Reddit took out a five-second advertisement during Sunday’s Super Bowl that paid an ode to "underdogs," as highlighted during the GameStop Corp. (NYSE: GME) short squeeze saga.
What Happened: ‘Wow, this actually worked,” declared the text-only commercial going. “If you’re reading this, it means our bet paid off.”
“One thing we learned from our communities last week is that underdogs can accomplish anything when they come together around a common idea,” the advertisement read — a reference to GameStop short squeezers on r/WallStreetBets.
Reddit said it blew up its entire marketing budgeting on seconds of airtime.
“Big game spots are expensive, so we couldn’t buy a full one,” said the social news aggregator.
Networks were baffled by its decision to run a JPEG as a television advertisement, as per a Reddit tweet.
Why It Matters: ViacomCBS Inc (NASDAQ: VIAC)-owned CBS sought $5.5 million for a 30-second in-game spot for the Superbowl, according to Variety. A single five-second ad would thus cost nearly $915,000.
The gone in a flash advertisement did catch the attention of r/WallStreetBets where a poster who goes by the nickname AdjustedClimatology posted, “Wow super bowl commercial for us.”
Retail investors, particularly those on Reddit, have been at the center of attention of the last weeks as they outsmarted Wall Street veterans by pumping up heavily shorted stocks of GameStop, AMC Entertainment Holdings Inc (NYSE: AMC), Nokia Oyj (NYSE: NOK), Blackberry Ltd (NYSE: BB), and others.
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