The countdown is on. With the November 8, 2022 midterm elections only weeks away, Democrats and Republicans are battling it out on issues like gun control, reproductive rights, immigration, and the state of our economy. Political advertising is keeping pace, with ad spending expected to hit a record $9.7 billion this year across broadcast, streaming and digital platforms. That marks a 9% increase since 2020, according to ad tracking firm AdImpact. “In today’s market, it’s crucial that politicians break through the clutter and deliver the right message to the right audience,” says Randi Langford, VP at New York Interconnect. “Using comprehensive, relevant data, in the medium that matters most, can make the difference between winning and losing.” The race is on. Here’s what else you need to know.

Broadcast TV
As of mid-August, roughly $5 billion worth of ads had already aired in the run-up to Election Day. That amount comprised more than the total spent on ads during the entire 2018 cycle—with months remaining before voters cast their ballots. Local television stations are filling hours’ worth of content with ads from numerous campaigns, plus political action committees (PACs). In fiercely contested states like Pennsylvania, Ohio and North Carolina, candidates are investing heavily in local TV, as politicians strive to reach voters across expansive geographic regions. “There is a lot of money chasing politics right now,” said Chris Ripley, CEO of Sinclair Broadcast Group, which owns or operates 193 TV stations across the country. New York’s gubernatorial candidates bought $20 million in campaign ads by the end of May, and Sinclair reported $13 million in political revenue for the first quarter of this year. “Some of these primary races are crazy,” said Ripley. “Q2 is bigger than Q1; Q3 will be bigger than Q2. The really big money starts hitting in Q3 and Q4.”

Cable networks and broadcast stations are reaping the rewards of the political frenzy. Fox Corp., for example, believes it will surpass the hefty sum earned during the previous midterm cycle. “From what we’ve already seen with spending in the primaries, we expect this midterm election to blow through that $180 million record in revenue pretty significantly, pretty substantially,” said CEO Lachlan Murdoch. At Nexstar Media Group, which owns 200 broadcast stations around the US, political ad spend hit nearly $24 million in the last quarter, which the company said indicates “strong early midterm election spending.” And Gray, the country’s second-largest television broadcaster with stations in 113 markets, reported first-quarter revenue growth that topped $26 million, compared to the $9 million earned during that same period in 2021.

Streaming Networks
While broadcasters enjoy their share of political dollars, a record amount of ad spend is also flowing to streaming platforms as campaigns aim to reach voters in increasingly precise ways, given the targeting capabilities available with CTV.  AdImpact reports that 44% of the total spent on political ads as of early August went to connected TV (CTV)—marking a huge leap from 2020, when CTV barely registered on politicians’ radars. In total, roughly $1.5 billion in ad spending is projected to go to CTV this year.

Streaming platforms hold a certain amount of unique appeal. Unlike TV networks, they’re not obliged to abide by the 1934 Communications Act, which requires broadcasters to give political advertisers equal access on the airwaves. For example, Disney’s Hulu streaming service was able to reject ads that focused on gun-control and pro-choice legislation in July. The platform’s decision evoked cries of protest from Democratic organizations, inspiring #BoycotHulu calls on Twitter. In response, Hulu ultimately reversed its position.

Digital Platforms
Though most midterm ad spend is expected to be funneled into local broadcast stations, followed by streaming platforms, digital advertising will claim some share of that pie. Political advertisers typically rely on the power of digital news sites right before an election. With just days to go, homepage activations can grab voters’ attention and help sway last-minute undecided minds. Inventory is also more plentiful and less expensive in the digital realm compared to ad dollars spent on TV or streaming. Some estimates place political ad CPMs for streaming in the range of $35 to $65, while digital inventory for CPMs can go for $10 to $25.

Social media is further fueling a desire for digital outlets, as politicians strive to reach younger voters on platforms like TikTok, Twitter and Facebook. “There’s always been a platform that is sort of the platform of the moment,” said Robb Henzi, SVP at Sparks & Honey. Twitter was the site of choice in 2018, but this year—and looking ahead to 2024—TikTok is the hotspot. Meanwhile, sites themselves are making efforts to level the playing field and prevent the spread of false or dangerous information. Case in point: TikTok is banning influencers from posting paid political content ahead of the midterms, while Meta (formerly Facebook) plans to pause all political ads in the final week before election day to combat misinformation.

2022 is not a U.S. presidential election year. Yet tight races across the country fueled by heated issues ranging from women’s reproductive rights to inflation are contributing to unprecedented political ad growth. “There has been a record spend on the 2022 midterms, with nearly $3.6 billion in reported spend [already],” said Niely Shams, president at data marketing firm Data Axle. “The market is incredibly flooded, and the competition is fiercer than ever before.”