The rise of celebrity-backed drinks

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 8 July 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

The global alcohol industry is worth just over one and a half trillion US dollars, and celebrities want a part of it.

Famous faces and their drinks brands are filling up the shelves, from model Kendall Jenner’s tequila to actor Ryan Reynolds’s gin. And it’s not just alcohol: the energy drink market is in the sights of celebrities, too. How much more are customers willing to pay for these products?

In today’s episode of Business Daily, we'll ask those who stock the drinks, and those who serve them, how much difference - if any - a famous name makes, and we'll hear why celebrities and brands benefit from mutual association.

(Picture: David Beckham and Kendall Jenner. Credit: Getty Images/BBC)

Presented and produced by Izzy Greenfield

Transcript

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0:00.0	Right off the back, Cosamigos from George Clooney.
0:02.5	Teramana Tequila from Dwayne the Rock Johnson.
0:05.3	A18, that's Kendall Jenner.
0:07.7	You've got Heaven's Door, Bob Dylan's Whiskey.
0:10.7	These labels all have one thing in common.
0:13.5	Their drinks brands all owned or endorsed by celebrities.
0:18.9	The global alcohol industry is worth a lot of money.
0:22.9	So if you look globally at all alcohol, so whether that's beer, wines and spirits, sort of cider and ready to drinks,
0:29.2	that is worth about $1.2 trillion US dollars.
0:33.8	It's no surprise that celebrities want to top up, their endorsements.
0:37.8	And it's not just alcohol either.
0:39.7	Celebrate-backed beverage brands are everywhere,
0:42.3	whether it's oat milk brand Oatley backed by Oprah and Natalie Portman,
0:45.5	or Prime drinks owned by influencers KSI and Logan Paul.
0:50.3	In today's episode of Business Daily with me, Izzy Greenfield,
0:53.7	how much money are people willing to pay for a name?
0:57.0	For the celebrities involved, is it a reputational risk or marketing magic?
1:01.3	And for those who stock and serve these drinks, how much do they sell?
1:08.7	Dylan, do you know if we have any more 100 mils of gin in stock?
1:12.1	On the top of my head, no.
1:14.6	This is Andrew Pentland.
1:16.1	He works at Gator Beveridge Store in Gainesville, Florida, a shop that's very popular
	...

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