- Crypto TV spending by major crypto firms, including the trading platforms Crypto.com, Coinbase Global Inc., and FTX, fell to $36,000 in July.
- However, an Australian crypto investment platform, Block Earner, repurposed its marketing to focus on market education.
- While TV ad expenditure dropped, sports partnership advertising is still quite popular, with top firms spending $2.4 billion in the last 18 months.
According to reports, American expenditure on cryptocurrency television advertising has plunged off a cliff, mirroring the situation of the markets. A study published on August 18 by Bloomberg said only $36,000 was spent on television advertising in July, a figure 99.9% less than the $84.5 million spent in February.
Although, the $84.5 million in advertising was during the US Superbowl when Coinbase, FTX US, and Crypto.com splashed out on high-profile advertisements to promote their products.
Some crypto companies, including Singapore-based digital asset management company IDEG Limited, claim they continue to spend significantly on advertising despite the rumored fall in TV ad expenditure.
However, Block Earner, an Australian crypto investment platform, scaled back its marketing to focus on market education in response to the FUD surrounding the current bear market. Its manager Apurva Chiranewala said,
Instead of us paying money to un-FUD the market, we thought it is better to focus on building and answering questions and educating the market.
Bill Daddi, head of the marketing firm Daddi Brand Communications, told Bloomberg that if other significant companies choose to run TV ads once more, the messaging will probably shift.
Even though TV ad expenditure is down, sports partnership advertising is still quite popular. On August 10, The Financial Review revealed that over the previous 18 months, cryptocurrency firms, including Binance Holdings, OKX, and FTX, have spent over $2.4 billion on sports marketing. They are investing $135 million for the naming rights to an NBA facility in Florida and $12 million on ties with the sports team Man City.
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