Crypto Ads Starring Matt Damon, Tom Brady Vanish From Television

Matt Damon's pitch to invest in crypto has disappeared from US television sets. Same goes for glitzy commercials starring LeBron James and Tom Brady. From a report: The drop in national TV marketing by the industry in the US has coincided with the selloff in Bitcoin and other crypto assets, according to the TV-ad measurement company ISpot.tv, which tracks the spots. Damon's commercial for Crypto.com, which ends with him uttering "fortune favors the brave," last aired in February during the Super Bowl. The four-month national campaign cost an estimated $65 million, according to ISpot, exceeding the outlays by others in investment services, including giants such as Fidelity and Vanguard, over the same stretch. "Ad sellers shouldn't expect growth in this vertical the remainder of the year due to the crash in crypto valuations and emerging allegations of fraud among companies in the crypto market," said Eric Haggstrom, director of business intelligence at Advertiser Perceptions, an industry researcher. "Crypto has been a boom and bust industry since its inception, and advertising budgets will follow the same trajectory." Spending by major crypto firms, including the trading platforms Crypto.com, Coinbase and FTX, fell to $36,000 in July in the US, according to ISpot. That's the lowest monthly total since January 2021 and is down from a high of $84.5 million in February, when the industry flooded the airwaves around the Super Bowl.

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