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Diddy wants to see a difference in Corporate America.
With Black people still working, living, and breathing in the face of injustices over and over again, he wants corporations (which benefit from the Black dollar) to do something now, Black Enterprise reported.
Since the deaths of George Floyd and Breonna Taylor, Black Americans have been impacted detrimentally — in life and in business — at every turn, the article reported — and Diddy is fed up.
“We’re done letting corporations manipulate our culture into believing incremental progress is acceptable action,” says Diddy in a post on Twitter.
In 2019, the Black buying power in America was $1.4 trillion, according to the Selig Center for Economic Growth, but less than 2% of all ad revenue spent in the U.S., some $200 billion, targeted Black consumers according to Nielsen per the article. Diddy recently joined entrepreneur, investor and ESSENCE Ventures Chairman, Richelieu Dennis in calling out the lack of Black culture, and more importantly, dollars in the advertising industry, per the article.
“We demand that Corporate America reinvest an equitable percentage of what you take from our community back into our community. If the Black community represents 15% of your revenue, Black-owned media should receive at least 15% of the advertising spend,” he said in an open letter posted on his Revolt TV platform added in the article.
Dennis also shared similar views on why Black-owned media companies deserve true equity, “Our communities deserve and demand more than fair-weather friends content to extract from our communities with no meaningful investment in them.”
Most recently, Byron Allen, founder, chairman & CEO of Allen Media Group, LLC and six other executives from Black-owned media companies (including Ebony Media and Black Enterprise) signed a full-page ad that ran in news outlets criticizing Barra, according to the article to discuss similar issues on inclusivity.
This proposed meeting came on the heels of a full-page ad from the media entities on how Barra is not being as inclusive as she could be with Black representation — and that she has refused to meet with the media groups. A meeting was scheduled for last week that was later canceled. Stay tuned for updates in this developing story.
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