Taylor Swift Backed Out Of $100 Million FTX Sponsorship Deal

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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.

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.

FTX, Crypto Collapse Costs Taylor Swift a Huge Payday. Sam Bankman-Fried’s ambition for celebrity endorsements might have snared the “Anti-Hero” singer, but she proved to be smarter than a lot of other famous people.

When cryptoc…https://t.co/K4AAi9YYRR https://t.co/zed42Jq7W0

— Jeff Allen Fortin 💎🐀 (@JFortin670) December 9, 2022

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.

#FTX Founder Wanted To Strike Deal With #TaylorSwift

Bankrupt #cryptocurrency exchange FTX was close to finalizing a $100 million endorsement agreement with Taylor Swift before it went bankrupt. https://t.co/yJbgBscM83 pic.twitter.com/iT86IpBXpQ

— TheCoinrise (@TheCoinriseCom) December 9, 2022

“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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