Crypto television advertising spending in the United States has fallen significantly highlighting the ongoing slump in the market. Television ad spending among the largest crypto trading firms recorded the lowest mark in over a year. It saw only $36,000 spent in the month of July, as per ISpot, down 99.9% from $84.5 million in February.
The report states that $84.5 million in ad spend was achieved during the US Superbowl period, wherein Crypto.com, FTX US, and Coinbase splashed on high-profile ads to raise awareness about their companies and services.
However, two crypto firms believe there is no excuse to take a break. IDEG, a digital asset management firm, continues to spend heavily on advertising to maintain brand awareness. Markus Thielen, IDEG chief investment officer, revealed that his company has been very conservative about crypto investments. It gives the Singapore-based firm room to get into a very good position to take advantage of the current slowdown. Thielen believes advertising is critical. He sees it as IDEG’s duty to educate, give back to the community, build its brand and provide general support.
Apurva Chiranewala, the general manager of Block Earner, said the firm had dialed back its marketing efforts amid the FUD of the current bear market. He shared that the company had shifted toward efforts that involve educating the market. Chiranewala explained that instead of the firm paying money to un-FUD the market, it’s better to build and answer questions and educate the market.
Bill Daddi, the president of marketing agency Daddi Brand Communications, pointed out that if major firms decide to advertise on TV again, the message would likely change. He said that earlier, ads focused on pushing FOMO, but now firms might shift to education as new and existing users recover from the ongoing bear market.
It should be noted that advertising through sports partnerships still remains strong, with companies like Binance Holdings, OKX, and FTX having spent over $2.4 billion on sports marketing alone.