Ad spend for cryptocurrencies increases as advertisers educate consumers
Data from MediaRadar indicates growing mainstream adoption of cryptocurrencies.
A number of top financial companies, led by JPMorgan Chase and Invesco, are investing ad dollars in educating consumers about cryptocurrencies, according to new data from advertising intelligence platform MediaRadia.
Advertising spend for digital currencies reached over $119 million in 2021, a 159% increase from 2020.
The top five digital currency advertisers for 2021 were:
- JP Morgan Chase & Co.
- Invesco, Ltd.
- State Street Corporation
- Black Rock, Inc.
- Northern Trust Corporation
Why we care. A number of big retail and consumer brands now accept Bitcoin – among them Whole Foods, Home Depot, AT&T and Starbucks – either for purchases or through their loyalty programs.
As awareness grows, digital currencies will become an expectation for many consumers, and digital marketers will have to decide how to incorporate these payment methods into their company’s digital experience.
Digital and traditional channels. Over $52 million was spent this year on advertising through digital placements, a 181% increase year-over-year.
This means that while financial brands are making their mark on tech audiences, a lot of spend is also going into educating consumers who aren’t speedy adopters of technology. For instance, TV placements were up 172% YoY, reaching nearly $40 million. And even print spending was up – it reached $27.4 million this year, up 110% YoY.
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Educating a broader base. Coinbase, a platform for buying and selling cryptocurrencies, became a publicly traded company in 2021, as did retail investing service Robinhood. So, investors aren’t just looking at where they can trade Bitcoin or Ethereum, they’re also looking at investing in the broader ecosystem.
Two general strategies emerged this year to promote education. On the digital front, State Street tripled their digital investment from the previous year and tested the waters on Facebook and podcasts.
BlackRock, Inc., on the other hand, went old school with its media blitz. They increased their investment in newspaper ads 520% over the previous year, and 575% in magazines.
For skeptics, sometimes it helps to see an abstract concept like cryptocurrencies explained in a publication you can hold in your hands.