Expect To See Crypto Ads At This Year’s Super Bowl
It’s not surprising that crypto related businesses are running ads in the Super Bowl even though thirty second slots cost several million, for those with deep enough pockets it is a great way to solidify their brand and create relevance. Maybe we’ll see a BitWallet ad at next year’s Super Bowl!
Due to that broad viewership, Super Bowl ads have come to be known in marketing circles as one of the greatest contributing factors in gaining mainstream exposure for a brand. While steadily increasing user numbers could be expected during a bull market, this kind of exposure could be just what these crypto exchanges need to maintain that adoption during the current downturn. Dependent on trading volumes, a bump in user ship following the game would keep the platforms growing.
“For these companies who are providing some foundational services — primarily exchanges or those who let you create a wallet — in order to grow, they need more volume,” said Columbia Business School professor R.A. Farrokhnia. “You have to convince consumers to start coming into this ecosystem.”
However, that type of exposure comes with an increasingly augmenting price tag, with a 30-second slot during the big game costing as much as $7 million this year, an all-time high. But crypto companies recognize the value of such investments, with $112.9 million having been spent on national crypto-related ads since the beginning of 2020, according to iSpot.tv data.
So far, Crypto.com has spent roughly $65 million on an advertising campaign featuring actor Matt Damon. Meanwhile, FTX has invested $21 million across multiple campaigns, some of which included recently retired quarterback Tom Brady. And while they will not be running a Super Bowl spot this year, the game will be played in an arena named for SoFi Technologies, which spent $18 million on ads.