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

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ID: 324140
2026
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Abstract
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.
Reference Key
openalex_W7201885110 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Johannes Böken, Mirko Draca, Nicola Mastrorocco, Arianna Ornaghi
Journal journal of the european economic association
Year 2026
DOI
10.1093/jeea/jvag045
URL
https://doi.org/10.1093/jeea/jvag045
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