Budweiser Maker Is Teaming Up With Netflix. It Needs a Wider Audience to Boost Slumping Sales.

The maker of Budweiser beer is partnering with Netflix to “create even more enjoyable experiences for legal drinking age fans around the world.” (I-Hwa Cheng / AFP via Getty Images)

Key Points

About This Summary

• AB InBev is partnering with Netflix to reach global consumers across various shows and live events.
• The partnership aims to boost AB InBev’s sales amid a 2% volume decline in the first half of 2025.
• Other beverage companies are struggling with declining sales as consumers cut back on alcohol consumption.

Anheuser-Busch InBev , the maker of iconic beer brand Budweiser, announced Monday that it’s formed a partnership with streaming platform Netflix to help its brands better reach global consumers.

AB InBev said it will collaborate with Netflix across a variety of its shows, such as The Gentlemen (from the U.K.), Brasil 70—A Saga do Tri (from Brazil), and Culinary Class Wars (from South Korea). The campaigns will include consumer activations, title integrations, limited-edition packaging, digital promotions, and more, according to the firm.

The two companies will also partner on co-branded campaigns around Netflix live events such as the Canelo vs. Crawford boxing matchup, the 2025 live NFL Christmas Game Day, and the 2027 Women’s World Cup. The partnership is an opportunity for the beer company to “create deeper experiences with consumers,” according to AB InBev.

“Both AB InBev and Netflix bring people together through shared passions like sports, food, music, and comedy,” said the company in a statement, “Together, the companies will create even more enjoyable experiences for legal drinking age fans around the world and connect with audiences in new and exciting ways.”

The Netflix partnership comes as the beverage giant tries to boost sales amid soft alcohol consumption around the globe. In the first half of 2025, AB InBev’s sales volumes declined 2% from a year ago, largely driven by weakness in China and Brazil, extending volume declines from 2023 and 2024.

AB InBev is not alone. Many beer, wine, and spirit companies are having a rough time as consumers—especially Gen Z and younger millennials—cut back on alcohol amid inflation pressure, health concerns, and the popularity of other recreational options.

Earlier this month, Constellation Brands , the U.S. distributor of Corona and Modelo beers, slashed its fiscal-year outlook, expecting organic growth in beer sales to decline 2% to 4% in fiscal 2026. Wine and spirit sales are expected to tumble more—by 17% to 20%.

“Over the last several months, high-end beer buy rates decelerated sequentially, as both trip frequency and spend per trip declined,” said Constellation CEO Bill Newlands, noting that declines for Hispanic consumers were particularly pronounced.

In the second quarter, sales at beer maker Molson Coors Beverage dropped 1.6% from a year ago. At Boston Beer , while sales increased 1.5%, the rate of depletion—whether distributors are selling to retailers like bars, supermarkets, and liquor stores—declined 5% from last year, a sign that real consumer demand is weak.

Shares of Molson Coors Beverage and Boston Beer are down 20% and 27%, respectively, so far this year. Constellation Brands stock has plunged nearly 40%. While AB InBev shares are up 17% year to date, the stock has tumbled 12% since its latest earnings report, at the end of July.

To better position for a future with less alcohol consumption, many companies have been expanding their portfolios to include low-alcohol alternatives such as hard seltzers and cocktail mixers, zero-alcohol versions of iconic spirit and beer brands, and non-alcoholic beverages such as energy drinks and tonic water.

Although the non-alcohol segment is still relatively small, it’s growing quickly. In the second quarter, revenue from AB InBev’s no-alcohol beers—led by Budweiser Zero and Corona Cero (AB InBev produces and distributes Corona outside the U.S.)—was up 33% year over year. The growth is especially strong in “new consumers and new occasions,” the company said.

AB InBev has been advocating moderate and responsible drinking, or what it calls “smart drinking.” “We are committed to expanding our no-alcohol beer offerings,” the company says on its website, encouraging consumers to substitute strong alcoholic beverages with beer or no-alcohol drinks at parties, bars, and sports events.

InBev is counting on the partnership with Netflix to help it be present at more of these social gatherings. “Streaming is a social and shared experience—it’s an occasion where beer and entertainment come together,” said Marcel Marcondes, the company’s global chief marketing officer.

Write to Evie Liu at evie.liu@barrons.com