Posted 2/12/2024, 11:15:00 AM
Temu Spends Millions on Super Bowl Ads to Rapidly Gain Shoppers
- Temu, a Chinese-backed online shopping platform, is airing a Super Bowl ad for the second year in a row and giving away $15 million in coupons and prizes
- The company paid for 3 ads during the game and 2 after at an estimated cost of $6.5-$7 million per 30-second spot
- Temu is focused on gaining market share quickly rather than profit margins, a strategy that has worked for Amazon and Wayfair
- The company launched in the US in 2022 and has expanded to 15+ countries, becoming the 8th most downloaded shopping app globally
- Temu's success is boosting the stock of its parent company Pinduoduo, which recently surpassed Alibaba's market cap for the first time