Political advertising spending is projected to hit a record $12 billion during the 2024 U.S. election cycle, with $3 billion expected to be spent in the presidential race alone, according to a new report from Stagwell media agency Assembly.
Advertising spend is expected to hit $9 billion in down-ballot races, according to the agency’s 2024 Election Outlook report—equal to how much was spent in total on political advertising during the 2020 U.S. presidential election cycle.
There will be fewer competitive statewide races in 2024 than there were in 2022, meaning more investment will be driven into fewer campaigns, per the report, which noted that there could be two to three record $300 million campaigns for U.S. Senate races. Similarly, “we’ve only seen a few House races top the $50 million mark; 2024 could see quite a few,” the report said.