Taylor Swift Backed Out Of $100 Million FTX Sponsorship Deal

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Last Updated on 10 December 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Taylor Swift was arguably the hottest pop star in the US in 2022. The anti-hero singer took 10 spots of the top 10 in the billboard hot 100 with her new album ‘Midnights’. In other words, getting an endorsement from Swift for your company could be great PR. It was therefore not surprising that FTX, the collapsed crypto platform of Sam Bankman-Fried, tried to lobby the pop star for a $100 million PR deal.

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Celebrity endorsements

Although in Europe it is much less common, celebrity endorsements are big business in the US. As their entertainment industry is much bigger than in the EU (because of the unified language for 360 million inhabitants of course), celebrities are recognized in far greater numbers. As a company therefore, you need endorsements from them to sell your products.

Crypto platform FTX was no different and hired many sports and entertainment celebrities, including comedian Larry David, tennis star Naomi Osaka, NFL quarterback Tom Brady and NBA point guard Stephen Curry.

This had all proven so successful that Sam Bankman-Fried also tried to get the biggest star of 2022 to promote his platform, pop singer Taylor Swift.

However it would appear some of the members of his own company were against it, claiming it was far too expensive. In the end, talks over paying the pop superstar $100 million to be one of the celebrity faces of the platform fell apart, as there were concerns the deal did not offer much of a return.

“No one really liked the deal,” one unnamed individual familiar with the negotiations told the FT newspaper. “It was too expensive from the beginning.”

Many of the FTX celebrities have now been sued by American investors, although it is hard to see what Tom Brady could have done about the failure of the crypto platform. For Swift, it means that she can now remain crystal clean from the FTX scandal and start 2023 with a ‘blank space’.

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