A record-breaking surge in political spend is giving relief to the beleaguered ad market now, but real challenges lie in wait
There has been so much chatter in the market lately about an advertising slowdown amid a broader economic decline. While that could still very much be the case broadly, the upcoming midterm elections are poised to be a beacon of light for the space, and the 2022 cycle will likely smash records with political ad spending projected to hit $9.7 billion.
Political cycles in which a new president is chosen are typically more expensive than midterm elections; however, the 2022 midterms are a little different. There are a lot of hot-button issues in this election cycle that will drive up ad spending, including ballot measures pertaining to abortion, marijuana, sports betting and climate change.
“We are seeing an unprecedented wave of political spending, which accelerates as we head toward November,” Fox CEO Lachlan Murdoch said on the company’s earnings conference call Aug. 10. “With a combination of political races and ballot issues across our markets, we continue to expect this election to deliver another record midterm cycle.”
Similarly, Nexstar CEO Perry Sook said the company was benefiting from this year's strong election cycle."Total television advertising revenue growth of 15.7% was driven by record second-quarter political advertising revenue, which more than tripled on a quarterly sequential basis and rose four-fold versus the comparable 2020 period,” Sook said in the earnings release.
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