AdImpact said it has increased its forecast for political ad spending in 2024 to $10.7 billion, from an earlier estimate of $10.2 billion.
For broadcast, total spending is expected to be $5.4 billion, up from the original forecast of $5.1 billion
For cable, the total is expected to rise to $1.93 billion from $1.9 billion.
For connected TV, the forecast rises to $1.51 billion from $1.35 billion.
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Through June 27, year-to-date political ad spending in the 2024 election cycle is outpacing the 2020 election cycle, at $3.05 billion compared to $2.54 billion, AdImpact said.
“This election cycle is on track to be the most expensive on record, projected to have 19% growth over the 2019-20 cycle,” AdImpact said.
Through June 30, AdImpact said it had detected more than 7,400 unique political TV ads, 700 more than 2022 over the same period.
In terms of races, AdImpact projects that $2.68 billion will be spent on the presidential elections, with another $2.15 billion spent on U.S. Senate races, $1.79 billion for candidates running for the House of Representatives and $469 million for gubernatorial races.
