Breaking Down the Record-Setting $12B Political Ad Spend in 2024

The 2024 election cycle injected an unprecedented $12 billion into the U.S. advertising market—a +24% surge from the $9 billion spent in 2020, according to AdImpact. Nearly a third of this, $3.1 billion, was spent on the presidential race alone.

While the headline numbers are impressive, the real story lies in how and where these dollars were spent. In 2014, political ad spending hovered around $3 billion, with an overwhelming 80% funneled into broadcast television. Fast forward to 2024: ad spend has quadrupled, and the media mix has evolved dramatically, reflecting the rapid proliferation of digital channels.

Television’s Staying Power in the Digital Era

Digital now accounts for 28% of total political ad spend, a sharp rise from 14% in 2020. This +156% growth is largely fueled by Connected TV (CTV), which saw a staggering +506% surge compared to 2020.

While linear TV is losing ground to digital formats, television in its connected form remains an indispensable awareness channel. Political campaigns have poured significant dollars into TV, underscoring its unmatched reach and effectiveness in delivering high-impact messages.

Is TV still the most effective channel for building awareness? The evidence suggests yes. Whether in its traditional or connected form, television continues to hold a unique ability to cut through the noise—something both political campaigns and brands should take to heart.

How Brands Adapted to Election Ad Pressure

For non-political advertisers, the 2024 election season wasn’t just about record-breaking spend—it was about navigating the challenges of a hyper-competitive landscape. With CPMs soaring across channels, brands were forced to rethink their strategies:

• Dramatic Price Hikes:
  • On platforms like Facebook and Instagram, ad costs doubled or tripled in the weeks leading up to Election Day as political campaigns spent aggressively to reach voters.
  • In key swing states such as North Carolina, Michigan, Pennsylvania, and Nevada, TV ad costs surged, pushing brands to shift their focus to less competitive regions.
• Pivoting to Retail Media Networks:
  Retail media networks, including platforms like Amazon, became a critical refuge for advertisers. Largely unaffected by political ad clutter, these channels offered brands a cost-effective and efficient alternative during the election season.

What was once considered a secondary platform has now become a staple in advertising strategies. The election highlighted the efficiency and reliability of retail media networks, with many advertisers likely to maintain these channels as a permanent part of their media mix.

What Brands Can Learn

As the political ad flood subsides and CPMs normalize, it’s an ideal moment for brands to reflect and recalibrate. The key takeaways?

• Diversification pays off: Advertisers that explored new channels like retail media networks successfully avoided the most intense competition.
• Strategy matters: Tailoring flight plans, testing alternative ecosystems, and adjusting creative messaging helped brands maintain visibility during the election surge.
• TV remains a powerhouse: Despite the digital shift, television—especially CTV—proved its enduring relevance as a high-impact awareness driver.

As we look ahead, the 2024 election season serves as a reminder: Success comes from knowing your channels, understanding your audience, and being willing to adapt to shifting landscapes.