By: Jerard Fagerberg with Heady Times Editorial Staff
Corona Extra, Modelo Especial, Pacifico. The success of these three brands Constellation imports from Mexico has resulted in 57 consecutive quarters of growth for the company. That alone is an impressive statistic. Even more remarkable, though, is the dollar valuation placed on the brand that started it all… Corona Extra.
How much could one successful brand possibly be worth? Quite a lot. Corona Extra has a global brand valuation of $19,000,000,000. In case you were wondering, a billion does have nine zeros.
In a category strangely resistant to growth, Constellation’s portfolio of imported Mexican beers is a singular sensation. Oddly enough, the foundation for the company’s success is built on sand. Actually, it’s the gleaming white sand of the most perfect, tropical beach you could ever imagine. This beach exists in the mind of anyone who has ever dreamed of living the finest life, or as they say in Spanish, La Vida Más Fina. Fittingly, this sentiment appears on Corona Extra’s label, and it is the title of Extra’s latest ad campaign featuring Pedro Pascal.
But it was a long walk from the brand’s perfect beach to Mr. Pascal’s bar stool in that neighboring watering hole. That stroll began in the 1990s when a postcard- perfect, ocean-front vision of paradise appeared on television screens for no more than 15 or 30 seconds at a time. Arresting in its simplicity, there was no voiceover or music, just the hypnotic sound of waves lapping the shore. The commercial is a masterclass in advertising restraint. There wasn’t anything in the ad preventing viewers from placing themselves on their very own, perfect beach. By staying true to that imagery long past a point when less disciplined companies would be afraid NOT to change in some radical fashion, Constellation kept Corona Extra’s toes buried in the sand, in a place where their customers have been momentarily transported for so many years.
Every successful brand tells a story. The best-loved stories are memorable because they are so emotionally engaging for long periods of time. Then, at some point, the brand and what it represents merge, becoming one thing. For Corona Extra, that very special one thing is a beach state of mind.
Constellation’s goal is to build brand families that people love. And they have been able to do that by understanding and staying true to what each brand in their portfolio represents. That’s how Corona Extra became the most valuable brand in the world… the number one global beer brand with a monetary valuation of $19,000,000,000.
More Reasons to Love Corona Extra
Corona Extra is remarkable in many ways. In 2023, the brand sold 125MM cases and it continues to grow share of total beer in both dollars and volume. It’s the number one best-selling packaged beer on-premise, and for three years Extra has been the second fastest-growing brand in its category.
Going beyond what statistics can convey, Corona Extra is the number one most loved brand among Hispanic and general market consumers, including elusive, yet desirable, Gen Z consumers so the composition of Extra’s fan base mirrors the makeup of the U.S. population more closely than the biggest players in the category.
From Perfect Beach to La Vida Más Fina and the Appearance of Emmy‑winning Actor Pedro Pascal
Staying true to a brand’s essence doesn’t mean letting it stagnate. After all, a brand has to be relevant to new generations of consumers, so change is essential. But Corona didn’t change so much as it evolved over time, paving the way for Emmy-award winning and Hollywood icon Pedro Pascal to belly up to a neighborhood bar.
“The equity that we’ve been building from the beginning has been around this idea of relaxation and the beach as the symbol of relaxation,” says Greg Gallagher, Senior Vice President for Constellation’s beer division. “Hispanic culture just really has cracked the code on how to live and how to be in the moment. So, when we were fortunate enough to land Pascal at this time in the brand’s life, we knew it was a magical opportunity to build out the next chapter of La Vida Más Fina. Pedro is such a great partner for us in that he naturally personifies the essence of Corona Extra.”
Pascal is the most recent celebrity to appear in the Más Fina campaign and for Constellation’s money, he is probably the best. “Pedro has that effortless cool,” Gallagher says. “And that’s how we like to think about the brand. Corona has exuded that same effortless cool over the years and Pedro just seemed to reflect that. Even with his suave good looks, he’s not quite a household name yet. So Pascal still has a sort of approachable, genial charm that instantly makes “The Finest Life” the attainable paradise that Extra has always been.” Gallagher went on to say that Pascal was a “natural choice” to represent the brand.
Pascal’s Star Power on the Ascendency
Pedro Pascal has starred in Narcos, The Mandalorian, and The Last of Us, making him eminently hip. But to his credit, he has maintained an aura of humility while burnishing his professional cachet in equal measures. His understated good looks give Pascal the appearance of a guy you’d be glad to run into at the neighborhood pub even though Time magazine named him one of the 100 Most Influential People in the world last year. His Hollywood pedigree and award-winning talent place him just a bit beyond the average viewer’s grasp, adding to his dreamy allure.
“My ideal life right now,” Pascal confided to GQ magazine when the campaign first aired, “is really that opportunity to be in the moment – and then the moment teaching you everything that you need to know. I’m a beach boy. What can I say? I love the water, it calms me down, and it holds all of my fondest memories. So, it is such a perfect way to remember to let go.”
But more than anything, Pascal’s entry into the La Vida Más Fina campaign comes at a time when Extra is connecting more deeply and purposefully to its Hispanic heritage. Extra’s audience is about 27% Hispanic, a number that closely represents the demographic composition of the United States. In the past, Gallagher says, Corona bifurcated their campaigns into English and Spanish-language versions, showcasing different celebrities like Diego Luna and Bad Bunny to emphasize the beer’s Mexican heritage. But Pascal, as a Chilean American, is able to speak to both Hispanic and general market audiences simultaneously.
Gallagher explains, “With Snoop and then Andy Sandberg, the commercials worked well, but they did detract from our Hispanic roots. We had a whole different creative. It wasn’t on the beach; it was more of a Hispanic heritage campaign, so the brand was seen in a different light. We wanted to get back to one campaign. Pedro allowed us to do that.”
Pedro Pascal’s La Vida Más Fina spots were shot in both languages, following this amiable leading man and beer drinking hero as he encounters strangers on the beach, charming them in two languages. The ads feel holistic and authentically Hispanic, while also being true to decades of transformative beach imagery lovingly crafted with discipline, devotion, and care.
Gallagher sees these TV spots as ways to remind customers just what they are buying, whether it’s over the bar or for enjoyment at home. Corona Extra is a passport to a state of mind, a vacation worth about $19,000,000,000, or maybe even more. Let’s say that it’s priceless.
“Corona has exuded that effortless cool over the years, and Pedro just seemed to reflect that.” – GREG GALLAGHER, Senior Vice President of Constellation Brands’ beer division marketing
New Corona Sunbrew
Pop culture relevance is in Constellation’s DNA. Corona Sunbrew – currently being tested in 7 markets including Philadelphia, New Jersey, Delaware, and Metro New York City – was inspired by the flavor-seeking Gen Z consumers that have flocked to social media platforms like TikTok, experimenting with flavors and creating cocktails like the Corona Sunrise. Constellation continues to explore ways to show up for these new consumers that are representative of our dynamic culture.
The rollout for Sunbrew was amplified via a social-first campaign spearheaded by influential content creators, heavily targeting Gen Z consumers. The media plan was created to “meet them where they are,” using tastemakers and influencers to curate content, pushing social content like YouTube shorts, featuring out of home in select markets and neighborhoods, and the first ever 3D out of home in NY.