IPG Mediabrands Shares Media Equity Commitment to Encourage Investment in Black-Owned Media
May 07 2021 - 1:00PM
Business Wire
Following the successful launch of this year’s
first-ever Equity Upfront™, Mediabrands will work with brands to
invest a minimum of 5% in Black-owned media by 2023
IPG Mediabrands today announced that it will work to invest a
minimum of 5% in Black-owned media channels in aggregate across all
clients by 2023. Mediabrands recently held its inaugural Equity
Upfront™, which served to underscore the scope and importance of
Black-owned media outlets in reaching highly valuable and
influential Black audiences.
Nationally, Black-focused media spend in 2020 remained below 2%
of total spend, according to Nielsen Ad Intel, despite Black
consumers being 13%+ of the population. In 2021, MAGNA estimates
the available impressions for Black-owned media equates to 3% of
total impressions available across all media types.
“The time is past due to embrace the opportunities to connect
with influential audiences through Black-owned media,” said Daryl
Lee, Global CEO at Mediabrands. “Innovation and growth are
flourishing across Black-owned media outlets, providing brands with
deeply authentic ways to reach diverse audiences in a supportive,
meaningful manner. We are excited to be adding our voice to a
growing industry conversation in support of greater diversity and
equity in media spend.”
The Black population in the United States is 48 million, with an
average age of 32 and represents $1.4 trillion in buying power,
according to the Selig Center for Economic Growth and MAGNA
estimates. This young and affluent audience shapes the culture, is
entrepreneurial and drives growth.
Black-owned media channels are an important avenue to reach this
vital segment of the U.S. population. Some of the outlets
presenting at Equity Upfront™ included Blavity, Ebony, Essence,
ReachTV, Revolt, The Source, Urban One and more, each uniquely
positioned to help brands engage with Black consumers as part of
their growing and powerful audience.
“Our MAGNA analysis unearthed a rapidly growing universe of
available impressions reaching highly sought-after Black audiences.
We have been working with our clients to match client business
goals with the authentic reach and engagement of these properties,”
said Dani Benowitz, President, US, of MAGNA, Mediabrands’ leading
global media investment and intelligence company. “We are confident
that embracing a new framework for equity investment in media will
deliver tangible returns for our clients and provide opportunities
to redefine a media ecosystem where all audiences feel welcomed and
included.”
A 2019 MAGNA and IPG Lab report revealed how engaged Black
audiences are, with two-thirds wanting companies to speak up about
the social issues they are passionate about. Media is a key
connector for brands that want to drive change.
MAGNA launched the Equity Upfront™ as part of a long-term equity
and equality strategic investment initiative designed to foster
deeper exposure for and partnerships with Black-owned media
partners. In addition to hosting monthly equity sessions that
present the unique content and marketing capabilities of
Black-owned media across available media channels, MAGNA and
Mediabrands will host inside track sessions that create
opportunities to learn, iterate and grow together. In 2021, MAGNA
will also host equity sessions for Asian American and Pacific
Islander, Hispanic, and LGBTQI identifying media companies.
“Mediabrands and MAGNA are taking the steps to redress a
long-term systemic gap in how all underrepresented groups are
considered in media planning and investment processes. The work
that MAGNA is doing to identify gaps in equitable investment,
properly identify and size the equity landscape and shape
breakthrough partnerships with overlooked media, will be the most
consequential work we do in our careers and we are excited to share
it with the industry today,” said Lee.
ABOUT IPG MEDIABRANDS:
IPG Mediabrands is the media and marketing solutions division of
Interpublic Group (NYSE: IPG). Mediabrands manages approximately
$40 billion in marketing investment globally on behalf of its
clients and provides strategic services and solutions across its
award-winning, full-service agency networks UM and Initiative and
through its innovative marketing specialist companies Reprise,
MAGNA, Orion, Rapport, Healix, Mediabrands Content Studio and the
IPG Media Lab. Mediabrands clients include many of the world’s most
recognizable and iconic brands from a broad portfolio of industry
sectors. The company employs more than 13,000 marketing experts in
more than 130 countries representing the full diversity of
humanity. For more information, please visit our website:
www.ipgmediabrands.com and be sure to follow us on LinkedIn,
Twitter or Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20210507005493/en/
Rahel Rasu Chief Communications Officer, Mediabrands
rahel.rasu@mbww.com
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