As the cryptocurrency business has been in a tough patch in recent weeks, its advertising has also experienced considerable decreases, with key celebrity endorsements disappearing from television screens.
Indeed, the crypto advertisements featuring actor Matt Damon, quarterback Tom Brady of the Tampa Bay Buccaneers, and professional basketball player LeBron James have vanished from American television, Bloomberg’s Amina Niasse reported on August 17.
The report emphasised that Matt Damon’s iconic Crypto.com ad last aired months ago, during the Super Bowl in February, after an estimated $65 million was spent on the four-month campaign, which was significantly more than other investing services companies during the same time period.
Finbold reported in mid-June that investors who pushed money into Bitcoin (BTC) in the wake of Crypto.com’s “Fortune favours the brave!”
Damon was mocked by South Park and Stephen Colbert’s The Late Show for supporting cryptocurrencies when the price of the leading digital asset dropped by more than 60 percent.
Massive reduction in ad spending
According to research conducted by the TV-ad measuring company ISpot.tv Inc., the sudden removal of these advertisements has corresponded with the market-wide decline from which the majority of cryptocurrencies are currently attempting to recover.
Notably, the top cryptocurrency platforms, including Crypto.com, Coinbase, and FTX, decreased their advertising expenditures to $36,000 in July, the lowest monthly total since January 2021. This represents a 99.96% reduction compared to February’s Super Bowl excitement, during which expenditure surpassed $84.5 million.
Finbold revealed in late June that the aggregate spending by prominent cryptocurrency firms had decreased by more than 90 percent, hurting both digital and television advertisements, as leading crypto firms reduced their marketing spending in response to the crypto market crash.
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