US Energy Drinks Sector – Competitive Dynamics &
Channel Positioning – 23 September 2021
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Specialist:
Title:
Moderator: Nyree Hinton (NH), Third Bridge Sector Analyst
Brady Blake (BB)
National Account Executive at Red Bull North America Inc
Agenda:
1. Energy drink consumption trends within retail grocery
2. Channel and consumer behaviour trend shifts – retail vs convenience and multipack vs single unit
purchases
3. Incumbents vs new entrants such as Bang and beverage giants such as Coca-Cola (NYSE: KO) in
energy drinks, highlighting barriers to entry
4. Distribution challenges, including Monster’s agreement with Coca-Cola and D2C potential
Contents
Q: How has the energy drink category changed over the years through new innovations or different
channels?
Q: What industry trends were you monitoring pre-coronavirus and how have they evolved throughout the
pandemic?
4
4
Q: How have category leaders such as Monster and Red Bull held onto such large market shares? Do they
have unique distribution agreements that allows them to penetrate locations where new entrants can’t obtain
5
the same scale? It reminds me of Coke and Pepsi.
Q: It seems Monster and Red Bull have followed a similar strategy to Nike by sponsoring popular athletes
and sports. Are new entrants trying to do the same?
Q: How did Monster and Red Bull carve out this niche in the market? Did the marketing strategy start with
traditional athletes and moved onto gaming, or did it start with a niche sport such as surfing and then
worked up to more popular sports?
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5
Q: What is Monster’s competitive moat? Do you think the company is insulated from new entrants? What
portfolio weaknesses make it more susceptible to competitors such as Rockstar or Bang?
Q: How are energy drinks competing vs more health conscious categories such as ready-to-drink coffee,
sugar-free and sparkling?
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6
Q: Why do you think a company such as Monster’s volume growth is up 10%, whereas Bang is unable to take
6
advantage of wider category gains? Are there supply issues?
Q: How promising might sugar-free products be in the energy drink category? Is it the same number of
calories? How are people consuming or perceiving the health aspect of energy drinks?
Q: How have trends in retail grocery or club such as the shift to multipack buying behaviour driven
increased volumes? How might volume or pricing change post-coronavirus if consumers return to
purchasing 1-2 units at a time? Do you think it’s better for an energy drinks company to have customers
buying multipacks through retail grocery or buying single units more frequently through convenience?
7
7
Q: Could you elaborate on the e-commerce channel and Amazon’s role in improving energy drink visibility? 7
Q: How do you think energy drink players or beverage companies are trying to mitigate freight cost issues?
Is it through re-innovating materials supply to reduce product weight? Are companies just eating the costs
and hoping they reduce soon? Could pricing increase successfully?
8
Q: How hard is it for new entrants to gain shelf space at a company such as Walmart? How welcoming are
Target, Walmart and Kroger to new entrants? Are they sticking with their traditional players with scale such
as Monster?
8
Q: How has Bang’s marketing strategy differed from a player such as Monster, given it’s a sugar-free drink?
Does it target different customer types? Does it use different marketing channels, such as influencers,
Facebook and Instagram?
Q: How might major energy drink players think about their own category assortments? Is it beneficial to be
in energy drinks and then also some traditional avenues as well? What complementary categories could a
company such as Bang expand into with energy drinks?
Q: To what extent can energy drinks maintain shelf space? Big grocery stores are targeting a health-centric
wellness grocery assortment, heavily pushing start-up health-conscious brands. Could this impact energy
drinks?
Q: Does it make sense for a player such as Monster to have so many brands in the energy drink category? It
must need a large marketing budget to push one brand onto athletes and influencers.
8
9
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Q: Why do you think a company such as Coca-Cola is having trouble with its energy drink and pulled out at
one point globally? Just because a company is big doesn’t mean it can always be successful. Could you speak
to some of that lack of success from bigger players?
9
Q: How might the complicated nature of some distribution agreements stifle competition? Coke wasn’t
successful, so it just invested in Monster. What distribution challenges might new entrants such as Bang
encounter when trying to work with convenience stores or expand?
Q: There’s a huge push towards private label in retail in almost every category. Why do you think retailers
have had such a hard time developing private label products for energy drinks and beverages?
Q: How consistently do energy drink companies pass on price increases through retail grocery or
convenience? In which channel do you think it’s easiest to pass on price increases?
