Republican presidential campaigns have poured an unprecedented $124 million-plus into video and TV advertising in Iowa, according to estimates from AdImpact.
Why it matters: The Iowa caucuses not only kick off the 2024 presidential primary, but they set the tone for the remainder of the campaign.
"Everything is nationalized now," said Matt Gorman, former senior adviser for Tim Scott's campaign.
"How you do in Iowa forms a narrative that leads you into New Hampshire. Thinking you can generate momentum out of thin air, with just a week between the two, is a fallacy."
Details: As of last Friday, 46% of all Republican presidential primary video ad spending ($270 million) had been used to try to pursue Iowa voters, according to AdImpact, an advertising data firm.
In the two weeks leading up to the caucuses, groups supporting former South Carolina Gov. Nikki Haley have spent $7.8 million on ads, followed by ads for Florida Gov. Ron DeSantis ($6.1 million), pro-Trump ads ($3.5 million) and ads supporting businessman Vivek Ramaswamy ($127,000).
Even more money has been spent on fundraising and get-out-the-vote ads targeted to Iowans on platforms like Google and Facebook, according to their respective online ad libraries.
Ramaswamy's campaign suspended all TV ads weeks before the caucuses in favor of cheaper marketing tactics.
Yes, but: While ad spending can help build name recognition, Iowa caucusgoers have come to expect in-person courtship above all else.
"History has shown that ads do not win caucuses," said Tim Lim, president of Lim Consulting and a Democratic consultant.
"It looks like Trump's caucus to lose and the biggest spender won't be the victor in Iowa on Monday."
The big picture: The advertising dollars spent on U.S. elections and advocacy issues will grow to a record $16 billion this year, up 31.2% compared to the last presidential election in 2020, Axios reported in December.