A Super Bowl LVI commercial from Coinbase Global Inc COIN was either genius or a waste of money, depending on who you ask. Here’s how the commercial has already brought potential new customers to its ecosystem.
What Happened: One of the most talked about Super Bowl LVI commercials that aired on NBC, a unit of Comcast Corp CMCSA, was an ad from Coinbase.
The ad that featured a bouncing QR code took people to the Coinbase website to sign up for an account where they were given a choice between $15 in free Bitcoin BTC/USD or entry into a sweepstakes where three winners will each win $1 million in Bitcoin.
Coinbase paid around $14 million for the commercial.
Related Link: What's Going On With Coinbase's Stock Following Viral Super Bowl Promo
Why It’s Important: Along with generating strong brand awareness and being well received by the media, the ad from Coinbase has helped gain potential new customers.
The company’s website had a surge in traffic, which led to the site being temporarily unavailable after the commercial aired, according to a tweet from Coinbase Chief Product Officer Surojit Chatterjee.
@coinbase just saw more traffic than we've ever encountered, but our teams pulled together and only had to throttle traffic for a few minutes. We are now back and ready for you at https://t.co/ZUJqRlnZPH. Humbled to have been witness to this. #WAGMI
— Surojit (@surojit) February 14, 2022
Chatterjee recently shared exactly how much traffic the company’s website got from the Super Bowl commercial. “We had over 20M hits on our landing page in one minute. That was historic and unprecedented,” Chatterjee said. “We also saw engagement that was 6 times higher than our previous benchmarks.”
SimilarWeb SMWB reports that Coinbase had 77.3 million visitors in the month of December, ranking the site as the 528th most visited global website and 212th most popular U.S. site.
The amount of people that visited the Coinbase website in one minute was over 25% of the total monthly visitors the company had in December.
The Coinbase app saw strong download figures too, with reports that the app went from #186 on the charts all the way up to #2 thanks to the demand after the Super Bowl commercial.
Price Action: COIN shares are up 5.76% to $206.50 on Tuesday.
Photo: Courtesy of Marco Verch Professional on Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