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Q: Does Monster’s distribution agreement with Coke prevent the company from going D2C via an online
channel? Is freight too expensive for Monster to use local centres to ship out the product D2C? Is that not
really an avenue in this industry?
Q: What do you think is commonly overlooked in this industry that investors should monitor?
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US Energy Drinks Sector – Competitive Dynamics &
Channel Positioning
Transcription begins at 00:00:05 of the recorded material
NH: Welcome to Third Bridge Forum’s Interview entitled US Energy Drinks Sector – Competitive Dynamics
& Channel Positioning. I’m Nyree Hinton, and I will be facilitating today’s Interview with Mr Brady Blake,
National Account Executive at Red Bull North America Inc.
Brady, before we get started with today’s Interview, please state I agree or I disagree to the following
statement: You understand the definition of material non-public information and agree not to disclose any
such information, or any other information which is confidential, during this Interview.
BB: I agree.
NH: Could you provide an overview of your background?
BB: For the last three years, I’ve been at Red Bull as a National Account Executive on the Walmart account,
and then before that, I’ve had about 15 years in retail, including time at Walmart for about five years, so I
understand the retail environment, but over the last three years have been concentrated in the energy drink
category.
[00:01:19]
Q: How has the energy drink category changed over the years through new innovations or different channels?
BB: Specifically in energy, there have been the big two all along, which have been Red Bull and Monster.
They’ve been category leaders for years and years and continue to be so. Then, throughout the years, there
have been different entrants that have come and taken some share away and then ended up settling back
down, some of which are a Rockstar or a Celsius or a Bang. A lot of the newer entrants seem to be making an
entrance by focusing on sugar-free and focusing on fitness a lot of times. That’s been the dynamic over
probably the last 10 years, where there have been those major players and then there have been entrants that
have come in, made a blip and then settled back down to below 10% market share.
[00:03:04]
Q: What industry trends were you monitoring pre-coronavirus and how have they evolved throughout the
pandemic?
BB: For the industry, at that time, convenience, the convenience store sector was the largest sector, and at
that time, mass was doing pretty well, but convenience was where most of the sales were happening. Everyone
was trying to get into dot-com and trying to find a way to make that work, and sales were inching up little by
little. When COVID took place, people weren’t going out on those regular routes, so convenience dropped
significantly, and large format and e-commerce spiked tremendously, especially e-commerce. They probably
made seven years of gain in those first six months, and it looks like most of that, those gains continue to stay
with the companies who have a presence online. A lot of the trends ended up shifting from singles, which most
people bought at convenience stores, to multipacks, and multipacks have exploded as well, especially online,
Private and confidential 4
where multipacks thrive. Those are some of the things that we saw before, but when COVID happened, some
of the changes happened because of that. Convenience is coming back. It’s coming back pretty strong, and it’s
almost back to some of the levels before, but not quite. Club is also another category that shot up significantly
because of COVID, because they only sell multipacks there.
[00:05:47]
Q: How have category leaders such as Monster and Red Bull held onto such large market shares? Do they have
unique distribution agreements that allows them to penetrate locations where new entrants can’t obtain the
same scale? It reminds me of Coke and Pepsi.
BB: That’s a good comparison, because those two, Monster and Red Bull, are similar to Coke and Pepsi, where
they have established distribution, but I don’t think that’s it. There have been entrants who have been Pepsi or
Coke products using that distribution that have come in, that haven’t been able to gain a foothold like they
thought. Coke Energy a year ago, everyone was scared about that product that came out in the market, they
had the distribution, but it just didn’t gain a foothold at all. Distribution is one thing, but I think that one of
the things that these two brands have been able to do is they’ve been able to create a lifestyle around their
brand and have dumped a tremendous amount of money and marketing into facets of the brand that surround
it. They each have their athletes that they sponsor. They’re both heavily involved in gaming. They’re heavily
involved in action sports. They spend a tremendous amount of money trying to reach that target customer and
create a lifestyle, not only market the product, but market the lifestyle that surrounds the brands.
[00:08:08]
Q: It seems Monster and Red Bull have followed a similar strategy to Nike by sponsoring popular athletes and
sports. Are new entrants trying to do the same?
