Legendary hip-hop executive Sean “Diddy” Combs, owner of Revolt, has written an open letter to corporate America stating that they need to spend more of their advertising dollars with Black-owned media companies. “It’s disrespectful that Black-owned media companies only represent 1% of the total advertising market.”
Combs took to his website to blast corporate America for their practice of not spending a substantial amount of money with Black-owned media companies.
“When confronted by the leaders of several Black-owned media companies, General Motors (GM) listed my network, REVOLT, as an example of the Black-owned media it supports. While REVOLT does receive advertising revenue from GM, our relationship is not an example of success. Instead, REVOLT, just like other Black-owned media companies, fights for crumbs while GM makes billions of dollars every year from the Black community. Exposing GM’s historic refusal to fairly invest in Black-owned media is not an assassination of character, it’s exposing the way GM and many other advertisers have always treated us. No longer can Corporate America manipulate our community into believing that incremental progress is acceptable action.”
Combs went into detail about the percentage of dollars spent with Black media and it’s a resounding 1% based on the example he wrote about. He stated that in 2019, brands spent $239 billion on advertising and less than 1% went to Black-owned media companies.
“It’s disrespectful that Black-owned media companies only represent 1% of the total advertising market. It’s disrespectful that distributors refuse to carry Black-owned media brands in an era where our impact and influence is undeniable. It’s disrespectful that the same community that represents 14% of the population and spends over $1.4 trillion annually is still the most economically undervalued and underserved at every level. To repeat, $1.4 TRILLION ANNUALLY! The Almighty Black Dollar!”
You can read the full letter written by Combs on Revolt.tv.