Why are Companies Investing Millions into Black Entertainment?
There’s an article in Forbes, stating that Ava DuVernay has signed a multiyear deal with Warner Bros. Television. It says that the company outmaneuvered Netflix in the “Black Content Race.”
All of a sudden, major entertainment companies are focusing on black content? Why?
- It’s certainly not to prevent the backlash of perceived racism.
- It’s definitely not because Black people lack access to quality entertainment.
- It’s most assuredly not the extension of an olive branch.
The name of the game here is money! According to Nielsen, in some areas, consumers of color represent more than 50% of overall spending. The significance of this study being performed by Nielsen is that Nielsen describes itself as “a global measurement of data analytics company that provides the most complete and trusted view available of consumers and markets worldwide.”
What exactly does this mean?
Nielsen conducts surveys to determine what people are watching, what radio stations we listen to, and what we buy.
Soooooo, if Black people are only 14% of the US population but are the biggest spenders in some areas, where else would companies want to advertise but to the Black audience?
Now, this is not to rain on the parade of anyone of color who is making great strides and receiving their just due in terms of recognition and worth, but if major corporations see the value in the Black view, why don’t Black companies see the value in advertising to Black consumers?
Most will spend everywhere BUT advertising. They get their licenses, a business location, decor, and everything else needed to start a business, then rely on word of mouth to succeed. Meanwhile, other companies advertise to Black consumers and build brand awareness, which results in brand trust.
The most successful small businesses see the most growth using a principle that eludes most: synergy!
Synergy is defined as the interaction or cooperation of two or more organizations, substances, or other agents to produce a combined effect greater than the sum of their separate effects.
How does this play into Black businesses?
Black-owned businesses don’t always singularly have the resources to be effective. For instance, an auto repair shop may have a budget of $100 a week to spend on advertising. A detail shop may have $100 per week to spend on advertising. Each of these might see a way that money could be spent to be more useful to the company, as $100 per week is not much in terms of advertising. But if they put their money together and split each commercial 50/50, the consumer would be exposed to both companies more often, building brand awareness and trust for both. This means the Black consumer would be more apt to spend with the Black business.
In no way does this mean that each race should only spend with its own, BUT it makes no sense for the Black dollar to be this important to major corporations, for Black people to spend more money than others, and for the rate of poverty in Black people to be as high as it is.
So, if you’re going to be “woke,” wake all the way up and learn to work together to eradicate some of the issues faced in the Black community, as it is (as grammatically incorrect as it is though most effectively) stated, “We all we got!”
Be your brother’s keeper, and let him be yours!