BB: You’re seeing a few that have come out just recently, like Mountain Dew Rise, that they’ve tied their brand
to LeBron James, and we saw a lot of advertising last year in the finals around Mountain Dew Rise, so they’ve
tried to do something similar, but it’s just been around one athlete right now. You see that a little bit with Zoa,
who have tied their brand to The Rock. I think they’re trying to do that, but with Monster and Red Bull, it’s
more than just one athlete, they went out and found niches out there, like motorsports and surfing and
skydiving, things that are fringe things, and were able to gobble up the best of the best in those sports, and
then started going a little bit mainstream. I think there are brands who have tried to do that, but they haven’t
quite figured out the formula yet.
[00:09:39]
Q: How did Monster and Red Bull carve out this niche in the market? Did the marketing strategy start with
traditional athletes and moved onto gaming, or did it start with a niche sport such as surfing and then worked
up to more popular sports?
BB: It’s interesting, because it seems like they both went after the fringe sports, rather than the football,
basketball, baseball. I know that Red Bull has come and adopted a few of the mainstream athletes, but the
majority of their athletes are all on these sports that used to be more fringe, that have gained a foothold in the
United States, and they’ve been able to have some significance around being an athlete under their umbrella. I
know that the athletes who are Red Bull and Monster athletes feel like it’s a privilege and they’re supported,
those athletes who use their platform, to promote the brand in a meaningful way. For those sports like that,
where an extra sponsorship and extra dollars go a long way, I think those athletes are more hungry to try to
help the promote the brand when that brand signs on with them. It’s interesting, because they went about it a
completely different way than most brands have done, but a lot of those fringe sports have now become
Private and confidential 5
popular mainstream. Take gaming. Red Bull and Monster were some of the first to hop into that space, and
now it’s gone mainstream and a lot of brands have gamers as part of their group, but I feel like they were able
to get out in front of a lot of these trends.
[00:12:22]
Q: What is Monster’s competitive moat? Do you think the company is insulated from new entrants? What
portfolio weaknesses make it more susceptible to competitors such as Rockstar or Bang?
BB: It’s interesting, because Monster, they almost came in to be the anti-Red Bull. They billed themselves as
almost a bad boy and tried to portray that image a little bit. They continue to be a strong player. They’ve lost
some share over the last year. Some of that is due to some of the entrants that have come in, but I don’t foresee
them losing major market share, because they continue to invest in their product and continue to have a
strong distribution network. They’ve lost some share this year, but I don’t expect it to be a long-term thing.
[00:14:08]
Q: How are energy drinks competing vs more health conscious categories such as ready-to-drink coffee, sugar-
free and sparkling?
BB: I’m going to go back and refer to some of my notes here. I have some category data that I’ve been able to
pull out, so a lot of this is public. It looks like over the last year, I’m looking at here, energy has been probably
the biggest growth category out of a lot of the drinks. Bottled water is one of those things that is actually killing
it pretty well as well, and then you see things like sports drinks, juice and coffee, that are also up, but not by
the same amount as energy and bottled water.
[00:16:30]
Q: Why do you think a company such as Monster’s volume growth is up 10%, whereas Bang is unable to take
advantage of wider category gains? Are there supply issues?
BB: There are supply issues with every drink company right now. This has been a crazy year, and I know that
if you go look at a Walmart right now, you’ll see emptier shelves in a lot of the drink categories. Everyone is
having a difficult time right now with supply. Bang is interesting though, because they came out pretty strong,
came out with a lot of flavours. They continue to add new flavours. They have a sugar-free product, and they
made a mark with that sugar-free product, and so they were able to come in, jump to almost a 10-15% share,
pulled some market share away from Red Bull and Monster, but then haven’t been able to sustain that and
you’ve started to see that share erode, over the last year especially. A part of that is I don’t think they have the
marketing dollars that some of the big boys have. They haven’t been able to establish the same kind of space in
the store as the Red Bull and a Monster. A lot of the growth seemed to happen, they were pretty aggressive
with their (audio distorts 18.34) and getting (audio distorts 18.37) side caps, some different things within the
store, but haven’t been able to really break through (audio distorts 18.48) store. They were definitely a darling
for a while, for the first probably year-and-a-half, but they’re starting to settle down into a share that looks like
it’s levelling off after rising (audio distorts 19.22).
Private and confidential 6
[00:19:29]
Q: How promising might sugar-free products be in the energy drink category? Is it the same number of
calories? How are people consuming or perceiving the health aspect of energy drinks?
BB: It’s interesting, because a lot of the new players that have come out have come out as sugar-free products.
