Cryptocurrency TV ad spending has reportedly fallen off a precipice in the United States, reflecting the current state of the markets. However, this isn’t an excuse to take a break, two cryptocurrency companies told Cointelegraph.
A Wednesday report from Bloomberg found that TV ad spend among the largest cryptocurrency trading companies hit the lowest score in over a year, with just $ 36,000 spent in July according to ISpot, down 99.9%. compared to $ 84.5 million in February.
The $ 84.5 million ad spend was hit during the US Superbowl period, when Crypto.com, FTX US, and Coinbase went all out in high-profile ads to raise awareness of their services.
Despite the reported decline in TV ad spend, some cryptocurrency companies such as IDEG Limited, a Singapore-based digital asset management company, say they continue to spend heavily on advertising to maintain brand awareness.
Markus Thielen, IDEG’s chief investment officer, told Cointelegraph that his company has been “very conservative” when it comes to its cryptocurrency investments, giving them room to get into “a very good position. […] to take advantage of this current slowdown “.
Thielen said advertising is key for a number of reasons, not the least of which is to increase brand awareness:
“We see this part of our duty to educate, give back to the community, build our brand and provide general support.”
On the other hand, last month Apurva Chiranewala, general manager of Australia-based cryptocurrency investment platform Block Earner, told Cointelegraph that the company has reduced its marketing efforts amid the FUD of the current bear market. .
However, he told Cointelegraph that his company has shifted towards efforts that involve market education instead:
“Instead of paying money to cancel the FUD on the market, we thought it was better to do it […] focus on building and answering questions and educating the market. “
Bill Daddi told Bloomberg that if other large companies decide to advertise on TV again, the message would likely change. Daddi, the president of marketing agency Daddi Brand Communications, said previous announcements focused on promoting FOMO, but that companies could switch to education as new and existing users recover from the ongoing bear market. .
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TV ad spend may be down, but advertising through sports partnerships is still going strong. The Financial Review reported on August 10 that cryptocurrency companies such as Binance Holdings, OKX, and FTX have spent over $ 2.4 billion on sports marketing over the past 18 months. They are spending in partnership with the Man City sports team for $ 12 million and the name rights for an NBA sports stadium in Florida for $ 135 million.