A newsletter from Montgomery based Anzalone Liszt Research includes how much money is being spent in this year's presidential race, and how little impact it is having on the candidates standings. They write:
Despite the heavy amounts of spending across battleground states like Florida, Ohio, Virginia, Iowa, Michigan, and North Carolina, there has been little change in the horse race, an indication that this cycle is likely to produce a record amount of spending to persuade a historically small share of voters. In fact, 82% of voters in the battleground states surveyed in the USA Today/Gallup poll report that they have seen political ads over the past month (just 62% in non-battleground states have). Despite this, just 8% say that the ad changed their views on a candidate, and 70% reported that the ad confirmed their thinking about a candidate. This number is likely underrepresenting the share of voters who are persuaded, as voters are reticent to acknowledge the impact advertising has, however among the voters whose minds were changed, President Obama leads Romney 5:1. The Borrell Associates study breaks down where the dollars will be spent this cycle compared to 2008, which a more than 100% increase in spending on cable TV.