Despite these efforts, Bud Light’s sales continued to plummet. Belgian-based parent company AB InBev, which also owns brands like Stella Artois and Corona, reported a tough year in 2023, with organic revenue in North America dropping by $1.4 billion. CEO Michel Doukeris acknowledged that while Bud Light has been gradually regaining its market share since May, the progress has been slower than anticipated. The company has shifted its advertising focus to sporting events and concerts in an attempt to lure back customers.
From May through February, Bud Light managed to recover only 1.2 percentage points of lost market share. Doukeris expressed optimism about the progress but acknowledged that it was not as rapid as they had hoped for. AB InBev’s shares have also seen a decline of around four percent since the earnings announcement. Analysts have described the company’s performance in the US as underwhelming, with revenue experiencing double-digit declines and a loss of market share.
To address the fallout from the Mulvaney partnership, Bud Light enlisted the support of NFL legends Peyton Manning and Emmitt Smith in a bid to boost sales. The Pro Football Hall of Famers starred in a new commercial released in December ahead of the Super Bowl. The advertisement depicted Manning and Smith engaging in a playful stunt, reflecting the brand’s efforts to regain consumer trust and interest.
Despite the setback caused by the boycott, Mulvaney managed to capitalize on her newfound fame, earning $2 million in 2023 through promotional work with brands like Nike and Mac. However, she also criticized Bud Light for its lack of public support during the backlash, expressing disappointment at the brand’s failure to stand by her amid the controversy.