Estimates made by the two companies, as reported by Axios, suggested that political expenditure on digital video will increase from $740m in 2018 to $1.6bn in 2020.
During the same period, expenditure from the political category on local broadcast television is pegged to grow from $2.5bn to $3.3bn.
This means local broadcast will witness its share of political video spend – when taken to include TV and digital – decline from 64% to 55% between 2018 and 2020.
Local cable television ad revenues from political sources are predicted to leap from $660m to $1bn in this period, but its proportion of expenditure will remain flat, on 17%.
Projections from Kantar, the research firm, indicate that political adspend is likely to approach $6bn for the 2020 election cycle.
Michael Beach, CEO of Cross Screen Media, told Axios that political messages will thus comprise around 4.5% of the US video advertising market, and account for 17% of its growth.
GroupM, the media arm of holding company WPP Group, has forecast that total political advertising expenditure will hit $9.9bn in 2020.
That amount is up from $8.7bn in 2018, when mid-term congressional elections were fought, and represents a lift on the $6.3bn logged in 2016, when Donald Trump beat Hillary Clinton in the race for the White House.
Kyle Roberts, CEO of Advertising Analytics, argued that a growth in online fundraising and advertising opportunities, plus intensifying competition between parties, are two of the main contributors to rising spend.
“Fundraising on the internet is bigger than ever, and candidates have more reach into low dollars than ever before, and it results in more cash in the system,” he added when speaking to the Wall Street Journal".
Sourced from Axios, Wall Street Journal; additional content by WARC staff