From Nasdaq:

U.S. political advertising spend is predicted to increase by 30% in 2024, totaling $12.32 billion, with TV media retaining the largest share. This news will benefit major news networks, including Fox News, CNN, and MSNBC, who have been struggling with decreased ad spending. Meanwhile, five Republican candidates are vying for the presidential nomination.

Digital platforms are expected to see a 156% increase from 2020. Meta Platforms and Google are anticipated to experience robust growth, with Google’s expected ad revenue from YouTube tripling to $553.2 million. Campaigns and issue advocacy groups are increasingly directing spending towards digital channels, reflecting changes in the ad market.

Meta’s social media platforms, particularly Facebook, are also expected to receive a boost. However, digital media platforms can become breeding grounds for misinformation, making it essential for brands to exercise caution during the 2024 election season, particularly when it comes to “deepfakes.”

In 2024, Meta and Google are forecasted to account for less than 10% of the total U.S. political ad spend. Traditional media, including TV, remains the primary destination for advertising, despite the anticipated significant rise in digital marketing. This makes 2024 a particularly challenging year for brand marketers, according to insights from Insider Intelligence.



Read more: US political ad spending to soar in 2024 with TV media the biggest winner – report