Originally published: October 24, 2011
Last updated: October 24, 2011 - 3:55pm
The economy may still be flirting with a double-dip recession and marketers might be mulling a trim to the ad budgets, yet it's all but certain the 2012 election season will break previous spending records. In the presidential race alone, money spent on TV and digital advertising will grow substantially, topping the more than $1 billion spent in the record-setting 2007-2008 campaign cycle.
Ken Goldstein, president of Kantar Media's Campaign Media Analysis Group, predicted $2.5 billion to $3.2 billion would be spent on all political advertising in this campaign cycle, with the presidential race accounting for a substantial portion of that ad spending. "Ads in the presidential race will be the single largest sector," Goldstein said. While money spent on TV advertising will grow, so will the importance of social media, web ads and web videos. President Barack Obama's campaign has already spent about $1 million on internet ads, according to his campaign filings with the Federal Election Commission. An analysis by the Center for Responsive Politics shows the Obama campaign spent more than $26 million on internet advertising in 2007-2008 to help win the White House. Of course, President Obama had to duke it out in a contentious primary in 2008. This time around, he won't have to dig too deep into campaign coffers until a Republican candidate is chosen. So far, his Republican challengers have spent a total of about $5 million on the internet.