Sports drink company BioSteel filing for creditor protection in U.S. and Canada - CBC

[joelef]

BIOSTEEL FILES FOR BANKRUPTCY PROTECTION, WILL LAY OFF 181 EMPLOYEES
Sportico article sites unable to compete with Gatordae, Body Armor and Powerade.

"The sports drink was an official partner of the NHL and a handful of teams in the NHL and NBA, but faced an uphill battle against Gatorade, BodyArmor and Powerade."

I do wonder if the NHL deal was what broke them on top of the leaguewide deal they sponsored 5 or 6 teams IIRC.

BodyArmor is likely a better move they have been the in drink along with Celcius in gyms. I've never had Celcius but that stuff is everywhere. In 2014 Kobi Byant invested $6m in seed money with a 10% stake and got some fellow athletes to chip in with the investment thru the years like like Buster Posey and James Harden, Naomi Osaka, Mookie Betts and Christian McCaffrey including a Coca Cola Minority share in 2018. In 2020 Coca Cola Co. Bought the company for $8b in 2021.

NHL would be wise to call them up to see if they're interested. They a much "in" brand at the moment along with energy drink Celcius.

Probably not since it’s not so much of a Mickey Mouse brand which the nhl loves

 

[powerstuck]

So both power aid and gatoraid don’t want the nhl and its drink sponsor is basically a c level scam. Busch league stuff . This what happens when you “ play the name of the front” crap over marketing stars get you.

I wouldn’t say they don’t want NHL, they just don’t want to pay what NHL expects them to pay.

A company like Gatorade who have been everywhere (not just in hockey) isn’t going to write you a blank check so you can say “Official drink of the NHL”. Sure they will pay to stay but as we’ve seen with this case, BioSteel replacing Gatorade as official sponsor of the NHL didn’t even do a chip in Gatorade sales.

 

[sansabri]

that's a lot of money on advertising in NA alone

 

[CharasLazyWrister]

I actually “acquired” the taste somewhat after having it a few times out of the cooler in the supermarket. Was being sold at like a $1.69 price point. Surprisingly cheap considering it’s a relatively expensive store.

Still, I always felt like I was the only one buying it and pretty sure the store stopped buying it (or BioSteel just stopped shipments) because I haven’t seen it in a month or two at this point.

I’m not saying it had a chance to overtake the big guys or anything, but the name of the product really kills any chance at momentum in my opinion. “Bio Steel” just sounds outright gimmicky and stupid. And not even obviously the name of a sports drink. Sounds more like a plant pesticide.

 

[DoyleG]

No, they tried to expand too fast and it burned them. They sponsored the NBA, USMNT and Patrick Mahomes but I guess they’re “little” too

Those deals mainly existed before Canopy Growth bought BioSteel.

Canopy's problems weren't anything new and were reported on even before the purchase. They completely misunderstood the demand for legal pot. They bought BioSteel to diversify but they overspent again. All the while having to shed assets to lighten its debt load

 

[AintLifeGrand]

damn Im drinking a Biosteel right now but the marketing sucks

Given NHLs deal with Pepsico, i see it going back to Gatorade

 

[Nogatco Rd]

This is terrible news Does anyone know how much longer they will keep making it? As a diabetic I must mind what I eat and drink. I find it makes a great mixer instead of pop (soda).

The wife inherited my FIL's collection of single malts and whiskey stones . I like to add grape Bio Steel and a splash of OJ to make an authentic Old Fashioned with half the calories.

 

[BigBadBruins7708]

You mean the 2nd rate company that some of us said made the NHL look bad as a partner is as bad as expected? shocker.

No, they tried to expand too fast and it burned them. They sponsored the NBA, USMNT and Patrick Mahomes but I guess they’re “little” too

Yes. Sponsored is a hell of a lot different than "official drink". Last time I checked the NBA and USMNT are all rocking Gatorade jugs on the sidelines

 

[joelef]

You mean the 2nd rate company that some of us said made the NHL look bad as a partner is as bad as expected? shocker.



Yes. Sponsored is a hell of a lot different than "official drink". Last time I checked the NBA and USMNT are all rocking Gatorade jugs on the sidelines

Don’t forgets there fanatics deal to.

 

[BigBadBruins7708]

Don’t forgets there fanatics deal to.

yeah but at least the NHL isnt alone in hitching up to that crap wagon

 

[Voight]

the market was too crowded to begin with to not have the backing of one of the big players (Pepsi or Coke). Saw this coming a mile away. They spent a ton of money trying to become the sports drink of the NHL and USMNT, among others, but when the price point is twice as much as the rest of the market and there's nothing that stands out about it from a flavor or quality standpoint then it's doomed.

This + Powerwade/Gatoraid have become more than just drinks you have while playing sports. Like people drink them day to day even if they're sitting around, vs Biosteel which always came across as more of an actual performance drink. Not really something you'd have if you're just hanging around the house.

Also, Gatoraid helps with hangovers

Quite the fall for them ho. At one point they were on a rocket fuelled trajectory.

 

[DaveG]

This + Powerwade/Gatoraid have become more than just drinks you have while playing sports. Like people drink them day to day even if they're sitting around, vs Biosteel which always came across as more of an actual performance drink. Not really something you'd have if you're just hanging around the house.

