Could Bloomberg’s huge ad buy backfire?
Around this time of the year, the biggest stories in the ad industry typically involve Black Friday and holiday campaigns. But then former New York City mayor Mike Bloomberg decided to launch his bid for the presidency.After Bloomberg formally unveiled his campaign on Sunday with a video that cited his success rebuilding NYC’s economy after the 9/11 terrorist attacks (and credit there is well deserved), The Guardian reported that the financial technology billionaire had already purchased $30 million in TV advertising. That’s not a lot of money for Bloomberg, whose net worth is estimated at over $50 billion, but it’s a hell of a lot of ads.