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2024 Political Ad Spending Surpasses 2020 by $200 Million

Maddy Troy

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According to AdImpact, an ad-tracking firm, the 2024 federal election cycle is already surpassing the 2020 cycle by $200 million. As of May 26, a total of $382.65 million has been spent in the current cycle, compared to $182.99 million during the 2020 election cycle.

According to Inside Radio, AdImpact’s latest update states, “Spending has been more consistent in the current cycle than in 2020 across the board, as there has been a wide variety of competitive elections already in 2023.”

The increase in spending can be attributed to a larger number of candidates in the field. Senator Tim Scott (R-SC), who announced his presidential bid this month, has already spent $5 million on ad buys. Most of these ads were targeted at early state voters in Iowa and New Hampshire, with a focus on the Boston and Des Moines markets.

Overall, AdImpact reveals that the 2024 presidential contest is already outpacing spending from four years ago by almost a third. At this point in the 2020 presidential election cycle, $24 million had been spent, whereas $37.1 million has been spent so far in the current race.

Former President Donald Trump and his affiliated political action committee, MAGA Inc., have collectively spent $15.7 million. Another Republican issue group supportive of Trump has also made significant expenditures. Never Back Down and MAGA Inc. have each spent at least $10.8 million. Trump and groups aligned with him account for 71% of all presidential spending thus far. Additionally, two other Republican advertisers, Perry Johnson and Vivek Ramaswamy, have each spent over one million dollars.

In contrast, President Biden has invested $3.7 million in ad buys. While the presidential race garners most of the attention, 2023 has witnessed five elections with ad spending exceeding $10 million. This contrasts with just one such occurrence in 2019. The most expensive race was the Wisconsin Supreme Court Race, which saw over $40 million in spending. The Philadelphia mayor’s race primary ranked second, with $36 million spent, followed by the Chicago mayoral contest. The Kentucky gubernatorial primary and the Jacksonville, FL primary also exceeded $10 million in ad spending.

AdImpact’s report also reveals an increase in issue spending during 2023, although at a slower rate compared to candidate spending. A total of $145 million has been spent on issue ads thus far in the current cycle, marking a 97% increase from four years ago. This is lower than the 172% increase in spending on standard election ads, which rose from $88 million to $239 million. Healthcare issues have experienced significant growth, with spending in this area rising by $11.9 million between 2019 and 2023.

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Media Business

Audacy Podcasts to Debut Series on Cultural Impact of MTV

“MTV is still on the air in 2024, and it’s still profitable, but my nieces and nephews know it as a logo on an Urban Outfitters t-shirt. I wanted to know what happened, and where the spirit of MTV exists now.”

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A photo of the Who Killed the Video Star? The Story of MTV logo

Audacy Podcasts is set to release a new podcast series called Who Killed the Video Star? The Story of MTV.

The eight-part series will be hosted by former MTV VJ and Esquire Editor-At-Large Dave Holmes. The first two episodes released Wednesday, with new episodes releasing weekly through Wednesday, May 8th.

“In the ‘80s and ‘90s, MTV was a window into an alternate universe, one full of music and art and style and sex, that commanded the attention of my whole generation. At the turn of the millennium, I climbed through that window and worked there, and found myself surrounded with the smartest, hardest-working people on Earth, people who loved music and pop culture the way I did,” said Dave Homles.

“MTV is still on the air in 2024, and it’s still profitable, but my nieces and nephews know it as a logo on an Urban Outfitters t-shirt. I wanted to know what happened, and where the spirit of MTV exists now. As I gathered the story, in real-time, a few other bulletproof media brands– Vice, Pitchfork, Sports Illustrated, MTV News itself– went out of business. The story of MTV is a fascinating one in its own right, but it’s also turned out to be, in microcosm, the story of media in 2024.”

“Dave’s insider perspective makes him the perfect person to dissect the trajectory of the cultural phenomenon that is MTV, “ said Jenna Weiss-Berman, EVP, Podcasts, Audacy. “This series is a treat for listeners across all the generations who made MTV a part of their lives.” 

Guests on the show include former VJs “Downtown” Julie Brown,  Damien Fahey, and Kevin Seal. Additionally, former MTV News reporters like Gideon Yago, Chris Connelly, and Suchin Pak will also be featured.

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Media Business

Salem Media Group Sees Drop in 2023 Broadcast Revenue, Slight Increase in Digital

Digital revenue at the company was up 4.1% with increases from the Salem Podcast Network, Salem News Channel, and digital marketing.

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A photo of the Salem Media Group logo

Salem Media Group has released its 2023 financial results, and the company saw a slight dip in broadcast revenue during the year.

Overall, the company reported revenue had declined $7.6 million compared to 2022, representing a drop of 3.7%. Nearly half of that figure was political advertising, as that sector dropped from $5.9 million to $2.3 million, a loss of $3.6 million.

However, digital revenue at the company was up 4.1% with increases from the Salem Podcast Network, Salem News Channel, and digital marketing.

In total, the company reported a rise in operating expenses during the year, ultimately reporting a net loss of $43.3 million in 2023 compared to the $3.2 million it lost in 2022.

Salem Media Group instituted several measures throughout 2023 to mitigate the losses, including selling its publishing and church products divisions. It also sold its former California headquarters for more than $6 million, while agreeing to lease the building for $500,000 per year.

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Media Business

SiriusXM Subsidy AdzWizz Agrees to Advertising Deal with Locked On Podcast Network

SiriusXM will sell Locked On inventory through a new collection of content provided by the satellite service.

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A photo of the Locked On logo

Locked On Podcast Network has inked a new agreement for AdsWizz — a subsidy of SiriusXM — to sell the company’s podcast advertising inventory through 2026.

SiriusXM will sell Locked On inventory through a new collection of content provided by the satellite service, which includes the league-specific channels like NFL Radio and MLB Network Radio, as well as College Sports Radio through targeting data and programmatic capabilities.

Currently, Locked On features more than 200 sports podcasts including 60 dedicated to major colleges and college conferences. Last year, the company reported more than 300 million downloads and video views of its content.

Locked On will continue to also provide its own direct sales for its content.

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