By Steve Barnes, Published by O’Dwyer’s
IPG Mediabrands says it will work to invest a minimum of five percent in Black-owned media channels in aggregate across all clients by 2023. The announcement follows the division’s first Equity Upfront, part of a long-term equity and equality strategic investment initiative designed to foster deeper exposure for and partnerships with Black-owned media partners. Nationally, Black-focused media spend in 2020 remained below two percent of total spend, according to Nielsen Ad Intel, despite Black consumers being more than 13 percent of the population. In addition to hosting monthly equity sessions that present the content and marketing capabilities of Black-owned media across media channels, Mediabrands and MAGNA, its global media investment and intelligence company, will host inside track sessions to provide learning and growth opportunities. Later this year, MAGNA will also host equity sessions for Asian American and Pacific Islander, Hispanic, and LGBTQI identifying media companies.