Two years ago, crypto advertisers occupied the top ad spots at Super Bowl. But the FTX debacle has pushed them out of the game making way for traditional businesses.
Advertisers are rushing to grab a spot at the Super Bowl LVIII on February 11. However, there’s a twist this year. Unlike previous years, millions of users watching this event won’t be seeing ads for crypto exchanges and AI firms. Major brands like BMW and Budweiser have decided to occupy most of the ad spots at the event.
As per the CNN report last week on February 2, companies that announced ad spots for the Super Bowl event have no links to financial technology. Speaking to CNN, Paul Hardart, a clinical professor of marketing for New York University’s Stern School of Business, said:
“Given the current global uncertainties, including geopolitical conflicts and a polarized political climate, it appears that advertisers are leaning toward feel-good advertisements that are more focused on fun, humor and entertainment – aligning with the Super Bowl’s uplifting spirit.”
Note that back in 2022, defunct crypto exchange FTX was one of the major advertisers at the event. Other top crypto market players, along with FTX, were Crypto.com, eToro, and Coinbase. In 2024, comedian Larry David expressed regret, acknowledging that participating in the comedic FTX ad was a mistake. This decision led to legal action, with multiple investors filing lawsuits in the aftermath of the crypto exchange’s collapse.
Thus, during Super Bowl LVII in 2023, there was a noticeable absence of ads featuring digital assets. However, the lineup for 2024 includes commercials from BMW, Budweiser, State Farm, Oreo, DoorDash, and Hellman’s Mayonnaise, with a reported cost of up to $7 million for a 30-second ad spot. The Chiefs-49ers matchup is likely to attract significant viewership, partly due to the presence of singer Taylor Swift supporting her partner Travis Kelce of the Chiefs.
Crypto Ads in 2024
While the Super Bowl seems to have closed its doors for crypto ads, online platforms like Google are back into the crypto advertising game. Ads from Bitcoin ETF issuers went live on Google Search and YouTube platforms amid a change in Alphabet’s advertising policies. This comes as spot Bitcoin ETFs received regulatory approval from the SEC last month.
Google’s revised guidelines offer an expanded marketing channel for Bitcoin ETFs, broadening their reach to a larger audience. Firms overseeing these financial instruments now have the opportunity to leverage Google’s advertising platform. This will allow them to increase visibility and appeal to investors amid the growing interest in cryptocurrency investments.
Facebook & Instagram may soon allow spot bitcoin ETF ads…
No bigger boomer honeypot than Facebook.
— Nate Geraci (@NateGeraci) February 3, 2024
Reports suggest that social media giant Meta could also be joining Google to feature Bitcoin ETF ads on Facebook and Instagram.