It was not.
The San Francisco company, which describes its news discussion forums as ‘the front page of the internet’, said it had spent its entire marketing budget on the non-clipping ad. It started as a cartoon ad and quickly turned into a message on Reddit’s website, with an orange background and a white box with a message.
Here’s what that message says: “Wow, that actually worked. If you read this, it means that our bet is bearing fruit. Large game venues are expensive, so we could not buy a complete one. But we were inspired and decided to spend our entire marketing budget on five seconds of airtime.
‘One thing we learned from our communities last week is that underdogs can accomplish almost anything if they come up with a common idea. Who knows, maybe this is why financial textbooks should add a chapter on ‘tendencies’. Maybe ur / SuperbOwl helps to teach the world about the majesty of owls. You may even pause this five-second ad. Powerful things happen when people rally around something they really care about. And there is a place for it. This is called Reddit. ”
The ad was a nod to the users of the Reddit group r / WallStreetBets who helped drive the shares of struggling video game retailer GameStop. The move resulted in hedge funds and other Wall Street investors betting against GameStop losing huge amounts of money and toppling the broader market.
Many Reddit users have characterized their movements as repayment against the financial elite.
“This is to make us work all Friday on Thanksgiving night at 9:50 a.m.,” one Reddit user wrote, according to the Associated Press.
In a statement, Roxy Young, chief marketing officer of Reddit, said it was ‘exciting’ that people were learning and interested in ‘the power of Reddit’s online communities’.
“Our Super Bowl ad was a huge effort from a lot of hard-working people who put together a striking five-second spot in a matter of days – which is not easy,” Young said. “This ad is a celebration of Reddit communities and a fitting reminder that powerful things can happen when people come together around their passion.”
Reddit said it did not comment on the budget specifications, but the five seconds undoubtedly yielded a high price. According to Variety, CBS, which aired the Super Bowl this year, ‘virtually sold out’ its commercial venues for the big game. In 2021, a commercial spot in 30 seconds cost about $ 5.5 million. At the same time, according to The Hollywood Reporter, it cost about $ 5.6 million in 2020.
Reddit said on Friday it had raised another $ 250 million from investors. The new financing reportedly valued the company at $ 6 billion. It was not clear why the business, which makes money from selling ads to businesses and premium features to users, allocates so little money to marketing.
Jessica Flores is a staff writer for the San Francisco Chronicle. Email: [email protected] Twitter: @jesssmflores