The Kansas City Chiefs boasted of going undefeated ahead of the regular season; however, the absence of Travis Kelce limited their potential at the beginning of the campaign. The Chiefs had to digest an ugly loss in their first regular-season match against the Detroit Lions.
Before failing to become a game changer for the Chiefs in their crucial match, Kelce had made a failed attempt to moonlight as a hero for the renowned beer company Bud Light following their recent financial turmoil. However, it seems like a well-known billionaire has come to the company’s rescue.
Bud Light’s parent company gets Bill Gates’s backing
Anheuser-Busch InBev, the parent company of Bud Light beer, witnessed a series of backlash incidents when Bud Light released an Instagram ad campaign with transgender actress and activist Dylan Mulvaney on April 1.
The price of Anheuser-Busch’s share slipped almost 9% over the past six months, and Bud Light went through a 23% decline in May from the same period the year before. Meanwhile, Modelo Especial continues to overshadow the company as it manages an 8.4% lead over them through Aug. 19, compared to Bud Light’s 8.2% share.
The company tried different promotional approaches, with the likes of NFL stars Travis Kelce and Dak Prescott appearing in Bud Light advertisements, which apparently didn’t help much.
However, now they’re getting financial backing from tech giant Bill Gates. According to an SEC filing, Bill Gates’s “Bill and Melinda Gates Foundation” purchased 1.7 million shares for about $95 million. Without a doubt, this will surely help the company gain market share.
Travis Kelce, Dak Prescott failed to restore brand image following controversy
Bud Light tried to bounce back to their earlier position by joining hands with NFL icons Travis Kelce, Dak Prescott, and George Kittle back in June in their biggest summer campaign.
“Whether it is Travis Kelce lounging in the backyard, George Kittle finding his Sunday best, or Dak Prescott and his neighbors admiring his perfectly mowed lawn, Bud Light and their NFL partners help make summer easy.”
Besides getting to witness the three Pro Bowlers in commercials and content creation, the company also provided opportunities for their fans to earn signed memorabilia from one of the three veterans. They even tried to regain consumers’ attention by releasing some patriotic ads and a statement from CEO Brendan Whitworth.
“We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer”, the statement said.
However, nothing worked, as Anheuser-Busch revealed in July that it was sacking nearly 2% of workers (about 380 of their almost 19,000 employees) after the controversy. What’s your take on the incident? You can share your take on this matter in the comment section.
