Cryptocurrency companies are not planning to advertise during the February 12 Super Bowl, the Associated Press has learned.
While at last year's event a host of companies in the sector, including Coinbase, FTX, Crypto.com, eToro and others, announced their brands, resulting in the event becoming known as the "Cryptobowl," this year the situation is likely to be very different.
According to the publication, this is due to the cost-cutting carried out by the companies in the sector. While last year publishing a 30-second video cost $6.5 million, in 2023 the cost has increased to $7 million.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
This year, four crypto companies have previously expressed interest in advertising at the Super Bowl, however, the deals did not end up being completed following the collapse of FTX.
Fox Sports' vice president of advertising sales, Mark Evans, has said representation from large cryptocurrency companies will be "zero."