arizona, Pennsylvania, Michigan, Nevada, North Carolina, Georgia, and Wisconsin. Arizona is set to outpace all other states with an estimated $821 million in ad spending. Pennsylvania is gearing up for what could be the most expensive Senate race in 2024.
The 2024 elections are shaping up to be a watershed moment for political spending in the United States. For radio stations, the increased ad spend offers both opportunities and challenges. Regardless, as economic uncertainties linger, the projected hundreds of millions coming into radio advertising from the elections will likely serve as a much-needed financial boost for the industry.
