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Illustration: Sarah Grillo/Axios

The 2020 presidential election is being fought online at a level we've never seen before, eclipsing television's traditional dominance.

Why it matters: Television is still one of the most important vehicles for candidates to message during a presidential election, especially during the general election, but its dominance is quickly being eaten by digital, and that's including digital alternatives of television, like commercials on Hulu.

By the numbers: Roughly $152 million has been spent so far, per political advertising research firm Advertising Analytics.

  • Digital advertising accounts for 57.5% of tracked spending (broadcast: 33.6%, cable: 8.1%, radio: 0.4%, satellite: 0.1%).
  • What's next: Up to $3 billion is expected on the presidential race alone, with at least $6 billion expected for all political races.
Expand chart
Data: Advertising Analytics; Note: Trump total includes $20m from Trump Make America Great Again Committee; Chart: Andrew Witherspoon/Axios

Between the lines: The split so far between Facebook and Google leans heavily to Facebook — $56 million vs. $31 million.

  • Candidates typically begin to ramp up their spending on Google's YouTube later in the race, according to data from progressive technology firm Tech for Campaigns. 
  • TV's share will increase in the general election, when candidates pour more money into local broadcast get-out-the-vote ads.
Expand chart
Adapted from a Bully Pulpit interactive chart; Chart: Axios Visuals

What to watch: Democrats launch $75 million digital campaign to take on Trump

Go deeper

Scramble over gas for EU as Russia threatens Ukraine

Illustration: Annelise Capossela/Axios

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.
Kate Marino, author of Markets
3 hours ago - Economy & Business

Omicron outbreaks were bad for business in January

Data: New York Federal Reserve Bank; Chart: Axios Visuals

Emerging anecdotal evidence shows just how hard the recent rise in COVID-19 cases hit businesses in early January — but that hasn't hurt some business leaders’ longer-term views of their companies' prospects.

Why it matters: Increasingly, the economic recovery has come in fits and starts that move in tandem with new peaks in cases. Look no further than the thousands of canceled flights and shuttered Broadway theaters in the wake of the Omicron variant's spread over the last few months.