(Bloomberg) -- Coca-Cola Co. said it won’t run television commercials during this year’s Super Bowl, pulling out of one of the biggest advertising events of the year.
“This difficult choice was made to ensure we are investing in the right resources during these unprecedented times,” the company said Friday in an emailed statement.
The beverage behemoth joins fellow soda maker PepsiCo. Inc., which is reportedly planning to cut traditional ads to focus instead on its sponsorship of the game’s halftime show. Pepsi didn’t immediately respond to a request for comment.
The Super Bowl is traditionally the biggest TV ad showcase of the year, with 30-second spots commanding millions of dollars apiece. But the National Football League has struggled with declining ratings for its broadcasts throughout the season despite efforts to appeal to new audiences.
Variety earlier reported Coke’s decision.