Kraken bypasses Super Bowl ads, focusing on global crypto education over U.S.-centric hype.
As the Super Bowl LVIII approaches on February 11 in the United States, a question looms over the cryptocurrency community: Will there be a noticeable absence of crypto ads, akin to last year’s event? Despite the Super Bowl’s impressive viewership, which has surpassed 100 million annually since 2010, Kraken, a leading crypto exchange, expresses disinterest in participating in what it views as an event with a primarily American audience. This decision highlights a strategic shift in crypto advertising, moving from a focus on hype to a more educational approach, emphasizing the broader, global potential of cryptocurrency.
Kraken’s Chief Marketing Officer, Mayur Gupta, advocates for a new direction in crypto advertising. The goal is to educate the public about cryptocurrency’s potential to offer financial freedom and inclusion globally, rather than merely stirring up fear of missing out (FOMO) and hype. This pivot away from sensationalism towards substantive value mirrors a broader trend in the industry, seeking to cultivate a well-informed base of global users.
Global Reach Over National Events
The Super Bowl, despite its massive U.S. viewership, does not align with Kraken’s global outreach strategy. Gupta notes the anticipated growth in the crypto user base is expected to be global, not confined to the United States. This perspective underscores the need for crypto firms to engage with audiences worldwide, beyond the American-centric lens of the Super Bowl.
The U.S. State Department’s effort to broaden the Super Bowl’s global viewership by broadcasting the game in 190 countries and organizing international watch parties underscores the event’s potential international appeal. However, for crypto firms like Kraken, the focus remains on platforms and events that inherently possess a global reach and relevance.
This strategy comes in the wake of the high-profile collapse of the FTX exchange, which had been a major advertiser at the 2022 Super Bowl. The fall of FTX, mere months after featuring in a widely discussed Super Bowl ad, has led to reflections within the crypto industry on the nature and strategy of its advertising efforts.
Cautious Approach
Despite the Securities and Exchange Commission’s (SEC) approval of 11 spot Bitcoin exchange-traded funds (ETFs) on January 10, indicating a growing institutional acceptance of cryptocurrency, major asset managers like BlackRock and newly approved VanEck have also reportedly opted out of Super Bowl advertising. This cautious approach from within the industry reflects a broader reassessment of advertising strategies, focusing on building a sustainable and informed global user base.
Lastly, the absence of crypto ads in the upcoming Super Bowl and the previous year marks a change in the event’s advertising landscape. Industry observers like Paul Hardart, a clinical professor of marketing at New York University’s Stern School of Business, predict a move towards ads that emphasize “fun, humor, and entertainment.” This trend represents a departure from the recent focus on artificial intelligence and cryptocurrency, pointing towards a broader evolution in the priorities and strategies of advertisers at one of the world’s most watched sporting events.