It’s been 200 years since Freedom’s Journal, the first Black-owned and operated newspaper in the US, went to print. Since then, brands and advertisers have been increasingly acknowledging the role of Black-owned media to not just reach, but advocate for Black communities as well. On top of that, Black consumers’ collective consumption is projected to go up to $1.7 trillion in 2030. Here are the top reasons why brands should consider tapping Black-owned media companies:
Due to the impact of the Black Lives Matter movement, the marketing industry has made a commitment to increase investments in Black-owned media. With record amounts of dollars set to be spent by the marketing industry this year, investors have been looking forward to positive returns in terms of financial and social aspects.
Detavio Samuels, CEO of Revolt TV, the fastest-growing multi-platform network for Black creators globally, gives us a glimpse of the great impact these companies have.
According to Detavio, Black-owned media companies like Revolt TV built fluid ecosystems that allow brands to seamlessly advertise across platforms. This allows them to directly engage their target audience.
Revolt, for instance, reaches over 60 million homes, with digital channels generating more than 30 million monthly views.
Big brands like McDonald’s, Comcast, and Frito Lay see the value not just in the numbers, but also in connecting to Black consumers in an authentic, impactful and scalable way.
“Black culture has influenced every aspect of global culture for decades, but Black people have never been in a position to own our stories and control our narrative,” Detavio said.
Thankfully, Black-owned media now drives culture and empowers Black people. From shareworthy trends to cool music, Black culture and content creators heavily influence culture in general.
As racial discrimination awareness rises on social media, so is the power of Black media to get the recognition it deserves.
Offering a Diverse Perspective
Elevating a brand means molding the perception of a group of people, through the eyes of its people. Black-owned media companies allow brands to do this.
Gabrielle Amani Williams from MeFeater explains this, “Brands get perspectives from unique and creative women across multiple generations who have specific skill sets to create something tailored to the client. We don’t take just make advertisements, we rework them for ourselves.”
By offering a diverse perspective, Black-owned media companies allow brands to speak the language of Black people. They also allow them to create campaigns based on authentic stories of Black people, which profoundly impact consumers.
Catering to a Diverse Audience
As a result of offering diverse perspectives, Black-owned media companies have the power to cater to a diverse audience and introduce products or services to them.
Jason Lee of Hollywood Unlocked, who created a segment called Black Business Matters, shows how this works.
“We’ve had many partners share their brand story with our audience. Many have come back and reported that their sales have significantly increased as a result of the relationship,” he said.
The Black Dollar’s Buying Power
According to a CNBC report, Black spending power reached a new record of $1.6 trillion in 2021. The ability of Black people to buy, invest, and save has doubled since 2000.
The Black dollar’s buying power is also projected to increase steadily, just like the influence of Black media. Nielsen reports that Black buying power is projected to reach $1.8 trillion by 2024.
The Bottom Line
Black media and Black consumers can no longer be ignored by brands because of the broader reach and increasing rate of social justice advocacy online.
Given this, brands can elevate themselves and tap into the Black dollar’s buying power by working with impactful Black-owned media companies that drive culture, offer diverse perspectives, and cater to a diverse audience.