Firms prioritize long-term campaigns over Super Bowl once more, leaving crypto ads out
Crypto companies once again chose to forgo advertising during the Super Bowl, despite the positive performance of the industry in the U.S. market. Just two years ago, the Super Bowl was a prime opportunity for crypto companies, like the now defunct FTX exchange, to gain mass appeal. However, last year, the bear market led to a lack of crypto presence at the global event. This year, companies seem to have realized that advertising during the Super Bowl is not cost-effective.
According to reports from Fox Business, while the financial situation of cryptocurrency firms has improved, they no longer see allocating substantial advertising budgets to the Super Bowl as a viable or efficient use of resources. Instead, they prefer to invest their marketing budgets in areas that they believe will provide a higher return on investment, away from the intense pressure and spotlight of the NFL’s premier event. The only notable crypto presence at this year’s Super Bowl was former Twitter CEO Jack Dorsey wearing a ‘Satoshi’ t-shirt.
Even Coinbase, who was a prominent advertiser in previous Super Bowl events, chose not to participate in this year’s advertising lineup. Instead, the company has shifted its focus and financial resources towards political engagement. They aim to influence digital asset legislation through lobbying efforts and support lawmakers who are friendly towards cryptocurrencies in the lead-up to the 2024 election cycle.
Surprisingly, there were no advertisements for Bitcoin ETFs during the event, despite issuers like BlackRock, BitWise, and Grayscale being aggressive with their marketing efforts on social media since ETFs were approved a month ago. BlackRock has launched several TV commercials in the U.S., and Grayscale ran a massive billboard campaign in airports and New York subways. However, their absence from the Super Bowl suggests that firms are being extremely cautious with how they utilize their funds.
In conclusion, crypto companies have chosen to stay away from advertising during the Super Bowl, with many finding it to be an ineffective use of their resources. Instead, they are focusing on other areas of marketing and engagement, such as political lobbying and social media campaigns. The absence of Bitcoin ETF ads during the event indicates that firms are being cautious with their funds and strategic with their marketing efforts.
