In the latest episode of our Leading Local Insights podcast, I had a fascinating conversation with a special guest, Steve Passwaiter, president of Silver Oak Political, where we delved deep into the evolving landscape of political advertising for the 2024 election cycle. In our discussion, Steve shares invaluable insights on how non-presidential races are shaping the future of political advertising, and a whole lot more.
Using BIA’s revised political forecast, Steve and I uncover the significant rise in political ad spending, now anticipated to reach $11.7 billion, up from $11.1 billion earlier this year. This adjustment is mainly driven by a continuous flow of donations, which is a critical factor in driving political advertising expenditures in the upcoming election cycle. We also discuss the effect of recent events, including an assassination attempt and changes in the Democratic ticket, on the political landscape.
Then we move to down ballot races. For key Senate races, we delve into states like Montana, Ohio, Pennsylvania, Michigan, Wisconsin, Arizona, New Mexico, and Nevada. The Democrats’ efforts to retain critical seats in these states are going to be well supported with ad dollars, along with efforts to impact local ballot initiatives on voter turnout. In Montana, for instance, the introduction of an abortion initiative on the ballot is seen as a strategy to increase Democratic voter turnout.
Steve and I also focus on the challenges of media buys in less populated states and the competitive landscape shaping up in traditionally blue or swing states. Ohio, in particular, is expected to become one of the highest spending non-presidential races in history, with significant financial investments already committed.
There is so much to unpack this round. Take a moment to listen! Whether you’re interested in the impact of local advertising spending in your market or the evolving landscape of political advertising overall, this episode offers insights to help you stay informed.
And, for all our BIA ADVantage clients, stay tuned for an alert coming the week of Aug 5 on when you can access updated local market forecasts and the new nationwide forecast.
