ALBAWABA - The United States presidential election 2024 is projected to be the most expensive election in history, with predicted expenditure reaching an astounding $15.9 billion, AFP reports citing non profit OpenSecrets.
With both presidential and down-ballot races witnessing historically unprecedented spending in campaigns, media buys, and digital outreach, this level of spending, which exceeds the $15.1 billion spent in 2020 and more than doubles the cost of the 2016 election, highlights the escalating financial arms race in American politics.
With her campaign generating over $1 billion, 40 percent of which came from grassroots donations, Vice President Kamala Harris has spearheaded the list of highest budgets for presidential fundraising, with an extra $586 million being provided by supporting political action groups (PACs).
By contrast, the campaign of former President Donald Trump raised $382 million, with an additional $694 million from connected organizations. Timothy Mellon, the heir to the banking industry, gave $197 million to Trump's campaign, while other prominent individuals like Elon Musk, Richard and Elizabeth Uihlein, and casino tycoon Miriam Adelson each contributed more than $100 million.
According to AdImpact, a significant amount of this record-breaking spending was poured into advertising, with $10.5 billion allocated to campaign advertisements for both local and federal races. Although the number has been rising, only 17% of all ad spending went toward digital media.
Remarkably, Republicans made more investments in X (previously Twitter), while Democrats spent far more on Facebook and Instagram.
Furthermore, according to a GroupM research, political ad income in 2024 may even surpass current projections, potentially reaching $17.1 billion when direct mail is taken into account. With this possible sum, political advertising in the United States alone would rank among the top 10 ad markets globally.
