U.S. political advertising for this year’s midterm elections will climb 8% to $8.9 billion versus the same election four years ago, according to Borrell Associates. Digital media spending is forecast to see skyrocketing gains.
The local advertising research company says less than one-third of all political money has already been spent. Borrell raised its earlier revenue estimates by $400 million. Overall political midterm spending will hit record levels this year.
Broadcast TV is projected to get the bulk of the overall spending -- $3.5 billion -- although Borrell says its share of the market is a quarter of what it was four years ago: a 40% share.
Digital media will see spending soar -- to $1.8 billion, for a 20% share. It was $70 million in 2014, according to Borrell
This year, it expects display will command the biggest part of digital, at $706 million. Digital video will hit $373 million, while email marketing will get to $362 million and search will reach $353 million. Overall, the researcher says more than 60% of every dollar will go toward social networks in terms of display and video advertising.