Crypto ad spending may be down, but awareness remains critical: Experts
Crypto television advertising spending has reportedly fallen off a cliff in the United States, reflecting the current state of the markets. However, that’s no excuse to take a break, two crypto firms tell Cointelegraph.
A Wednesday report from Bloomberg highlighted that television ad spending among the largest crypto trading firms hit the lowest mark in over a year, with only $36,000 spent in July according to ISpot, down 99.9% from $84.5 million in February.
The $84.5 million ad spend was achieved during the U.S. Superbowl period when Crypto.com, FTX US, and Coinbase splurged on high-profile ads to raise awareness of their services.
Despite the reported decline in TV ad spending, some crypto firms such as Singapore-based digital asset management firm IDEG Limited say they continue to spend heavily on advertising to maintain brand awareness.
IDEG chief investment officer Markus Thielen told Cointelegraph that his company has been “very conservative” in regard to its crypto investments, giving them room to get into a “very good position [...] to take advantage of this current slowdown.”
Thielen said that advertising is critical for a number of reasons, not least of which is raising brand awareness:
On the other hand, Apurva Chiranewala, general manager at Australia-based crypto investment platform Block Earner, told Cointelegraph last month that the firm had dialed back its marketing efforts amid the FUD of the current bear market.
However, he told Cointelegraph that his company had shifted toward efforts that involve educating the market instead:
Bill Daddi told Bloomberg that if other major firms decide to advertise on TV again, the messaging would likely change. Daddi, the president of marketing agency Daddi Brand
Read more on cointelegraph.com
