Market behaviour suggests that cryptocurrency television advertising has fallen in the United States without reasons for a break, as reported by Cointelegraph.
On the basis of Cointelegraph’s data, a Bloomberg’s report emphasised that television advertising expenses among cryptocurrency trading firms went the lowest in over a year, with spending being $36,000 in July which went down from $84.5 million in February, data from ISpot stated. The spending spree of $84.5 million on advertisements took place during the US Superbowl period when Crypto.com, FTX US and Coinbase released high-profile advertisements to aware people about their cryptocurrency services. Despite the fall in television advertising costs, certain cryptocurrency firms such as Singapore digital asset management firm IDEG Limited made the statement of spending heavily on advertising to maintain brand awareness. According to Markus Thielen, chief investment officer, IDEG Limited, their company has been conservative with regard to cryptocurrency investments to benefit from current slowdown.
Information from Cointelegraph said that Apurva Chiranewala, general manager, Block Earner, an Australian cryptocurrency investment platform, the firm dialed back its marketing efforts amid the FUD of the current bear market. Bill Daddi, president, Daddi Brand Communications, a marketing agency, informed Bloomberg that if other firms decide to advertise on television again, theme of the message can change and convey something else.
Moreover, Cointelegraph mentioned about how the spending on television advertisements might be down but sports partnerships are still taking place. Going by insights from Financial Review, cryptocurrency companies such as Binance Holdings, OKX and FTX have undertaken spendings worth $2.4 billion on sports marketing over the past 12 months, which include costs on partnerships with teams such as Manchester City Football Club (FC) for $12 million, and for the naming rights to a National Basketball Association (NBA) sports stadium in Florida worth $135 million.
(With insights from Cointelegraph)