The news: As the Super Bowl approaches, brands aren’t questioning whether ads during the event work, but whether the prohibitive cost of a Super Bowl slot is worth the risk.

Outcomes vary widely by brand, while audience fragmentation across linear and streaming is reshaping how value is captured—pushing many marketers to look for ways to participate in the cultural conversation without paying the $8 million price tag.

In a conversation with EMARKETER, programmatic ad tech company TripleLift CEO Dave Helmreich outlined his views on why Super Bowl ads are less effective than they used to be, how small budget brands can still make an impact without the high price tag, and what marketers can do to capitalize on the biggest moment in sports.

The decline of the Super Bowl ad: Despite being one of the hottest ad opportunities for brands, Super Bowl ads are struggling to match the effectiveness they once had during the golden age of linear TV.

“Today, everything is fragmented” as sports rights scatter across services, said Helmreich. “Audiences are spread across CTV, streaming, social, and programmatic… the Super Bowl hasn’t evolved at the same pace.” Its ad effectiveness has declined because of disparities between modern performance needs and the Super Bowl’s old fashioned buying model, he added.

How smaller budget brands can still make an impact: The $8 million price tag for a 30-second slot is something that most brands can’t afford—but brands without the budget can still make an impact by participating in the cultural conversation surrounding the event.

Helmreich highlighted several opportunities for brands to remain relevant during the Super Bowl: