U.S. performance “partially offset” global momentum by Anheuser-Busch InBev, said an earnings report released this week. According to CNN, organic revenue in North America fell by $1.4 billion last year.
“Revenue declined by 17.3% with sales-to-retailers (STRs) down by 12.1%, primarily due to the volume decline of Bud Light,” said the company.
Last year, the well-known beer brand became embroiled in controversy when it partnered with transgender actress Dylan Mulvaney for short videos on social media. Kid Rock and other celebrities got involved, there was a boycott, and sales slumped. While declining beer consumption was already impacting the brand, many pointed to the boycott as the reason why the brand slipped from its place as America’s number one beer.
“Some experts have said that beer’s popularity may be ‘lost forever,’” Audacy reported last September. CNN also reported that a “tepid response to the controversy from the company,” made LGBTQ+ advocates upset.
Anheuser-Busch’s marketing head announced he was leaving the company lin November and other employees were let go. By this February, the brand was looking to pivot away from the issue with a new Super Bowl advertisement featuring the “Bud Light genie” character.
“We remain focused on the consistent execution of our five proven and replicable category expansion levers,” said Anheuser-Busch InBev. “In FY23, the beer and beyond beer category continued to gain share of alcohol by volume globally, led by gains in South America and China, according to Euromonitor.”
Per the CNN report, the company has an optimistic outlook for the U.S. as well. It said its market share in the states gradually improved from last May through last December.