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The Returns to Viral Media: The Case of US Campaign Contributions

Author

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  • Boken, Johannes
  • Draca, Mirko
  • Mastrorocco, Nicola
  • Ornaghi, Arianna

Abstract

Social media has created new, highly competitive markets for attention. But to what extent does attention on social media generate tangible economic returns and how are these returns characterized? Using a daily dataset of Twitter activity and campaign contributions for US Members of Congress (2019-2020), we show that attention on Twitter, as measured by likes, increases small donations. However, the effect is highly skewed: only a few members benefit substantially, consistent with a winner-takes-all market. These results are confirmed using a geography-based causal design tracking donation patterns across counties, showing that the increase in donations from attention on Twitter comes disproportionately from high Twitter usage areas.

Suggested Citation

  • Boken, Johannes & Draca, Mirko & Mastrorocco, Nicola & Ornaghi, Arianna, 2023. "The Returns to Viral Media: The Case of US Campaign Contributions," CEPR Discussion Papers 18337, Centre for Economic Policy Research.
    • Handle: RePEc:cpr:ceprdp:18337
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    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General

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