While digital ad spending continues to grow, traditional media will still command the majority of the political ad market in 2024 according to a new forecast from BIA Advisory Services. So how much of this year’s record-breaking $11.1 billion in election revenue will radio see?
BIA predicts a 24% boost in political ad spending over 2022 and a 15.5% rise from the 2020 elections. This surge places political ads as the dominant spending category across multiple media channels, with 70.2% of dollars headed to traditional platforms. This does mark a notable decrease from 77.9% in 2020 as digital rises.
The most significant growth in political ad spending is seen in Connected TV, set to escalate to $1.0 billion in 2024 from $74 million in 2020.
Over-the-air television is expected to attract the most significant portion of local political ad dollars, with an estimated $4.6 billion. Including Digital TV, this figure increases to $4.9 billion. Cable TV is expected to see a decrease, bringing in $1.1 billion, down nearly $183 million from 2020.
AM/FM radio is expected to see a 16% increase from 2020, with BIA forecasting $536 million in spending.
This news comes as President Joe Biden intensifies his campaign efforts in battleground states with a significant radio advertising strategy, targeting multicultural voters crucial to his 2020 victory. This $30 million advertising and strategic tour campaign across key states is set to run for six weeks, with ads specifically designed to appeal to Black, Hispanic, and AAPI demographics.
Simultaneously, GOP super PAC MAGA Inc. has already dedicated hundreds of thousands in radio ad campaign aimed at Black and Hispanic male voters in Georgia, Pennsylvania, and Michigan.
Despite not being the largest growth platform, AM/FM continues to serve a unique value in providing access to demographics that could make or break the election for either candidate.
