In Thursday's second-quarter earnings report, Bud Light's parent company ABInbev reported a 10.5 percent drop in revenue for its US market and a 28.2 percent drop in core profit. The brand, which has lost its crown as America's most popular beer, has lost $390 million since last year.
When compared to the second quarter of 2022, had a 14.1 percent loss in gross profit for North America while the company as a whole was at an 8.8 percent increase in growth in gross profit globally, according to the New York Post.
The earnings reports covered the period from April through June. The Washington Post noted that the company attributed the losses to having to spend more money on marketing and supporting distributors who have lost business due to the loss in revenue from Bud Light.
ABInBev has lost $40 Billion in value since Bud Light teamed up with Trans TikTok influencer Dylan Mulvaney in April, sparking nationwide boycotts of the iconic brand. The promotion caused celebrities like Kid Rock and country star Travis Tritt to speak out against the brand. This caused Modelo to replace Bud Light as the top-selling beer brand in America in June.
Since the controversy, Bud Light and parent company Anheuser-Busch executives pledged in a closed-door meeting to "spend heavily on the brand after spending fell off a cliff last year."
Bud Light Vice President of Marketing Allisa Heinerscheid took a leave of absence starting at the end of April after a video surfaced of her during an interview with the Make Yourself at Home Podcast that the brand should distance itself from its "fratty" as she revealed the brand Needed to "attract young drinkers."
In May, the ad agency that chose to use Mulvaney was dropped by Bud Light. In a letter to distributors Anheuser-Busch's CEO claimed that the influencer was not part of a partnership and said, "We need to clarify the fact that this was one can, one influencer, one post, and not a campaign."
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