Connect with us

Published

on

Many Anheuser-Busch distributors say they are resigned to their painful Bud Light losses — and that they have given up on luring back disaffected customers following the Dylan Mulvaney fiasco, The Post has learned.

After four months of hiring freezes and layoffs — with some beer truck drivers getting heckled and harassed even as Bud Light sales have dropped by more than 25% — Anheuser-Busch wholesalers have accepted that they have lost a chunk of their customers for good — and need to focus on a new crop of drinkers.

Consumers have made a choice,” said an executive at a Texas-based beer distributor who did not want to be identified. “They have left [Bud Light] and thats how its going to be. I dont envision a big percentage of them coming back.

Sales of other Anheuser-Busch beers including Budweiser, Michelob Ultra and Busch Light also have been in decline since Bud Lights marketing tie-up with transgender influencer Mulvaney.

Whats more, those lost customers have likely found that Bud Lights competitors, including Coors Light and Miller Lite, are a very similar product.

Winning the beer wars comes down to whoever is best at marketing, the executive said.

“There is an increasing feeling that this [Bud Light] decline rate could last for a while and the distributors are worried about losing those drinkers to other similar brands,” David Steinmann, executive editor of Beer Marketers Insights, told The Post.

A pair of social media posts by Mulvaney on April 1 — holding a 16-ounce can of Bud Light with her image on it and another of her sitting in a bubble bath surrounded by Bud Light cans — sparked a backlash that has lasted longer than most anticipated.

The strategy of targeting younger, newer consumers is the right one, Michael Stone, chairman of Beanstalk Group, a New York-based branding firm, told The Post. But Anheuser-Busch made a mistake executing on the strategy.

One silver lining for beleaguered Anheuser-Busch distributors is the rise of Modelo Especial — the No. 2 beer brand, which Anheuser-Busch owns outside of the US.

Rival Constellation Brands distributes Modelo in the US, where it has been outselling Bud Light on a weekly basis since May.

Whats helping distributors is having Modelo in their portfolio, the beer executive said. But if you dont have Constellation, you are in a pickle.

While Bud Light remains the No. 1 beer brand in the US, those days are likely numbered, with Modelo expected to overtake it by the end of August, experts say.

Even before the Mulvaney disaster, beer suppliers have been fighting a broader crisis.

Beer has long been the No. 1 alcoholic drink in the world and the beverage of choice for new drinkers, but just last year, spirits surpassed beer for the first time ever in the US. 

Hard liquor accounted for 42.1% market share in 2022 compared to beers 41.9% market share, according to the Distilled Spirits Council of the United States.

The increasing popularity of ready-to-drink cocktails is fueling the trend away from beer.

In response, breweries are partnering with spirits companies that are making canned cocktails.

Those include Cutwater Spirits, which Anheuser-Busch bought in 2019. The craft distillery is now part of Anheusers Beyond Beer.

Beer distributors and suppliers want to win over so-called “legal age drinkers,” before they acquire a taste for other alcoholic beverages.

There are so many different options for coming-of-age drinkers today, the beer executive said.

Continue Reading

World

Ukraine war: Zelenskyy warns partners not to let Putin ‘deceive’ them on ceasefire

Published

on

By

Ukraine war: Zelenskyy warns partners not to let Putin 'deceive' them on ceasefire

Volodymyr Zelenskyy has called on Ukraine’s partners to make sure Russia doesn’t “deceive” them over a ceasefire.

After breakthrough talks between Ukrainian and US officials in Saudi Arabia, Kyiv said it was ready to accept a proposed 30-day ceasefire with Russia.

But his nightly address on Wednesday evening, a day after the Jeddah summit, President Zelenskyy said, “we must move toward peace” – but issued a warning to allies.

“The key factor is our partners’ ability to ensure Russia’s readiness not to deceive but to genuinely end the war,” the Ukrainian leader said. “Because right now, Russian strikes have not stopped.”

Please use Chrome browser for a more accessible video player

From Tuesday: Ukraine backs ceasefire plan

‘Calling Moscow’s bluff’: Sky News correspondents’ views as Ukraine accepts ceasefire deal
Who is the real estate mogul tasked with brokering peace in Ukraine?

The focus has now switched to Vladimir Putin’s response to the proposed ceasefire. President Trump said the US had received “some positive messages” adding: “We have people going to Russia right now”.

However, he warned Moscow: “In a financial sense, yeah we could do things very bad for Russia, would be devastating for Russia.”

More on Russia

Please use Chrome browser for a more accessible video player

Will Russia go for ceasefire deal?

European defence ministers, meeting in Paris, said now was the time for Moscow to show it was serious about ending the war.

UK Defence Secretary John Healey was among those attending, and had a direct message for Russia’s president: “I say to president Putin, over to you, you want to talk, prove it.”

Mr Healey called on Russia to accept the ceasefire and end the war, adding, “the pressure is now on Putin”.

