Numerous crypto companies are slashing their marketing budgets, despite the need to regain customer confidence in the asset class, which has fallen in recent months.
After spending millions on multiple ad campaigns and Super Bowl commercials, many businesses are now reducing their advertising dollars because of the continued market instability.
This year, prominent digital currency firms have reduced their expenditure on platforms like YouTube, Facebook, and Hulu by more than 90 percent.
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Crypto Companies Cut Back On Ads
Ad spending on TV has also been down: Crypto.com’s marketing expenses decreased to $2.1 million in May, from $15 million in November of last year, while Gemini’s marketing campaigned was cut back to $478,000.