2024 election ad spending expected to top $10 billion, smashing Biden-Trump record

FAN Editor

In this photo illustration the US President Donald Trump and Democratic presidential candidate and former US Vice President Joe Biden are seen during the final presidential debate displayed on a screen of a smartphone.

Pavlo Conchar | LightRocket | Getty Images

The 2024 election cycle is expected to be the most expensive of all time for political ad spending, totaling $10.2 billion across all media, according to new projections from AdImpact released Tuesday.

That figure would exceed by more than $1 billion the current record, which was set during the 2020 election cycle when then-President Donald Trump lost his reelection bid to President Joe Biden.

The previous presidential election cycle in 2016 totaled $2.6 billion in political ad spending.

AdImpact projects that the 2024 cycle will show a 13% increase from four years earlier. The projected figure includes political expenditures across broadcast, cable, radio, satellite, digital and internet-connected TV.

The group anticipates at least $7 billion of the 2024 total will go toward TV ad spending.

More than a quarter of that $10.2 billion total, $2.7 billion, will come from presidential ad spending alone, according to AdImpact. Most of that chunk, $2.1 billion, is expected to be spent during the general election.

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But Congress is hardly expected to scrimp. The Senate is projected to shell out $2.1 billion in ad spending this cycle, while the House is predicted to spend $1.7 billion.

Gubernatorial ad spending, however, is expected to decline compared to expenditures in the 2022 cycle, since fewer than half as many seats are up for reelection. About $400 million will be spent on those 14 races in 2024, AdImpact projected.

This is developing news. Please check back for updates.

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