After the crypto market meltdown in 2022, many major crypto firms are reducing their marketing spend after scattering millions of dollars on different advertising deals.
Advertising spending by major crypto firms has dropped by 90%.
According to The Wall Street Journal, total spending by leading crypto companies has fallen by over 90%, impacting both digital and TV ads.
In November last year, major crypto firms started making significant investments in marketing, especially after Bitcoin hit an all-time high of $68,000. The spending was geared towards bringing the crypto space into the mainstream alongside hiring celebrities as brand ambassadors.
Ads peaked during this year’s Super Bowl, although the market was showing signs of correction.
Leading companies cut spending
Top companies that have invested heavily in ads include Singapore-based cryptocurrency firms Crypto.com and Gemini. For Crypto.com, the company’s spending on broadcast national TV and digital advertising fell from $15 million in November 2021 to $2.1 million in May. In January, pre-Super Bowl spending was $40 million.
Crypto.com has reached a deal estimated at $700 million to rename Staples Center, home of the Los Angeles Lakers, to ‘Crypto.com’. “Fortune favors the brave!” said one of the company’s notable brand ambassadors, Matt Damon. His words caught the attention of many crypto investors around the world.
Source: Teknolojioku Rss by www.teknolojioku.com.
*The article has been translated based on the content of Teknolojioku Rss by www.teknolojioku.com. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!