While many Super Bowl fans bet on the big game and walk away disappointed (sorry Atlanta), one company’s bet on the most popular sporting event of the year paid off big.
According to an article on Housing Wire, SoFi, an online personal finance company that provides student loan refinancing, mortgages, and personal loans, was one of four advertisers who bought discounted ads for overtime slots. The other three companies who negotiated overtime deals were Hulu, Sprint, and Proactiv.
The overtime deal with Fox was for a TV spot that would run only if the game went into overtime. It was a win-win for SoFi, who paid about less than half of the $5 million other companies paid to run ads during the game’s four quarters. If the game didn’t go into overtime, no money was exchanged.
According to Business Insider, ads in this year’s Super Bowl accounted for 23% of the program (that’s 51 minutes and 20 seconds of ads). It was the second highest amount of airtime in the game’s history. Anheuser-Busch InBev was the big spender this year, airing 3 minutes 30 seconds of ads. T-Mobile was the second biggest advertiser with three minutes of ads. And while 41% of the advertisers from last year’s game chose not to return this year, there were some new faces including 84 Lumber, Netflix, and Airbnb.
SoFi actually only inquired about running a Super Bowl ad a few weeks ago, and they produced the spot for less than $100,000. As the Patriots began their rally in the second half of the game, SoFi realized the ad might become a reality and worked to make sure the website and call centers were prepared for the increase in users and visitors to their site.
The bet paid off with traffic spiking 100 times higher than normal.
image copyright Texas.713