Benzinga - by Chris Katje, Benzinga Staff Writer.
Beer giant Anheuser-Busch InBev (NYSE: BUD) has had a rough 2023 with its Bud Light brand suffering a sales decline on the heels of boycotts and controversy. The brand has been targeted by musicians, politicians and others and lost its top-selling beer status.
Now, Bud Light is intensifying its marketing efforts to counter declining sales, hoping that football could be the game-changer the brand needs.
What Happened: After years as the top-selling beer brand in the United States, Bud Light was passed by Modelo, a unit of Constellation Brands (NYSE: STZ). The beer company has lost market share to brands owned by Constellation and rival Molson Coors Beverage (NYSE: TAP).
To try and win back market share after a series of controversies and calls for boycotts, Bud Light is turning its attention to NCAA Football with a new marketing push that includes tailgates, concerts and specially designed commemorative cans and bottles.
Bud Light announced Wednesday that it is launching a tour of tailgates and backyard concerts that coincide with NCAA Football matchups across the country.
As part of the launch, Bud Light is sponsoring over 50 college football teams and will have limited-edition cans and bottles in stores and stadiums. The beer brand is also offering the chance to win a gameday travel experience.
“Saturday is a scared time for college football fans, one that is centered around all-day tailgate traditions, quality beer, decades-old rivalries and easy enjoyment with friends and family,” Bud Light Vice President of marketing Todd Allen said.
Here’s a look at the dates of the Bud Light Backyard Tour:
- Sept. 1: Austin, TX, Rice University at University of Texas
- Sept. 8: Tuscaloosa, AL, University of Texas at University of Alabama
- Sept. 15: Starkville, MS, Louisiana State University at Mississippi State University
- Sept. 22: Clemson, SC, Florida State University at Clemson University
- Sept. 29: Auburn, AL, University of Georgia at Auburn University
- Oct. 6: Tallahassee, FL, Virginia Tech at Florida State University
- Oct. 13: Baton Rouge, LA, Auburn University at Louisiana State University
- Oct. 20: Columbia, MO, University of South Carolina at University of Missouri
- Oct. 26: Lexington, KY, University of Tennessee at University of Kentucky
- Nov. 3: Stillwater, OK, University of Oklahoma at Oklahoma State University
- Nov. 10: Fayetteville, AR, Auburn University at University of Arkansas
- Nov. 17: Knoxville, TN, University of Georgia at University of Tennessee
- Nov. 24: Ann Arbor, MI, Ohio State University at University of Michigan
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Why It’s Important: News of the college football partnerships and live events follows Bud Light’s last marketing push of the summer, which it called its “biggest summer campaign ever.”
The “Easy to Summer” campaign saw partnerships with musicians and several National Football League players.
Travis Kelce (Kansas City Chiefs), George Kittle (San Francisco 49ers) and Dak Prescott (Dallas Cowboys) were used in new Bud Light content and also part of giveaways of signed memorabilia to fans.
The company’s recent quarterly earnings report saw second-quarter revenue miss analysts’ revenue estimates and volume down 1.4% year-over-year.
Investors and analysts will be looking to see if sales can rebound in the current fiscal quarter, or if the boycotts and sales pressure remains prolonged.
BUD Price Action: Shares of Anheuser-Busch InBev were down 2% to $56.89 on Thursday, versus a 52-week trading range of $44.51 to $67.09. Shares of the beer company are down 5% year-to-date, underperforming the broader market and shares of beverage rivals.
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Image: Anheuser-Busch
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