Crypto.com spends big when it comes to sporting sponsorships and I think they got involved in far more back in 2020 due to the rivalry of FTX and how much FTX was spending.
Last night I was unexpectedly still wide awake due to load shedding which allowed me to watch the Super Bowl. For some reason we don't get all the adverts which are a draw card for many besides the half time show and the main sporting event. I was expecting to see at least one or two ETF adverts, but there was not a single one. I have to say I was a little disappointed, but at the same time can also understand with prices being so low this is possibly not the best time.
A lot has changed in Crypto since the blitz of crypto adverts that hit the Super Bowl screen back in 2022. For starters the big culprit was FTX with Sam Bankman Fried splashing what is now known to be investors money and not some special advertising budget. The budget was special aright because those that were watching it thinking this was fantastic were paying for it literally.
With FTX spending on sporting sponsorships like there was no tomorrow it forced others like Crypto.com to be more active even if they were a little more selective. A 30 second commercial back in 2022 would have cost in the region of $6.5 million.
Finance as a collective group raked third back in 2022 which would have been bolstered by the numerous crypto adverts. For a matter of interest 2022 advertising revenue for the entire live Super Bowl feed raised $578.36 million an increase of $143 million from 2021.
I am sure many of you have seen the various EFT adverts doing there rounds on social media and yet there were none this year. You can understand exchanges
and various crypto's not spending much especially since most crypto prices are down by 90% still. In the middle of 2023 there were reports that Coinbase, Crypto.com and Gemini laid staff off and not much has changed with the market since then.
Over the last year or so we have seen the emergence of OKX slotting into number 2 regarding market share with other exchanges replacing the likes of the bankrupt FTX. They have stuck mainly to Formula One along with Crypto.com which looks like a long term advertising partnership deal. Interesting to see Coinbase would be grouped with others on this chart and we know they will be handling many of the Bitcoin purchases for the ETF's and will surely boost their market share.
I suspect when the Bull market is back in full swing later next year there will be a high possibility of seeing more Crypto adverts at the Super Bowl again. The timing of the market and where we are in the cycle cannot be underestimated whether an exchange or crypto project decide to sponsor or not. Spending $7 million on a 30 second advert is nothing if you are seeing all time highs.
Posted Using InLeo Alpha