Reddit took out a five-second advertisement during Sunday’s Super Bowl that paid an ode to "underdogs," as highlighted during the GameStop Corp. 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 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 AMC, Nokia Oyj NOK, Blackberry Ltd BB, and others.
Price Action: GameSpot shares closed 19.2% higher at $63.77 on Friday and gained 4.22% in the after-hours session.
Read Next: 2 Movies On The GameStop Drama Are Already In The Works
Photo courtesy: EPIC via Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
