The FQ at Cannes 2021: Building Black-Owned Media's Own Ad Table

Executives from dentsu and MAGNAamp160connected with Geraldine Moriba Senior Vice President of News and Entertainment at The Grio a growing part of Allen39s media empire on this virtual panel sessionamp160held Wednesday afternoon AdvancingDiversityorg Chief Strategy Officer and Executive Director Philip McKenzie a panelist on an FQ session the day before titled Leadership in the PostPandemic Worldamp160moderated this encounterAgencies like MAGNA a buying unit of IPG MediaBrands are realizing that Blackowned media organizations deserve their own space of ad spending instead of earning what they can through general market or multicultural campaigns quotIt mattersquot explained Joy Profet MAGNA39s head of growth and operations quotWe want to be specific in addressing systemic gaps We want to serve specific audiences Inclusion is about representation You have to credibly and authentically address audiences It39s about economics assuring that Black owners and Black creators participate in the economic ecosystem of the content they39re creating and contributing Black ownership resonates with the Black audiences in a deep wayquotProfet and Deva Bronson dentsu39s Executive Vice President and Head of Digital Investments foresee the effort by Allen and other AfricanAmerican media entrepreneurs to generate their own line item on ad budgets will be followed by similar initiatives among other media communities of color such as Hispanic AsianAmerican and Native American quotIt39s important for everyone to achieve success an even playing field from an economic and representation perspectivequot Bronson said quotThe touchpoint where we are right now is very important I39m optimistic that we are going to be able to achieve greater representation and opportunity to work togetherquotBefore and after Allen39s midMay quotBlackOwned Media Mattersquot virtual event several ad agencies announced plans to devote a percentage of their annual budgets on the order of 25 percent to Blackowned ventures Allen is asking for annual budget spending on the order of 515 percent citing the purchasing power of Black consumers and their deep loyalty to brands that improve their lifestylequotWe39re not asking for a seat at the table We39re building our own table We want our own piequot noted Moriba quotThe problem with multicultural spending is we get lost There areamp160so many boxes to check and in reality it39s easy to disappear in the soupquot Earlier Moriba disclosed that The Grio which launched a fulltime multicastsmart gadgetdistributed programming service this past January has a Grio News TV service in developmentIf Blackowned media companies want to own their own table and expand it over time it39s up to advertising agencies to offer what resources they can to companies in that universe now and newcomers in the future Bronson suggested quotThe ability to connect with media owners and to provide marketplace knowledge they may not have been exposed to that we have accumulated over the years is crucial That will help them elevate their business It39s about us contributing to their growthquotAmong the ways agencies can forward these ventures and others owned by people of color Facetoface meetings with clients access to technology and consumer research advancements and reviewing sales material and creative messagingquotWe39ve got to create partnerships and see these companies as partnersquot Profet added quotYou have to unpack the process every step of the way and you want to repack with inclusivity Give yourself permission to be objective When you39re objective you see the facts and you have to respond This audience is valuablequotAt the same time media ventures owned by people of color must transform their approach to the marketplace from inclusion in general market or multicultural campaigns quotDon39t put us in the center of something elsequot Moriba urged quotWe39re not multicultural We39re Black We need to be taken more seriously We have to start building and buying and owning and challengingquotquotIf social media has taught us anything over the last 1015 years it39s that individual conversations change perceptions drive consumers to engage and purchase and increase love of brandsquot Bronson said The ability to personalize messaging on all media channels is what we39re going for hereWatch the entire Equality Loungeamp174 Cannes Lions OnDemandClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNetamp160

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The FQ at Cannes 2021: Building Black-Owned Media's Own Ad Table

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