African-American media companies unite to illuminate black buying power with #INTHEBLACK campaign
In a historic show of unity, leading African-American media entities are uniting to bring awareness of black buying power to large advertisers and general audiences through the #INTHEBLACK campaign, which launches today. “We’re bringing together leading media and advertising enterprises that serve African-American communities to showcase ways black consumers are growing in market influence, and to provide companies with greater opportunities to meet the needs of this valuable community and grow their businesses,” Derek J. Murphy, General Manager, Multicultural, of AOL Huffington Post Media Group, told theGrio about this groundbreaking endeavor.
The #INTHEBLACK campaign will highlight the fact that African-American spending reached a massive $957 billion dollars in 2010, and that blacks’ buying power is projected to reach $1.2 trillion by 2015. Noted trendsetters through their consumption, African-Americans comprise only 12 percent of the U.S. population, yet consistently outspend all ethnic groups in several key categories including electronics and entertainment.
Despite this, leaders in black media and advertising perceive that the robust nature of the black market has been overlooked, as has the necessity of targeting it through black media. #INTHEBLACK, which is backed by a massive group of firms ranging from Essence Communications to Black Enterprise, seeks to combat this misperception.
“The consortium will use its collective resources and strength to speak to the advertising community and consumer audience to raise awareness and create a sense of urgency around the economic opportunity the black consumer segment presents,” BET Networks, another notable partner, announced in a press release. “African-American media has the unique ability to reach the African-American consumer base directly and is an important resource in identifying and establishing trends within the black community. #INTHEBLACK aims to amplify the value of engaging African-Americans through black targeted media and agencies.”
http://thegrio.com/2012/06/25/african-american-media-entities-unite-to-bring-awareness-of-black-buying-power-to-the-mainstream/
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