Shift in Crypto Ad Strategy and the Rumored Absence of Crypto Ads in Super Bowl LVIII
Summary:
Ahead of Super Bowl LVIII, rumors suggest an absence of cryptocurrency ads for the second consecutive year. This follows Kraken crypto exchange executive's view of the event's U.S.-centric focus clashing with their global intentions. Last year, comedian Larry David regretted his promotional role for the then collapsed crypto firm FTX. Kraken's chief marketing officer, Mayur Gupta, emphasized cryptocurrency advertising's shift from hype to educational substance. Meanwhile, despite broadening viewer base strategies, asset management firm BlackRock has reportedly not secured advertisement slots for its Bitcoin product. The Super Bowl LVIII ad theme is expected to focus on "fun, humor, and entertainment," moving away from AI and crypto-centric narratives.
With Super Bowl LVIII around the corner this Sunday, chatter within the digital currency circle is focused on the speculated absence of cryptocurrency ads for the second year running. This assumption stems from comments made by a senior official from the Kraken cryptocurrency exchange, citing the event's focus on the American audience goes against their global aspirations. Remarkably, the now-shuttered crypto company FTX was a key advertiser during the Super Bowl in 2022. This fact gains significance as comedian Larry David, who promoted FTX during the event, confessed to regretting the endorsement nine months later after the crypto firm's collapse.
Earlier in the month, Cointelegraph informed about David's remorse over his involvement with FTX promotion, where he urged viewers not to miss out on the "next big thing." Discussing the unfortunate ad, David confessed, "So, like an idiot, I did it."
Recently, Kraken's head of marketing, Mayur Gupta, highlighted a shift in cryptocurrency advertisement. He focused on moving from creating excitements to educating the masses about the future possibilities of digital currency. "If the last wave of crypto marketing was all about hype and FOMO (Fear of Missing Out), the current wave has to focus on education and awareness about the tangible benefits and true value proposition of crypto as a movement leading to financial freedom and inclusion," Gupta concentrated.
Gupta also highlighted that the Super Bowl caters mostly to an American demographic, thereby limiting its global reach. He expects the next significant surge of crypto users to emerge from various corners worldwide and expressed Kraken's preference towards globally appealing events. A recent Reuters report states that the US government is upping its efforts to widen the Super Bowl's viewership base. Consequently, the game will be telecast in 190 countries with support from the U.S. State Department arranging watch parties in 30 international locations.
Data from Nielsen suggests that since 2010, the Super Bowl pulls in an audience exceeding 100 million each year. This has led to speculation that asset management firms could contemplate advertising to Super Bowl viewers following the U.S. Securities and Exchange Commission (SEC) approval of 11 Bitcoin Exchange-Traded Funds (ETFs) on January 10. Despite these speculations, it is reported that BlackRock, the globally leading asset manager, has not locked down any advertisement placements for its Bitcoin ETF product. Van Eck, another recently approved candidate, shared optimistically about the prospect of no crypto ads during this Super Bowl.
Crypto currency ads were strikingly missing from Super Bowl LVII in 2023, the first game after several crypto companies filed for bankruptcy and the digital currency market experienced a slump. According to Paul Hardart, a Clinical Professor of Marketing at New York University's Stern School of Business, the advertisements for Super Bowl LVIII are likely going to be centered around "fun, humor and entertainment" marking a clear deviation from artificial intelligence (AI) and digital currency firms.
Published At
2/11/2024 5:36:53 AM
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