There are many companies from Southeast Asia aspiring to go public, especially in 2021. Haven’t we all come across LinkedIn posts of these companies featured on the NASDAQ billboard in New York’s Times Square?
The truth behind these features on the NASDAQ billboard is – it is extremely cheap to advertise there! Turns out, it is inexpensive to advertise on the NASDAQ Square– prices start at approximately $250 per hour.
These cheap rates don’t just benefit the many unicorns wanting to go public. Though NASDAQ’s interests are toward the companies listed on their exchange and related events, they also rent out this advertising space to other companies. The 10,000 square feet advertising space in the NASDAQ tower (especially the 120-feet tall billboard) is much coveted by cryptocurrency companies.
The NASDAQ tower has global exposure, with more than 40 million people visiting the spot each year before the pandemic. An advertisement in this prime spot will increase brand recognition and recall value associated with a company. Another major highlight is that this ad can be shared across various social media platforms to get instant distinction and credibility. This is a great avenue to earn the public’s trust and attention in the crowded crypto space.
Crypto companies prefer to advertise in the NASDAQ Tower not only because it is the prime spot in Times Square but also because people will recognize their company/wallet/coin from the advertisement anywhere in the world. It establishes their brand presence and gives them much-needed visibility. It’s also a matter of building reputation because your advertisement on the NASDAQ billboard signifies that you are a company in the big league.
When we dug a little deeper and checked out outdoor advertising companies working with NASDAQ and other billboards in Times Square, the first area of specialization they were promoting was Cryptocurrency, NFT and Blockchain.
This simple and cheap way of gaining prominence among the public is mainly due to the fact that these are digital billboards. In digital advertising, one advertisement isn’t displayed for the entire duration like in old paper billboards. Digital billboards are run by time slicing where advertisements are sold in slots starting from 15 seconds. So different companies can advertise in the same space at the same time slot, and they can always add more ads if demand increases. It is a win-win situation for both parties involved.
NASDAQ has a minimum buy of two-hour slots and if your ad is for 15 seconds, it will be featured about ten times in an hour. So the rough estimate for every ad of a company is only about $30 ($300 an hour). When NASDAQ’s advertising space is completely sold out, the remuneration amounts to US$ 2.63 million per year!
This much sought-after advertising real estate (which is great value for money) is the perfect opportunity that crypto companies are capitalizing on to gain the public’s trust and become a global brand.