IPG plans upfront event focused on Black-owned media and consumers
IPG Mediabrands will look to garner awareness and shift dollars to Black-owned and -focused media businesses with a week-long event that highlights these companies.
In the same way media giants battle for ad dollars every spring in the so-called upfronts, IPG’s Equity Upfront will highlight linear, streaming, digital, radio and print brands such as Allen Media Group/Entertainment Studios, BET Network, Essence Communications and Urban One, among others. Historically, these brands have not usually brought in the same share of ad dollars as other media groups.
So, these media organizations will get the chance to make pitches to Mediabrands clients such as American Express, BMW, CVS Health/Aetna, Johnson & Johnson and others as the industry plans upfront deals for the new fall season.
“As we reviewed our media partnerships at Mediabrands, we saw the need to be more inclusive in our media investment strategies with Black audiences,” Daryl Lee, Mediabrands global CEO, said in a statement. “The Equity Upfront is an opportunity to enact real change by increasing investment in often underrepresented media businesses that reflect the significant influence of Black consumers and trendsetters in the economy.”
The goal with the event is to move beyond intent and into actionable steps with minority and Black media partnerships, said Dani Benowitz, president, U.S., Magna.
“The minority consumer’s consumption patterns are influential across all media and we must take accountable steps forward to address the inequities in how we invest. I have no doubt this critical initiative will urge other industry partners to see where there are gaps in their media approach and how they’re contributing to BIPOC media partner oversight,” she said in a statement.
While the first Equity Upfront, which will kick off on March 15, will focus on partnerships with Black-owned and -targeted media businesses, Mediabrands will expand partnership efforts with other multicultural platforms including but not limited to the Latinx, Asian and LGBTQIA+ audiences.