Also, Gatoraid helps with hangovers

Quite the fall for them ho. At one point they were on a rocket fuelled trajectory.

Won't lie, when I was an RA I kept a case in my dorm room for people to be able to grab because there's nothing more annoying than a hung over freshman after the first time they've been drunk.

 

[Yukon Joe]

I’m not saying it had a chance to overtake the big guys or anything, but the name of the product really kills any chance at momentum in my opinion. “Bio Steel” just sounds outright gimmicky and stupid. And not even obviously the name of a sports drink. Sounds more like a plant pesticide.

Is it really any more gimmicky than Gatorade? Developed at the U of Florida, so it's literally Gator (as in the UF's team name aka an alligator) - "Aid".

You're just more used to it.

 

[Garbageyuk]

It comes down to one very simple thing: their drinks taste like shit.

 

[Yukon Joe]

It comes down to one very simple thing: their drinks taste like shit.

I mean that was kind of their niche. I mean, not "it tastes like shit" - several people seem to like the taste - but rather that this is a serious drink for athletes, and not salty sugar water.

It just may be however that the market size for "a serious drink for athletes" is not that large.

 

[Garbageyuk]

I mean that was kind of their niche. I mean, not "it tastes like shit" - several people seem to like the taste - but rather that this is a serious drink for athletes, and not salty sugar water.

It just may be however that the market size for "a serious drink for athletes" is not that large.

Well then, that’s a grave mistake because that’s exactly what our bodies need during intense exercise. Therefore, taste is how you can set yourself apart from, or at least hang with the pack of competitors when it comes to a sports drink. If they were going to go with the whole “serious athlete nutrition” thing, they’d have been better off selling vitamin packs or pre workout type supplements. People are much more forgiving when it comes to taste with those things.

 

[Malaka]

damn Im drinking a Biosteel right now but the marketing sucks

Given NHLs deal with Pepsico, i see it going back to Gatorade

Prime

 

[Malaka]

the market was too crowded to begin with to not have the backing of one of the big players (Pepsi or Coke). Saw this coming a mile away. They spent a ton of money trying to become the sports drink of the NHL and USMNT, among others, but when the price point is twice as much as the rest of the market and there's nothing that stands out about it from a flavor or quality standpoint then it's doomed.

I don’t think the market is too crowded. The options you speak of happen to be not optimal for you during a workout due to the types of sugars that are there. I’m pretty sure that was biosteels value prop, saying no artificial or high fructose corn syrup. That probably has something to do with the lack of backing from those big players. Still, they and even “prime” which lacks evidence of performance boosting due to it being coconut water(causing your body to need to expel water and actually dehydrate you iirc), could make a better performance drink. As others have said though, at some point you might end up getting more benefit from a preworkout/bcaa mix.

 

[BigBadBruins7708]

I mean that was kind of their niche. I mean, not "it tastes like shit" - several people seem to like the taste - but rather that this is a serious drink for athletes, and not salty sugar water.

It just may be however that the market size for "a serious drink for athletes" is not that large.

Salt and sugar are exactly what an athlete needs while active. Salt is lost through sweat and muscles need a load of sugar and potassium to keep going

 

[DaveG]

I don’t think the market is too crowded. The options you speak of happen to be not optimal for you during a workout due to the types of sugars that are there. I’m pretty sure that was biosteels value prop, saying no artificial or high fructose corn syrup. That probably has something to do with the lack of backing from those big players. Still, they and even “prime” which lacks evidence of performance boosting due to it being coconut water(causing your body to need to expel water and actually dehydrate you iirc), could make a better performance drink. As others have said though, at some point you might end up getting more benefit from a preworkout/bcaa mix.

right, but the level of marketing spending they were doing was more along the lines of the HFCS water like Powerade and Gatorade. Now would trying to market as a more niche/serious product while still getting involved with the NHL, USNMT, etc have been successful? No way to tell.

 

[Stumbledore]

So both power aid and gatoraid don’t want the nhl and its drink sponsor is basically a c level scam. Busch league stuff . This what happens when you “ play the name of the front” crap over marketing stars get you.

Busch league? Or Busch Light league?

 

[Smirnov2Chistov]

This is one of the times where I wish the NHL went with the easy choice instead of (and I’ll try to word this properly -) a newer ‘progressive’ company

I sometimes feel like the NHL, especially when it comes to sponsorships and marketing, always has to shoot themselves several times in the foot.

Why not a Gatorade sponsorship? Powerade? They have the backing of a billion dollar company without the (knowing) risk of a situation like this

 

[fahad203]

Gatorade is a simple drink and cost so less. Biosteel was just too much ingredients for little value.

 

[Breakers]

Canopy didn't buy the company to compete with those Behemoths

Their initial press release said they bought it to infuse CBD and THC into their drinks
CBD-infused products remain illegal at the federal level in the US

all that interest and investment has now switched to psilocybin and the mushroom industry

 

[Hamilton Bulldogs]

Time to go with prime. Imagine a big bottle like that waddling around the arenas? the people would LOVE IT