- Payment for two social media influencers has been decreased by more than 90%
- Workforce cut off by 30% and salary for existing reduced around 50%
Advertising in social media has become mainstream over the past decade. The boom in this business strategy has inculcated all sectors starting from entertainment to trading. The exchange platforms have been approaching popular social media accounts for increasing the audience base. But now the pay-outs have been reduced for those accounts.
JUST IN: Coinbase has lowered payouts to social influencers due to "market conditions."— Watcher.Guru (@WatcherGuru) June 22, 2022
Two social media influencers who were and are collaborating with the exchange platform Coinbase have received mail from the firm stating the reduction in the payment. The reason for this stated by Coinbase is the market crash and downtrend in the field.
Cost Cutting Coinbase
The Coinbase stand on the advertisement and expenditure was different at the start of the year. The platform spent around $15 million for the commercials being telecasted during the Super Bowl. The grandeur in the ads and the sky-rocketing pay for the employees may have led the firm here.
Now the company has reduced around 30% the staffing and the senior executive’s salary has been minimized by up to 50%. Now the cost-cutting action plan has an additional procedure which is reducing the payment for social influencers.
The email has a statement
“Due to market conditions, we are reducing payouts on the program to ensure we remaining profitable, ”
The influencers shared the current payment detailing to be decreased from $40 to $3 or $2, and an additional $25 for initial trading made by the respective accounts.
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