Super Bowl LVII will have NO crypto ads after FTX collapse

Super Bowl LVII will not feature a single cryptocurrency commercial, Fox revealed Monday while announcing that it had sold out in-game ad space for the Chiefs-Eagles game.

A year ago, in what was dubbed the “Crypto Bowl,” FTX, Coinbase, Crypto.com, and eToro released a torrent of spots featuring Larry David, Tom Brady, and LeBron James in a bid to break into the main stream.

But in November, FTX filed for bankruptcy and its founder, Sam Bankman-Fried, was accused of defrauding investors. Even Brady, whose FTX wallet is now worthless, has been named in a class action lawsuit over the company’s bankruptcy.

This year, things are radically different. Two crypto advertisers had ads “booked and done” and two others were “on the one-yard line,” said Mark Evans, executive vice president of ad sales for Fox Sports.

But once the FTX news broke, those deals didn’t go through: “There are no performances in this category that day.”

A year ago, in what has been dubbed the “Crypto Bowl”, FTX, Coinbase, Crypto.com and eToro released a torrent of spots featuring Larry David (right), Tom Brady (left) and LeBron James with the goal of breaking into the mainstream. But in November, FTX filed for bankruptcy and its founder, Sam Bankman-Fried, was accused of defrauding investors. Even Brady, whose FTX wallet is now worthless, has been named in a class action lawsuit over the company’s bankruptcy

The Super Bowl is the biggest advertising stage, with advertisers scrambling to showcase their wares to the more than 100 million people who watch each year.

Evans said a few commercials cost more than $7 million for a 30-second spot. Most have sold for between $6 and $7 million.

Anheuser-Busch remains the largest advertiser with three minutes of national airtime. The drinks giant has backed out of its deal to be the exclusive alcohol advertiser this year, so Heineken, Diageo, Remy Martin and Molson Coors are also on board.

Other major advertising categories include packaged foods like Doritos and M&Ms, movie studios and streaming services, automakers and tech companies, Evans said. Out this year: crypto companies.

Evans said most Super Bowl ads sold out much earlier than usual, with more than 90% of his Super Bowl ad inventory gone by the end of the summer as established advertisers squabbled. the best positions. But the remaining places sold more slowly. This was partly due to the implosion of the crypto space, as well as general advertiser concerns about the global economy, Evans said.

Last year, NBC quickly sold its ad space and said an undisclosed number of 30-second spots cost $7 million, a jump from the $6.5 million for ads in 2021.

LeBron James and his younger self appear in an ad for Crypto.com