The recent collapse of major crypto firms has had an outsized impact on advertising—no crypto ads for the 2023 Super Bowl. As
Advertising Age notes, “crypto brands spent 96% less on social media .” This is a setback for media sellers—a sector of media buyers has evaporated overnight. This drastic collapse of ad spending could be blamed on the events of November 2022: “The
FTX debacle took the wind out of a market that, until that point, had been a lucrative new source of easy money for ad agencies, media companies and social media sites.” According to one agency consulting executive,
Ad Age reports that, “Until this year, top ad agencies were making fortunes off crypto largesse.” Unfortunately, these clients, rather than being actual money machines, were not; noted the consultant, “Crypto, it’s turning out, a lot of these companies are not being very well run obviously.”