I think a lot of people saw the rise that Bang got and the spike that they got from doing that, so you’re seeing a
lot of the new entrants come out with sugar-free. That’s an interesting one, because I think that there were a
lot of people, at first, who were attracted to that and thought that maybe this is a more healthy option because
it is sugar-free, but I don’t know if customers are just coming around. What we’re seeing is that the sugar
category is still the number one and is actually growing at a faster rate than sugar-free. It’ll be interesting to
see where that goes over the next year or so, especially as more and more drinks come in, offering that sugar-
free option.
NH: What do you think this does to cost around innovating these products, or maybe that sugar-free option?
The substitutes are probably not as inexpensive as sugar. How do you think firms think about that cost?
BB: Actually, that’s a good point, because those sugar-free options are, in most cases, going to be a less costly
product to be able to produce, especially with commodity restraints that you’re seeing right now. I didn’t think
about that point. That’s actually a good point. Probably, that’s another reason why people may be shifting
more towards that, is because there might be, and this is me supposing, I would assume that there would be
more margin in those kinds of drinks because they’re a little bit cheaper to produce.
[00:23:39]
Q: How have trends in retail grocery or club such as the shift to multipack buying behaviour driven increased
volumes? How might volume or pricing change post-coronavirus if consumers return to purchasing 1-2 units
at a time? Do you think it’s better for an energy drinks company to have customers buying multipacks through
retail grocery or buying single units more frequently through convenience?
BB: That’s a good question. The thing about convenience is that usually there are some higher margins there,
but it’s so competitive, so they’re always offering price discounts and deals, but it’s not as profitable as it once
was. Right now, the club channel, just because they sell 24-packs and they’re usually able to maintain a price
point there, there’s not a lot of discounting, a lot of folks are shifting some distribution and some dollars
towards those club channels because you don’t have to pay for shipping like you do online, there’s not as much
price fluctuation like there is online and you’re able to sell those 24-packs and usually maintain a fairly decent
price point and margin when you do that.
[00:26:58]
Q: Could you elaborate on the e-commerce channel and Amazon’s role in improving energy drink visibility?
BB: E-commerce, like I said, has exploded over the last year-and-a-half, led by Amazon, but Walmart.com
and Instacart and some others have had fairly good successful years as well, as they’ve done really well and
blown up their business as well. The issue with e-commerce is that the cost to ship some of these, especially if
you start getting into a 12-pack or 24-pack, it starts to become fairly substantial, and so I think they love the
volume they’re starting to get with this, but the margins are pretty thin once you include shipping.
Private and confidential 7
[00:28:20]
Q: How do you think energy drink players or beverage companies are trying to mitigate freight cost issues? Is
it through re-innovating materials supply to reduce product weight? Are companies just eating the costs and
hoping they reduce soon? Could pricing increase successfully?
BB: I know that a lot of not only manufacturers, but the e-commerce players, one of the things that they’re
trying to do to make it easier… I can tell you there are two things that Walmart is doing specifically. I can
speak to Walmart specifically. They are trying to get more e-commerce outlets across the country and having
Red Bull and others ship to those locations so that it’s not as far of a delivery charge. More distribution outlets
for their dot-com deliveries, the more they can do that, the less it’ll cost them. Then, for Walmart, they have
something called OTIF, which is on time in full, and there are fines that they charge back to suppliers if the
product isn’t delivered on time and in full, which right now, for everyone, is difficult because of production
and supply-demand problems that everyone is having. Those fees that they charge are another way that they’re
able to recoup some of the dollars.
[00:30:47]
Q: How hard is it for new entrants to gain shelf space at a company such as Walmart? How welcoming are
Target, Walmart and Kroger to new entrants? Are they sticking with their traditional players with scale such as
Monster?
BB: It’s interesting, because Walmart and Target and each of the big players, they’re always looking for an
edge over the other major retailer. If a supplier can come in and say, “You’ll be the only one that has this,”
where they can promise exclusivity for a while, sometimes that is something that they can work for to get space
on the shelf, but usually, there has to be some tie to another brand, like a Mountain Dew Rise or a Coke
Energy. It’s very hard to come in. That’s why what Bang did, that’s why that was just so remarkable. They were
scrappy, they got after it, were able to create some partnerships and then came to the market with something
that was new at the time, with unique flavours and sugar-free. For them to be able to get space in the store was
very unique, especially since they didn’t have any ties to any other major brand at the time. It’s pretty difficult
to get space in the store. A lot of times, there is something called store choice, where individual stores have
some space within the store that’s flex space, where they can try some new things. A lot of brands will try to get
into the stores in a certain market or a certain area and try to find a niche by using that store choice space, but
eventually it all comes back to the buyer, and the buyer has to make that decision. It’s got to be a good decision
for him where it’s profitable for him because he’s got to take space away from someone. There are a lot of
factors that go into that. It’s not impossible, but it’s a difficult thing to do, especially if you don’t have a
recognised name behind you, or a product that’s tied to something else that’s recognisable.
