Benzinga - by Chris Katje, Benzinga Staff Writer.
With a potential head-to-head rematch between Joe Biden and Donald Trump in the 2024 presidential election, advertising spending for the cycle could hit a new record.
While President Biden has ramped up advertising recently, he may soon be getting more aggressive with his efforts due to polling.
What Happened: In recent head-to-head polls of Biden and Trump, the current president has come out on top more times than not.
While Biden enjoys a lead in most national polls, a recent poll of voters in swing states showed Trump is leading in the key battleground states.
As a result of low polling in the swing states, Biden is considering buying more political ads, according to a report from The Washington Post.
The report came as Biden has already launched a $25 million advertising effort this year, which included ads shown during National Football League games.
Sources said Biden is not happy with the way he is polling in the swing states, expressing frustration in private conversations.
The ads from Biden are showing up earlier in the campaign than in past races.
“Instead of listening to the same naysayers who’ve counted out President Biden time and time again, we are doing the work to mobilize our coalition and lay the groundwork to scale our operation next spring to win in November 2024,” campaign manager Julie Chavez Rodriguez said.
She added Biden’s campaign is “well-funded.”
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Why It’s Important: Advertisements from Biden have shown off his accomplishments over the past several years in office, but come at a time when many are concerned about the current state of the economy under the president.
Targeting messaging from Biden’s campaign will target voters in the states of Arizona and Wisconsin who are Black, Latino, female and/or young voters.
A new Morning Consult poll found that the swing states of Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin favor Trump over Biden at the current time.
In the poll, voters selected the following:
Donald Trump: 47%
Joe Biden: 43%
Don’t Know: 6%
Wouldn’t Vote: 4%
Along with leading the poll by four percentage points, Trump ranked higher than Biden among female voters, male voters and every single age demographic.
Biden was selected more than Trump among voters who had a college degree and Black voters.
The poll also found 14% of previous Biden supporters from the 2020 election were no longer voting for him. Poll respondents were also displeased with the Bidenomics policy from the current president and favored Trump when asked who was more trusted on topics like the economy, stock market, interest rates, jobs and housing.
While the Morning Poll is only a small sample of voters and only covers the swing states, it could be an important indicator that many voters are ready to move on from Biden and see his economic plans as a failure.
The seven states were incredibly important in the 2020 election when Biden defeated Trump. Biden won all of the seven states, except for North Carolina. Biden also flipped five of the states from Trump to the Democratic Party in the 2020 election.
The 2024 election cycle is expected to hit a new record of $10.2 billion in ad spending, up 13% from the 2020 election.
With billions of dollars being spent in the years leading up to the 2024 election, media companies like Paramount Global (NASDAQ: PARA)(NASDAQ: PARAA), Comcast Corporation (NASDAQ: CMCSA), Fox Corp (NASDAQ: FOX)(NASDAQ: FOXA) and Walt Disney Co (NYSE: DIS) could stand to benefit.
Local media station owners such as Gray Television, Inc. (NYSE: GTN), Nexstar Media Group Inc (NASDAQ: NXST), Tegna Inc (NYSE: TGNA) and E.W. Scripps Co (NASDAQ: SSP) could also benefit from the increased advertising spending.
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