As polling and betting markets peg the 2024 presidential race between Kamala Harris and Donald Trump as a dead heat, billions will likely be spent on advertising.
According to Bloomberg, Harris and Trump have collectively booked $122 million in advertising time through the end of August, with 98% of the spending focused on just five swing states:
- Pennsylvania — 19 electoral votes.
- Michigan — 15 electoral votes.
- Wisconsin — 10 electoral votes.
- Georgia — 16 electoral votes.
- Arizona — 11 electoral votes.
New swing state polling shows Harris gaining major ground on Trump; the election is very much up in the air with just over three months to go.
Most of the $122 million in advertising will likely go to television commercials, the most popular networks include:
- CBS, owned by Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA).
- Fox and Fox News, owned by Fox Corporation (NASDAQ:FOX) (NASDAQ:FOXA).
- ABC and ESPN, owned by Walt Disney Co (NYSE:DIS).
- NBC and MSNBC, owned by Comcast Corporation (NASDAQ:CMCSA).
- CNN and TBS, owned by Warner Bros Discovery Inc (NASDAQ:WBD).
The following are the largest publicly traded local TV conglomerates:
- Gray Television, Inc. (NYSE:GTN)
- Sinclair Inc (NASDAQ:SBGI)
- Nexstar Media Group Inc (NASDAQ:NXST)
The 2024 election is projected to eclipse $10 billion in advertising, with $2.7 billion dedicated to the presidential race.
Social media advertising has also become more popular in recent years — according to a post on X, the Harris campaign spent $28.6 million on Facebook and Instagram, owned by Meta Platforms Inc (NASDAQ:META), along with Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and YouTube. Meanwhile, Trump spent $1.4 million.
Trump's campaign has possibly instead turned digital advertising efforts to Elon Musk's X. Musk endorsed Trump for president on July 13.
According to the FEC, the Biden (now Harris) campaign had over $95 million in cash on hand at the end of June. Trump had $128 million. Harris reportedly raised $200 million shortly after entering the race in late July.
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