[00:34:30]
Q: How has Bang’s marketing strategy differed from a player such as Monster, given it’s a sugar-free drink?
Does it target different customer types? Does it use different marketing channels, such as influencers,
Facebook and Instagram?
BB: It’s interesting. They have a flamboyant CEO who likes to put himself out there, and they almost framed
the brand as a fun brand. They had these quirky, unique flavours that were fun, and they spent a lot of money
with social influencers and social media, and the company president was out in front and he did fun, unique,
crazy things, so they really played around. They went as young as they could within the energy sector and
played off the whole social media trends and tried to create a different-looking brand than what was out there
at the time. They didn’t take themselves too seriously and tried to create a space that was unique to
themselves.
Private and confidential 8
[00:36:23]
Q: How might major energy drink players think about their own category assortments? Is it beneficial to be in
energy drinks and then also some traditional avenues as well? What complementary categories could a
company such as Bang expand into with energy drinks?
BB: There are other complementary categories where they could jump into. I know Monster has some coffee-
type products that they have. They might be able to get into something like that, but sparkling water with
energy or I could see them doing some caffeinated gum or candies, or something like that, that’s a little bit
fringe but fun. I think they have a little bit of leeway and most people have given them that leeway to be a little
bit more creative than some of the others that are currently dominating the market. I think that they could
expand into some of these other categories where they come in as the fun brand again.
[00:38:30]
Q: To what extent can energy drinks maintain shelf space? Big grocery stores are targeting a health-centric
wellness grocery assortment, heavily pushing start-up health-conscious brands. Could this impact energy
drinks?
BB: I don’t think it’s a factor, to be honest with you, because when they look at the category as a whole and at
the beverage category as a whole and see what is driving their growth, regardless of whether they think they
have to go more healthy or not, in the end, it’s going to be the thing that’s making them money and that’s
driving their growth. Right now, energy drinks is one of those main categories that’s driving growth for the
beverage category, so I think that there are places within the store, probably some of the beverage categories
that might be losing ground right now like juices, I could see them taking space or trying something a little bit
more healthy, but right now, with the growth that you’re seeing in energy drinks, I don’t see them pulling back
or taking space away from them. In fact, if anything, I see them adding additional space.
NH: How is Monster performing on a global scale? The products seem expensive in the US. How does that
pricing dynamic play out overseas?
BB: Unfortunately, I don’t know, I’m not familiar with that overseas unfortunately.
[00:41:43]
Q: Does it make sense for a player such as Monster to have so many brands in the energy drink category? It
must need a large marketing budget to push one brand onto athletes and influencers.
BB: They do have a lot of brands, and part of that is they’ve tried to expand into some other categories to try
to gain space in different parts of the store, like Java, some of their Java products and their Zero Sugar and
other products. They probably have too many products right now, and I’m sure that they will go through some
SKU rationalisation and try to figure out what are those brands that mean the most, but that’s just them being
aggressive, trying to go after certain niche parts of the market to grow in meaningful ways. I think at some
point, they’re going to have to do some SKU rationalisation, like I said, but I don’t fault them for going into
some of those things, because in most cases they’re trying to follow where they think the trends are going.
[00:43:56]
Q: Why do you think a company such as Coca-Cola is having trouble with its energy drink and pulled out at
one point globally? Just because a company is big doesn’t mean it can always be successful. Could you speak to
Private and confidential 9
some of that lack of success from bigger players?
