Coming to a boil: Black-owned media companies
Steve’s breakdown: If you are asking how this news is a new business lead, then it’s probably not. On the other hand, we believe there are dozens of possible ways to turn this into an agency opportunity. Let me know what you think . . .
Here’s the headline that came out yesterday: If You Love Us, Pay Us: A letter from Sean Combs to Corporate America. It then continues: No longer can Corporate America manipulate our culture into believing incremental progress is acceptable action.
EVERYWHERE, USA: “If you are neutral in situations of injustice, you have chosen the side of the oppressor.” – Desmond Tutu
“The same feet these companies use to stand with us in solidarity are the same feet they use to stand on our necks.
When confronted by the leaders of several Black-owned media companies, General Motors (GM) listed my network, REVOLT, as an example of the Black-owned media it supports. While REVOLT does receive advertising revenue from GM, our relationship is not an example of success. Instead, REVOLT, just like other Black-owned media companies, fights for crumbs while GM makes billions of dollars every year from the Black community. Exposing GM’s historic refusal to fairly invest in Black-owned media is not an assassination of character, it’s exposing the way GM and many other advertisers have always treated us. No longer can Corporate America manipulate our community into believing that incremental progress is acceptable action.
Corporations like General Motors have exploited our culture, undermined our power, and excluded Black entrepreneurs from participating in the value created by Black consumers. In 2019, brands spent $239 billion on advertising. Less than 1% of that was invested in Black-owned media companies. Out of the roughly $3 billion General Motors spent on advertising, we estimate only $10 million was invested in Black-owned media. Only $10 million out of $3 billion! Like the rest of Corporate America, General Motors is telling us to sit down, shut up and be happy with what we get.
It’s disrespectful that Black-owned media companies only represent 1% of the total advertising market. It’s disrespectful that distributors refuse to carry Black-owned media brands in an era where our impact and influence is undeniable. It’s disrespectful that the same community that represents 14% of the population and spends over $1.4 trillion annually is still the most economically undervalued and underserved at every level. To repeat, $1.4 TRILLION ANNUALLY! The Almighty Black Dollar!
If you love us, pay us! Not a token investment. Not a charity check or donation.
The time is now! Radical change is the only option. You’re either with us or you are on the other side.” – Sean Combs