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With social media penetration deepening among both citizens and politicalfigures, there is a pressing need to understand whether and how political useof major platforms is electorally influential. Particularly, the literaturefocused on campaign usage is thin and often describe the engagement strategiesof politicians or attempt to quantify the impact of social media engagement onpolitical learning, participation, or voting. Few have considered implicationsfor campaign fundraising despite its recognized importance in Americanpolitics. This paper is the first to quantify a financial payoff for socialmedia campaigning. Drawing on candidate-level data from Facebook and Twitter,Google Trends, Wikipedia page views, and Federal Election Commission (FEC)donation records, we analyze the relationship between the topic and volume ofsocial media content and campaign funds received by all 108 candidates in the2016 US Senate general elections. By applying an unsupervised learning approachto identify themes in candidate content across the platforms, we find that morefrequent posting overall and of issue-related content are associated withhigher donation income when controlling for incumbency, state population, andinformation-seeking about a candidate, though campaigning-related content has astronger effect than the latter when the number rather than value of donationsis considered.

Social Media, Money, and Politics: Campaign Finance in the 2016 US Congressional Cycle