Super Bowl commercials have become a cultural staple over the years. Companies everywhere strive to produce high-quality ads during a time when all eyes in America are on the television. This year, a 30-second slot during the big game costs $8 million—an eye-watering figure. However, economist Gary “Vee” Vaynerchuk argues that it’s still a bargain.
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Vee joined CNBC to detail his findings. He noted that while his company has long focused on social media advertising due to its undervalued market, the Super Bowl is a different beast—an advertiser’s dream. Especially because nearly every American is watching when those ads hit the screen. That level of viewership is nearly impossible to replicate on any platform.
“On Vayner Media’s best day, I can’t, and we can’t get 130 million Americans to watch 30 seconds of a video for $8 million,” Vee outlined. “The Super Bowl (can). (So, it) is still the most underpriced ad.”
The logic checks out. With more eyes on the TV due to the game, the ads’ success rate is undoubtedly higher. Even if some viewers aren’t immediately swayed, simply getting a commercial in front of them can make it stick in their minds for the next time they’re at the store. Subliminal messaging has always played a huge role in media.
However, Vee also warned that spending big on a Super Bowl spot comes with risks if the ad itself lacks creativity.
“But if the ad itself isn’t good, if the creative isn’t good, then it becomes the most overpriced. So the media is underpriced, but the creative has to hit to justify the means.”
It’s an interesting balance that companies must consider when creating commercials. A bad Super Bowl commercial is a forgettable one. Even if an ad is bizarre enough to weird people out, it can still succeed through shock value. A good Super Bowl commercial, however, sticks in people’s minds, makes top 10 lists after the game, and stays on TV for months.
We’ve seen some great commercials in recent years, like State Farm’s “Like a Good neighbaaa” spot last year. There was also Bill Murray reprising his role in Groundhog Day for a bit in 2020. It’ll be fun to see what the companies come up with this time around.
Vee also noted that this year’s ad landscape could look different. He pointed out how, in the early 2000s, we had the “Internet Super Bowl,” where ads focused on the rise of the web. A few years ago, it was the “Crypto Super Bowl.” Now, we could be on the verge of the first “AI Super Bowl.”
“Unlike those other things, though, I think everyone is very aware of this AI thing… It’s scaring a lot of people, unfortunately, because people are scared of innovation. But yes I believe this will be an AI Super Bowl.”
So, get ready to see a bunch of AI ads on Sunday. Think ChatGPT, OpenAI, etc. It’s time for these companies to take center stage and show off why they’ve gotten so much hype this past year. However, we will still see some of the classics like Duracell, Haagen-Dazs, and Instacart, all paying the big bucks — close to $8 million.
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Not only will we see the traditional companies, but reports reveal that ad feedback will be analyzed differently this year. To accurately assess their return on investment, companies are leveraging pre-game strategies to generate hype. Then, during and after the game, instead of just reviewing TV ratings, they’ll also analyze social media engagement and website traffic.
It’s a new world we live in. It’s not just about TV ratings. As Vee says, social media has taken over the advertisement space. Companies need to employ newer, more modern strategies to analyze how successful their advertisement strategies are. And we will see it first-hand this Sunday.