BB: It’s interesting, because Coke Zero, everyone knew they were coming out and everyone was worried about
awakening the sleeping dog, and so everyone, even the market was anticipating what would happen and a little
bit nervous that they would come in, and because of their name and their distribution and the dollars they can
spend towards this, they would be able to quickly take over meaningful share, but people just didn’t like it. The
taste was off. It’s interesting, because I feel like they could have done better, they could have gotten it right if
they would have maybe spent some more time with customers. Initially, it shot up because everyone wanted to
try it, every energy drink customer wanted to see what all the hype was and how it tasted, but once someone
tasted it, they quickly found there weren’t the return customers that they were hoping for. For them
specifically, I just think that they got the taste wrong. It’ll be interesting to see if they end up coming back with
something else or propping up a different brand to go after energy drinks. I’m sure that they see the growth
that the energy drink category is having as well, it’s very enticing for some of those big brands, and that’s why
you’re seeing Mountain Dew Rise, and Pepsi has done a couple of different brands, different forms of
Mountain Dew, to try to get into that market because Mountain Dew has a strong following. Game Fuel, that
didn’t seem to work. We’ll see how Mountain Dew Rise ends up doing. It’s done okay since it came into the
market, but it’s not setting the world on fire right now.
[00:46:58]
Q: How might the complicated nature of some distribution agreements stifle competition? Coke wasn’t
successful, so it just invested in Monster. What distribution challenges might new entrants such as Bang
encounter when trying to work with convenience stores or expand?
BB: When you don’t have a distribution channel, you realise how important they are. That’s one of those
hurdles that a lot of new entrants have, is being able to get into all the places that they want to get into, and
that’s very difficult because there are established brands that already have these established networks. That’s
why sometimes you’ll see brands try to create partnerships at a regional level, and try to get into a region first,
make a name for themselves and then expand broadly from there, but distribution is a huge part of it, and
when you don’t have a strong distribution partner, it makes life pretty difficult.
[00:48:49]
Q: There’s a huge push towards private label in retail in almost every category. Why do you think retailers
have had such a hard time developing private label products for energy drinks and beverages?
BB: Good question. Let me think about that one. Part of it is because of the strength of the brands that are
already in place, and you have people, energy drink customers, who are pretty set in their ways. They have
pretty defined loyalties. I think that might be one of the reasons that it’s difficult, is they’re pretty loyal to the
ones that they have right now. For the private label to break through, you’ve got to be able to spend the money
to get behind it, and in many cases, the retailers aren’t willing to put the marketing dollars behind something
there for it to gain a foothold.
[00:50:53]
Q: How consistently do energy drink companies pass on price increases through retail grocery or
convenience? In which channel do you think it’s easiest to pass on price increases?
BB: It’s very difficult to pass on price increases, very difficult to do that, especially with some of the big
players like a Walmart or an Amazon or a Kroger or something. I think most suppliers would love to be able to
do that, but the retailers just make it so difficult, and it happens very, very little. It’s almost non-existent. You
Private and confidential 10
don’t see a lot of that happening. If they’re going to try to do something like that, they’ll try to be (audio
distorts 52.24) different way, in (audio distorts 52.28) pack size or different drink size to try to find a way to
get more margin in another way, but passing on direct pricing costs, usually it just doesn’t happen.
[00:52:51]
Q: Does Monster’s distribution agreement with Coke prevent the company from going D2C via an online
channel? Is freight too expensive for Monster to use local centres to ship out the product D2C? Is that not
really an avenue in this industry?
BB: No one has really done that, where they’ve gone direct to the customer. It’ll be interesting to see if anyone
ends up trying that, but everyone right now, if they’re selling online, they’re selling through someone. Every
brand out there in America has that as something that they want to try at some point, but the retailers make it
very difficult to do so, and unless you have an established distribution network in play, then it makes it more
difficult as well. No one has done that to date, but it’s in everyone’s mind to try it at some point, if they could
make it work.
[00:54:39]
Q: What do you think is commonly overlooked in this industry that investors should monitor?
BB: Energy drinks, they’re not really allowed to market to the younger generation, but they have been able to
tap into some of those sports and gaming and other things that the younger generation lives for, and they’ve
been able to create really passionate, loyal fans around brands. For younger kids, it’s almost aspirational to try
your first energy drink and to have a brand that you’re passionate about, and because of some of the marketing
they’ve done to the older college-age kids and how they’ve taken to it, they’ve just been able to create some real
passion and loyalty for those younger customers that you don’t see in a lot of other products.
[00:56:38]
NH: I think we’re just about out of time, so I think that’s a good place to end the Interview, but let me close by
saying thank you, Brady, for your time today, really appreciate it, and thank you, clients, for joining Third
Bridge Forum’s Interview. If any clients would like to arrange a private meeting or consultation, please contact
your relationship managers. Have a good one.
BB: Yes, thanks so much. Appreciate it.
Transcription ends at 00:56:53 of the recorded material
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