Social media has lowered the barriers to political communication, allowing politicians to reach large audiences without relying on traditional media. Yet easier access does not imply an equal distribution of attention. This column examines this distinction by linking daily data on Twitter likes and campaign contributions for US Members of Congress in 2019-2020. The market for attention is winner-takes-all: returns become substantial only when politicians go viral, and a handful of stars capture a disproportionate share of the gains. Social media has combined unusually broad access to political communication with a highly unequal distribution of attention - and of the financial returns associated with it.

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23 October 2026

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Vox EU

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https://cepr.org/voxeu/columns/returns-viral-media

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