Increasing Interest in Diverse-Owned and Targeted Media

In this episode of Beyond Profit, a podcast of the ANA Center for Brand Purpose, host Ken Beaulieu seeks answers to important industry questions from Justin Barton, SVP of digital strategy and partnerships at the multi-media company Black Enterprise, and Jenn Chen, CRO and president of Connatix.

While total advertising spend in the U.S. last year, excluding programmatic, B2B, trade, and local cable, declined 2 percent versus 2022, overall ad investment in diverse-owned media outlets increased 9 percent, reaching $1.9 billion. That's according to a new study by the ANA Alliance for Inclusive and Multicultural Marketing, conducted in partnership with Media Framework and Guideline. The study also found that investment in diverse-owned and targeted media increased 7 percent year over year, reaching $1.1 billion.

On the surface, those numbers might sound impressive, but the fact is, the overall share of ad spend allocated to diverse-owned and targeted media is a miniscule 1.4 percent. Black-owned media, spurred by digital, registered the largest increase in ad investment in 2023 at $55 million, followed by Hispanic-owned media at $11 million and LGBTQ-owned media at $3 million.