Media companies like to warn marketers about the perils of cutting their ad spending, and they may have a cautionary tale in Pepsi, which slid into third place in the soft-drink market behind Coca-Cola and Dr Pepper.
According to figures from MediaRadar, which tracks ad spending, Pepsi — long famous for commercials using themes like The Pepsi Challenge and featuring stars like Michael Jackson — made the biggest ad budget cuts among the top 3 brands, reducing spending in the first four months of 2024 by 46% to $23 million.
