Media Buying Briefing: Black-owned media companies step to the forefront of the upfront

By Michael Bürgi

Upfront season is upon us, and it’s already looking quite different from not only last year’s anomalous near non-front, but also decades of traditional buying and selling before that. The most significant difference this year appears to be a focus on minority media, in light of last week’s announcement by IPG’s Mediabrands it would host its first “Equity” upfront starting March 15.

Coordinated through Mediabrands’ MAGNA unit, led by U.S. president Dani Benowitz, the Equity upfront is bringing together a raft of its biggest clients with about 20 Black-owned and Black-targeted media players across all media (not just TV/video), including BET, Urban One, Allen Media Group/Entertainment Studios and Essence Communications. Participating Mediabrands clients include BMW, American Express, Johnson & Johnson and CVS Health/Aetna.

Benowitz is working closely with new hire Joy Profet, executive vp and head of growth and operations, who comes with longtime experience on the sales side of Essence Communications, both when it was a Time Inc. property but also when it was spun off.

“I specifically understand the challenges and thresholds that might have unintentionally precluded some of the black-owned and black-targeted media from participating in the traditional processes,” said Profet, who noted that the Equity upfront will be ongoing on a monthly basis, not just a one-off event. “I wouldn’t have taken the role if I didn’t feel there was a true desire to take us from intention into measurable, meaningful action and transformation in this space.”

Benowitz added that IPG’s intentions go beyond just doing good; it’s a matter of reaching out to a cohort that has had a profound effect across society in numerous ways. “This audience are influencers — they’re at the forefront of fashion, music, culture and social justice,” she said. “Those are things we see more and more that consumers are responding to. And our current spend is just not reflecting where we should be.”

Benowitz and Profet both cited deep research from MAGNA that shows Black consumer spending potential is estimated at about $1.4 trillion. Additionally, it’s a younger audience, with an average age of 32 and that Blacks Americans are at least two times more likely to start a business. “This audience also feels that advertising needs to do a better job of representing them,” added Profet. “They’ll consume content they believe does a better and more authentic job of representing them.”

The ultimate hope, explained Benowitz, is that the Equity upfront will become something akin to the Newfronts, growing into a marketplace in which all agencies participate — but for this year it’s just IPG. Future Equity upfronts will address other specific segments, including Asian Americans and the LGBTQ+ community.

On a smaller scale and largely overlooked when it was announced last month, Dentsu partnered with minority-owned broadcaster Urban One with support from GM, P&G and Kroger to launch an audio program called More Than That with Gia Peppers, featuring Black guests tdiscussing topics that impact Black audiences. Part podcast and part radio show, Peppers’ program will “dive …read more

Source:: Digiday