Politics and Advertising: How Election Season is Shifting Ad Spend in 2024

As the 2024 election season enters its final stride, political ad spending is breaking records across channels. With over $12 billion projected to be spent on political advertising by Election Day, the competition for attention in the media landscape is fiercer than ever. While out-of-home (OOH) ads are seeing historic levels of investment, the impact of political dollars isn’t limited to billboards and transit ads. From digital platforms to TV and Connected TV, brands must be prepared to navigate rising costs,crowded channels and quick-changing consumer behavior.

The Political Spend Surge

According to recent data, political ad spend is reaching unprecedented levels:

•Digital OOH: Political ad spend in OOH has quadrupled compared to 2020, with digital formats seeing a 7.5% spike.

•Total OOH Spend: Q2 2024 saw a 3.4% growth, pushing total OOH spend to a record $2.78 billion.

•Digital Channels: The 2024 cycle will see $3.46 billion spent on digital advertising, a 156% increase from 2020.

But it’s not just OOH and digital feeling the squeeze. Political campaigns are increasingly turning to CTV and streaming platforms, where ad spending is projected to grow 24% over midterm levels. This shift is reflective of changing voter behaviors and the rise of sophisticated targeting capabilities on streaming platforms like Hulu, YouTube, and Amazon Prime.

How Non-Political Brands Are Affected

For non-political brands, the influx of political dollars is more than just a news headline—it’s a real challenge. With political advertisers snapping up inventory across digital, TV, and OOH, ad prices are spiking, and premium placements are harder to secure.

This creates significant obstacles for brands that rely on fourth-quarter sales, especially as Election Day falls right at the start of the holiday season. Whether it’s higher CPMs in social channels or competing for airtime on linear TV, advertisers across sectors are having to rethink their strategies to maintain visibility without overspending. In key battleground states, where political ad spend is the highest, brands are finding it especially difficult to secure ad space without paying a premium.

Beyond just cost, the flood of political ads can also impact consumer behavior. Voters’ emotions and priorities are shaped by the political messaging they see. For example, a viewer bombarded with ads about the economy may feel more conservative about discretionary spending, while another voter inspired by messaging on climate action might be more inclined to invest in green products.

Staying Nimble: An Omnichannel Approach

In this environment, agility is key. Brands must be prepared to pivot quickly as inventory fluctuates and opportunities arise. An omnichannel approach—one that spans digital, CTV, social, and DOOH—offers flexibility, allowing marketers to move resources where they’ll be most effective, even as political campaigns dominate the landscape.

Digital channels like CTV offer not only a cost-effective alternative to traditional TV but also more precise targeting, allowing brands to reach specific audiences without the inflated costs of linear TV. Being nimble means adjusting placements as needed, reacting to inventory availability, and taking advantage of less-crowded moments in key channels.

How LocalFactor Can Help

As brands navigate this shifting landscape, LocalFactor offers a solution to cut through the political noise. Our LFG Performance Engine enables advertisers to adapt to changes in ad spend and quickly pivot to channels that maximize reach and engagement. With tools like Geo-Graph™, we help brands target the right audiences based on audience-infused geographic segments rather than legacy identifiers, ensuring your message hits the mark, even in a crowded marketplace.

By leveraging a comprehensive mix of channels such as CTV, digital audio, and DOOH, our advertising partners maintain visibility and thrive during election season. And with our Attention+ creative technology, we ensure your campaigns capture consumer focus, regardless of where the competition is spending.

Political advertising isn’t slowing down, and as the 2024 election sprints to the finish, brands need to stay flexible to avoid inflated costs and maintain effective reach. LocalFactor’s omnichannel strategies can help you stay ahead of the game!

Contact our team today to discover how we can optimize your advertising strategy and maximize your investments in this dynamic political season.

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