Beer company Anheuser-Busch InBev BUD has faced struggles and setbacks in 2023, following boycotts and backlash against its Bud Light brand.
As the company continues to try to move past the boycott and declining sales of Bud Light, it could have a way to kick things ahead.
What Happened: The Messi effect has been real for Major League Soccer, Inter Miami and Apple Inc AAPL, as soccer superstar Lionel Messi has helped to increase their brand awareness, sales and subscriptions.
As the official beer sponsor of the CONMEBOL Copa America USA 2024, Anheuser-Busch could be hoping for a similar result with the signing of Messi as the company’s brand ambassador.
The beer company will promote its Michelob Ultra brand as the sponsor of the tournament, which will see 16 North American, Central American and South American countries compete for a title.
“I am so proud to join Michelob Ultra for its activations at CONMEBOL Copa America USA 2024, such an electrifying moment for our sport,” Messi said. “I look forward to the energy the United States will bring to the competition and the memorable experiences and atmosphere Michelob Ultra will help create for football teams, players and fans alike.”
The 2024 Copa America tournament will take place in the United States in June and July.
“AB InBev’s partnership with CONMEBOL Copa America and Messi joining Team Ultra is a celebration of our shared passion for football,” AB InBev Chief Marketing Officer Marcel Marcondes said.
Marcondes called the partnership with Messi “a perfect pairing of a superior athlete with our superior light beer.”
As part of the sponsorship, Michelob Ultra and other Ab InBev-owned brands will provide brand experiences and Fan Fest events, and be part of the Superior Player of the Match Trophy and in-locker-room celebrations.
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Why It’s Important: Anheuser-Busch has been a key sponsor of past soccer events, including the 2022 World Cup.
After sales of Bud Light slumped, the beer company turned to sponsorships with several college football teams, and partnerships with NFL players like Travis Kelce, to help boost brand awareness and appeal to sports fans.
Messi’s Argentina is the co-favorite to win the 2024 Copa America, alongside Brazil, with odds of +175.
Argentina is the reigning Copa America champion, winning in 2021. In that tournament, Messi scored four goals and was named the best player.
Argentina also won the 2022 World Cup, with Messi scoring seven goals and providing three assists.
Messi is the second-most followed person on Instagram, with 494 million followers, and remains one of the most loved and watched athletes in the world.
BUD Price Action: Anheuser-Busch shares traded at $63.02 versus a 52-week trading range of $51.66 to $67.09. Shares of the beer stock are up 6% year-to-date, rebounding from earlier levels during the peak of the boycotts.
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Photo: Shutterstock
Image and article originally from www.benzinga.com. Read the original article here.