For his part, President Putin has been playing to his domestic audience with a visit to Kursk, where Russian troops finally seem to be gaining the upper hand against Ukrainian forces who seized territory in the Russian region last year.

The Russian line is approaching Sumy from Kursk Oblast
Image:
The Russian line is approaching Sumy from Kursk Oblast

Dressed in camouflage, the Russian president called for his forces to defeat the enemy and completely liberate Kursk, in remarks reported by the Interfax news agency.

He also said enemy troops captured in the region will be treated as terrorists, as Russia’s chief of the general staff told Mr Putin that Ukrainian forces in the region are surrounded.

Continue Reading

US

Ukraine war: Zelenskyy warns partners not to let Putin ‘deceive’ them on ceasefire

Published

on

By

Ukraine war: Zelenskyy warns partners not to let Putin 'deceive' them on ceasefire

Volodymyr Zelenskyy has called on Ukraine’s partners to make sure Russia doesn’t “deceive” them over a ceasefire.

After breakthrough talks between Ukrainian and US officials in Saudi Arabia, Kyiv said it was ready to accept a proposed 30-day ceasefire with Russia.

But his nightly address on Wednesday evening, a day after the Jeddah summit, President Zelenskyy said, “we must move toward peace” – but issued a warning to allies.

“The key factor is our partners’ ability to ensure Russia’s readiness not to deceive but to genuinely end the war,” the Ukrainian leader said. “Because right now, Russian strikes have not stopped.”

Please use Chrome browser for a more accessible video player

From Tuesday: Ukraine backs ceasefire plan

‘Calling Moscow’s bluff’: Sky News correspondents’ views as Ukraine accepts ceasefire deal
Who is the real estate mogul tasked with brokering peace in Ukraine?

The focus has now switched to Vladimir Putin’s response to the proposed ceasefire. President Trump said the US had received “some positive messages” adding: “We have people going to Russia right now”.

However, he warned Moscow: “In a financial sense, yeah we could do things very bad for Russia, would be devastating for Russia.”

More on Russia

Please use Chrome browser for a more accessible video player

Will Russia go for ceasefire deal?

European defence ministers, meeting in Paris, said now was the time for Moscow to show it was serious about ending the war.

UK Defence Secretary John Healey was among those attending, and had a direct message for Russia’s president: “I say to president Putin, over to you, you want to talk, prove it.”

Mr Healey called on Russia to accept the ceasefire and end the war, adding, “the pressure is now on Putin”.

For his part, President Putin has been playing to his domestic audience with a visit to Kursk, where Russian troops finally seem to be gaining the upper hand against Ukrainian forces who seized territory in the Russian region last year.

The Russian line is approaching Sumy from Kursk Oblast
Image:
The Russian line is approaching Sumy from Kursk Oblast

Dressed in camouflage, the Russian president called for his forces to defeat the enemy and completely liberate Kursk, in remarks reported by the Interfax news agency.

He also said enemy troops captured in the region will be treated as terrorists, as Russia’s chief of the general staff told Mr Putin that Ukrainian forces in the region are surrounded.

Continue Reading

Technology

Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges $2 billion

Published

on

By

Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges  billion

The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023.

Justin Sullivan | Getty Images

Emirati state-owned investment firm MGX announced a $2 billion investment into Binance, in what marks the cryptocurrency exchange’s first institutional investment and the “single largest investment” ever paird in crypto.

In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the “largest investment ever” paid in cryptocurrency. Stablecoins are a type of digital asset designed to hold a constant value, typically with a peg to a fiat currency. 

Abu Dhabi launched the MGX investment firm last year with a focus on AI technology. In September, MGX partnered with the likes of BlackRock and Microsoft to launch a more than $30 billion AI fund, but it had yet to invest in the cryptocurrency industry and blockchain sectors. 

“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, managing director and CEO at MGX, said in a statement.

The press release added that “by partnering with the leading industry player, MGX aims to enable innovation at the intersection of AI, blockchain technology and finance.”

Binance and MGX did not immediately comment on the size of the stake or what stablecoin would be used for the payment. Binance has not responded to an inquiry on whether the deal had been completed.

As part of the UAE’s broader ambitions to become a global technology leader, it has been growing into a regional crypto hub

Binance, the largest cryptocurrency exchange in the world, has grown its Middle East footprint as it faced regulatory hurdles and enforcement measures in other jurisdictions in recent years, 

According to the press release, Binance employs approximately 1,000 of its roughly 5,000 global workforce in the UAE. It adds that it now boasts over 260 million registered users and has surpassed $100 trillion in cumulative trading volume. 

Binance CEO Richard Teng is scheduled to take part in a panel session at CNBC’s CONVERGE LIVE in Singapore at 2:40 p.m. local time (2:40 a.m. ET) on Thursday.

Continue Reading

Trending