This year, cryptocurrency commercials, which are being increasingly scrutinised, were widely featured on TV channels, particularly during the broadcast of cricket competitions.
According to AdEx India, a branch of TAM Media Research, a television audience measurement analysis organisation, over 85% of bitcoin commercials shown on TV this year were on sports channels. News networks accounted for 6% of total ad volume, while general entertainment and movie channels each accounted for 3%.
Cricket was the most popular sport this year, accounting for 84% of all bitcoin advertising, followed by soccer at 3%. Business news had 4% of the bitcoin commercials on news channels.
According to N Chandramouli, CEO of TRA Research, a consumer analytics and brand insights firm, cryptocurrency is the newest sensation, and every crypto brand is seeking to cash in on it.
“They are inclined to enjoy all instances where there is a large audience, and cricket is their preferred sport,” Chandramouli added.
380 million people watched the 14th edition of the Indian Premier League, one of the most popular cricket tournaments in the world, until match 35. IPL viewership was 12 million greater than it was at the same point in season 13 according to broadcaster Star India.
This is likely why bitcoin platforms marketed the most during the second phase of the IPL 14 and the T20 World Cup, which took place in September and October.
The percentage of crypto ad volumes increased to 76 percent in October, up from 23 percent in September and 2% in July.
Coinswitch Kuber topped the list of cryptocurrency advertising on TV in terms of brands, with a 58 percent stake. CoinDCX Go App (36 percent), Zebpay (5 percent), and WazirX were also heavily advertised on television (1 percent).
Uncertainty about regulations
The marketing blitz appears to be winding down now. After concerns were raised about non-transparent advertising that could be deceptive, cryptocurrency platforms appear to be slowing down on promotions.
“There is still a lot of regulatory uncertainty,” Chandramouli said, “and if there is any rule that restricts bitcoin use, ad volumes will drop disproportionately.”
According to sources, the Indian government believes that ads by cryptocurrency companies, exchanges, and other entities that make exaggerated claims and are not transparent should be prohibited.
“It’s critical for the industry to quickly work out self-regulation in advertising to ensure that advertisements don’t sound misleading or are perceived as a way to make quick and easy money” said Rameesh Kailasam, CEO of IndiaTech.org, an organisation that represents the country’s tech startups and investors. “Investor education should also be aided by the marketing.”
According to him, IndiaTech proposes that the advertising sector collaborate closely with authorities such as the Advertising Standards Council of India on advertising standards.
According to Kailasam, the government’s proposed regulations should ideally contain this feature to ensure that advertising is permitted while adhering to a set of rules.