Radio is Expected to Generate $400M in 2024 Political Ads

RADIO ONLINE | Friday, July 14, 2023

VivVix

According to recent data released by Vivvix/CMAG, radio is projected to generate $400 million in political advertising during the 2024 election cycle. This figure represents a one-third increase compared to the revenue generated by radio in the 2022 mid-term election. While radio's earnings are overshadowed by broadcast TV ($5 billion) and streaming TV ($1.8 billion), Vivvix/CMAG VP, Growth and Strategy and Senior Advisor Steve Passwaiter highlights the potential for radio to attract more funds by targeting local races, leveraging the close relationships stations have with candidates.

Vivvix/CMAG anticipates political fundraising to reach $19 billion in the 2024 cycle, with the potential for even more. The firm conservatively estimates approximately $11.5 billion in ad spending across various platforms for this election cycle. So far, Vivvix/CMAG has tracked over $200 million in spending on issues and races across the country, including nearly $70 million invested in the presidential contest. The majority of this expenditure has been allocated to cable news networks and early primary states, with the Republican primary participants contributing around $60 million to this total as of July 10.

In terms of the forecasted $11.5 billion in political advertising expenditures in 2024, a significant portion is expected to be allocated to the presidential race, especially as swing states continue to evolve. The swing states projected for the 2024 presidential contest include Arizona, Georgia, Nevada, Pennsylvania, North Carolina, Michigan, and Wisconsin. Ohio and Florida, once considered swing states, now appear to lean more consistently towards Republican candidates based on recent election results.