Midterm Ad Spending Has Surpassed $10B. Where Is the Money Coming From?

Political advertising spending for the midterm election cycle this year has reached a record high, surpassing $10 billion as of last week. It is projected to reach $11.6 billion by Election Day, according to the media tracking group AdImpact. The previous midterm spending record was set in 2022 at $8.9 billion, the organization reported, and the 2024 presidential cycle saw some $11.2 billion spent on ads. The figure does not capture other campaign expenses, such as staffing, travel, and voter outreach. But it does measure one of the more influential political campaign tools: Research published in the American Political Science Review in 2021 estimated that a Senate candidate with a $2 million television advertising advantage over an opponent could gain about 10,000 votes—potentially enough to tip a close race.Spending the most, however, does not guarantee electoral success, experts tell TIME.“It is important to keep in mind that having the most, and spending the most, does not guarantee you wins,” says Brendan Glavin, the director of insights at the research group OpenSecrets, which tracks money’s effect on U.S. politics, policy, and elections. “You need to have enough to compete, ...