April 1, 2024, marks the one-year anniversary of Bud Light's controversial partnership with transgender influencer Dylan Mulvaney.
Last year, Mulvaney shared a video on her social media channels showcasing a customized Bud Light can to promote her transition to womanhood, as she created a series titled "365 Days of Girlhood."
The partnership sparked widespread criticism against Bud Light, with many initially calling for a boycott against the brand and its parent company, Anheuser-Busch.
Roughly two weeks after the video from Mulvaney, Anheuser-Busch CEO Brendan Whitworth issued a statement saying "We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer."
However, the initial effects of the boycott resulted in a decline in sales and revenue for Bud Light. A report from Harvard Business Review this month found that in the first three months following the boycott, "Bud Light sales and purchase incidence were about 28% lower than the same time period in prior year."
In a statement, an Anheuser-Busch spokesperson told Newsweek, "Bud Light is the No. 1 selling–beer in the U.S., with millions of beer drinkers choosing it every day at retail stores, bars and stadiums across America, and positive sentiment toward the brand continues to increase.
"Our industry-leading portfolio of brands is on a positive market share trajectory over the last seven months, and we are focused on what we do best—brewing great beer for everyone and earning our place in the moments that matter for our consumers. As America's leading brewer, we are confident in the beer industry—growing in dollar sales versus last year—and optimistic about the future of our business," the spokesperson said.
The report also found that sales and purchase incidence declined more in Republican counties across the United States when compared to Democratic counties.
Stock data from Google about Anhesuer-Busch InBev shows that on April 3, the company was trading at around $66.57 per share. However, by May 30, the stock price dropped to $54.46 and largely remained under $60 for the following several months. By November 2023, the stock was often trading above $60, but overall, the share price is down 6.92 percent since last year.
In May 2023, Anheuser-Busch InBev CEO Michel Doukeris spoke about the boycott in a call with investors and appeared to distance the company from Mulvaney, saying, "This was the result of one can. It was not made for production or sale to [the] general public. It was one post, not a formal campaign or advertisement."
In October 2023, Bud Light announced a new partnership with the UFC, making it the fighting championship's official beer partner.
"Anheuser-Busch and Bud Light were UFC's original beer sponsors more than fifteen years ago," UFC President Dana White said. "There are many reasons why I chose to go with Anheuser-Busch and Bud Light, most importantly because I feel we are very aligned when it comes to our core values and what the UFC brand stands for. I'm looking forward to all of the incredible things we will do in the years ahead."
In December, musician Kid Rock, who was one of the first notable names to call for a boycott against Bud Light, spoke about the controversy surrounding the beer and appeared to change his tone.
"Yes, it was a mistake, so, do I want to hold their head underwater and drown them because they made a mistake? No, I think they got the message," Kid Rock said during an interview with former Fox News host Tucker Carlson. "If we brought them back up, that's kinda the America I want to live in. There's nothing wrong with giving a spanking...you don't spank them for the rest of their life."
In February 2024, Bud Light also announced a partnership with comedian Shane Gillis. "Excited to announce partnership with Bud Light #budlightpartner," Gillis wrote on Instagram.
Despite the slight recovery in stock price and different partnerships since the boycott last April, the report from Harvard Business Review found that Bud Light did not quickly rebound, as their sales continued to decline roughly eight months after, "with sales and purchase incidence down by 32% in Q4 2023."
Fox News Digital reported that revenue declined by 17.3 percent in Q4 for 2023.
Update 4/1/24, 8:46 a.m. ET: This story has been updated with a statement from an Anheuser-Busch spokesperson.
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