The influx of new retail investors that was expected from the Super Bowl advertising campaign couldn’t be achieved by crypto firms.
Crypto Firms ran ads for the first time during sporting events on U.S. television. The move was highly celebrated and considered a milestone for the whole industry. However, now, two months later, the campaign seemingly turns out to be unsuccessful.
Macroeconomic circumstances could be one factor, says experts. Moreover, the narrative that cryptocurrency is risky continues to exist.
“Crypto Bowl” Failed To Fulfill The Target
As per the statistics, there was an increase of 16% in the number of viewers of the Super Bowl in 2022. Amounting to approx. 112 million across all platforms, making the Super Bowl LVI the most-watched program in the past two years.
Meanwhile, the Super Bowl has become a cultural phenomenon in itself because of its high viewership and broad demographic reach. Marketers look at it as an opportunity to create quality cinematic masterpieces to the point that it’s highly expensive to run a Super Bowl ad. To give you an idea, the cost of a 30-second slot in 2022 is around $6.5 million.
Similarly, crypto firms too saw the Super Bowl as an opportunity to spread awareness and increase adoption. Firms took out all the weapons against each other. But the major motive was to get the crypto industry mainstream acceptance and recognition.
Among the various celebrity endorsements was LeBron James who pitched in for Crypto.com. Because of various individuals trying to claim the free Bitcoin on offer, the popular Coinbase QR code that causes difference in opinion on artistic merits however are enough to cash services.
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The experts have clearly declared that the “Crypto Bowl” has failed to produce the desirable outcome.
Noelle Acheson, Head of Market Insights at Genesis Trading, after looking at the trading volume said that “a massive influx” of investors as expected by “Crypto Bowl” campaign wasn’t fulfilled. That, according to him, added to “uncertainty in the markets”:
“We did not see a massive influx of retail investors into crypto after the Super Bowl ad.
Volumes are low because of a huge amount of uncertainty in the markets.”
Source: https://www.thecoinrepublic.com/2022/04/26/experts-declare-super-bowl-crypto-campaign-a-miss/