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When it comes to differentiating itself from other media, local television has “lost its way.” And spot must deal with persistent measurement problems at a time when its No. 1 core ad spend category, automotive, is tackling huge quandaries—including the strike now in progress. But there’s one gleaming spire of optimism shining on the horizon for broadcasters: yet another exceptional year of political spending.
Those were some of the major takeaways from the TVB’s Executive Summit, which took place in NBC’s Studio 8H (home of Saturday Night Live) on Thursday.
All Signs Point To Plentiful Political
First, the exceptional news: the research firm CMAG Vivvix is projecting that total political ad spend in the 2024 election cycle will be $11.6 billion out of a total $19 billion raised for political candidates and issues. “We’ve even seen some estimates where it’s more than $19 billion, so that number could go up,” said Mitchel West, director, CMAG Vivvix.
Other political projections came from Kyle Roberts, president-CEO, AdImpact & Smart Media: “We believe the 2024 cycle will bring in just north of $10 billion. It’s an increase in real dollars of $600 million over 2022 and $500 million over 2020.” AdImpact expects that broadcast will rope in about half of that.
CMAG also projects that broadcast networks and stations together are likely to garner $5 billion, up from $4.3 billion in the 2022 midterms. “The real takeaway here is CTV coming in at $1.8 billion,” West said. “That’s an 80% increase from 2022,