There will be roughly $10 billion to $12 billion in political ad spending in 2024, and radio can grow its market share — if the industry takes a proactive stance in pursuing the money.
That’s according to Steve Passwaiter, President, Silver Oak Political, who made his remarks Sunday at an NAB 2024 session in Las Vegas entitled “Radio Works for Political.”
Moderated by outgoing RAB President and CEO Erica Farber, the panel also included Pat McGee, Executive VP of Political Strategy at Katz Radio Group, and Idil Cakim, Senior VP of Research and Insights at Audacy.
“Now here’s one thing that I want all of you in radio to remember,” Passwaiter said. “If you don’t take anything out of this presentation, take this: Get out the vote.”
Passwaiter said some emerging trends in the electorate are creating opportunity for radio. Among them: the migration of Black men away from the Democratic Party toward the Republican Party, and a virtual tie amongst Latino voters. As a result, Democrats will need to reach those voters, putting those dollars into play for stations that reach those demographics.
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