The race for the presidency is not just about winning votes; it’s also about raising funds. Candidates need a substantial amount of money to run a successful campaign, and they rely on various fundraising vehicles to gather the necessary funds. One such vehicle is a joint fundraising committee, which allows candidates to pool resources and collect donations from multiple sources.
Joseph R. Biden Jr., the current President of the United States, has his main fundraising vehicle called the Biden Victory Fund. This joint fundraising committee splits its proceeds between Biden’s campaign account, state parties, and the Democratic National Committee. In the 2024 election cycle, the Biden Victory Fund raised a significant amount of money, with $40.8 million going towards the fund.[0] Additionally, the campaign itself contributed $8.7 million, and other joint fundraising committees also raised funds.[1]
What sets the Biden Victory Fund apart is its ability to accept larger donations compared to its Republican rivals.[2] The maximum donation to the fund is $929,600, far exceeding the individual contribution limit for single campaigns without a broader agreement with the party.[1] This advantage allows Biden to gather more substantial financial support from donors.[2]
While radio may not be the most significant player in political advertising, it still holds a significant share of the market. According to projections by Vivvix/CMAG, radio is expected to generate $400 million in political advertising during the 2024 election cycle.[0] This figure represents a one-third increase compared to the revenue generated by radio in the 2022 midterm election.[2] Although radio’s earnings are overshadowed by broadcast TV ($5 billion) and streaming TV ($1.8 billion), there is still potential for radio to attract more funds by targeting local races.[2] Local radio stations often have close relationships with candidates, giving them an advantage in securing advertising dollars.[2]
Vivvix/CMAG estimates that political fundraising will reach $19 billion in the 2024 cycle, with the potential for even more.[2] The firm conservatively projects approximately $11.5 billion in ad spending across various platforms for this election cycle. To date, Vivvix/CMAG has monitored a total expenditure of over $200 million on various issues and races nationwide, with a significant portion of nearly $70 million dedicated to the presidential campaign.[2] The majority of this expenditure has been allocated to cable news networks and early primary states.[0] As of July 10, Republican primary participants have contributed around $60 million to this total.[2]
Former Vice President Mike Pence, who entered the race on June 5, raised just $1.2 million, a notably low figure compared to other candidates.[3] Pence’s campaign spent less than $75,000 and ended June with $1.1 million cash on hand.[1] The majority of his funding came from small-dollar donors who gave less than $200.[1]
It’s worth noting that the total amounts raised by campaigns include personal loans and contributions from the candidates themselves. For example, North Dakota Governor Doug Burgum loaned himself $10 million of the $11.7 million he reported raising in the second quarter.[3] Self-financing campaigns can give candidates a financial advantage, allowing them to invest heavily in their campaigns without relying solely on donations.
Early filings of campaign fundraising reports are particularly important for Republicans, as candidates need to demonstrate that they have at least 40,000 unique donors to qualify for the upcoming GOP debate.[3] Some candidates have used different strategies to reach this threshold. For instance, Governor Doug Burgum offered $20 gift cards to the first 50,000 people who donated at least $1 to his campaign, aiming to increase the number of donors and secure a spot on the debate stage.[3]
Former President Donald Trump has primarily raised money through a joint fundraising committee called Save America.[3] This committee channels funds to his campaign committee and his leadership political action committee.[3] The exact allocation of the $35 million raised by Save America is unclear, but 10% of the funds are earmarked for the leadership PAC, which can be used to support other candidates or cover Trump’s legal expenses.[1]
As the race for the presidency heats up, candidates are actively seeking donations to build up their campaign war chests. The projected $11.5 billion in political advertising expenditures for the 2024 election cycle will play a significant role in shaping the campaigns. Swing states like Arizona, Georgia, Nevada, Pennsylvania, North Carolina, Michigan, and Wisconsin are expected to receive a substantial portion of this advertising spending.[0] On the other hand, states like Ohio and Florida, once considered swing states, now lean more towards Republican candidates based on recent election results.[2]
In conclusion, fundraising is a critical aspect of any presidential campaign. Candidates rely on joint fundraising committees, personal contributions, and donations from supporters to finance their campaigns. While radio may not have the largest share of political advertising, it still plays a significant role, especially in local races. As the 2024 election cycle approaches, the competition for funds intensifies, and candidates must strategically navigate the fundraising landscape to ensure they have the necessary resources to run a successful campaign.
0. “The 2024 Election Cycle Is On. Radio Expected To Rope $400 Million.” Insideradio.com, 13 Jul. 2023, https://www.insideradio.com/free/the-2024-election-cycle-is-on-radio-expected-to-rope-400-million/article_687a2e10-2141-11ee-87e4-df0387789125.html
1. “Who’s Winning the Presidential Money Race as Biden, Trump Report” Yahoo News, 16 Jul. 2023, https://news.yahoo.com/winning-money-race-president-campaigns-174211122.html
2. “Radio is Expected to Generate $400M in 2024 Political Ads” RADIO ONLINE, 14 Jul. 2023, https://news.radio-online.com/articles/b17508/Radio-is-Expected-to-Generate-
3. “Which Presidential Candidates Are Leading the 2024 Money Race?” The New York Times, 16 Jul. 2023, https://www.nytimes.com/interactive/2023/07/16/us/politics/campaign-finance-july-2023.html
