We are beginning to see brands make more extensive investments in HBCU sports. Likely initiated by their ability to enter NIL (name, image, and likeness) deals with individual assets, the general sports partnership and sponsorship landscape has already manifested in new programs such as the Invesco QQQ Legacy Classic HBCU Basketball Tournament. Now, we are about to experience a significant development on the media side, thanks to incoming advertising deals and HBCU Go and the fact that collectively, HBCUs generate $14.8 billion in economic impact a year.
Discourse regarding the state of streaming platforms has been abundant as the race for content and content creators remains heated. Corporate brands have strived to build or bolster their platforms to attract as many viewers as possible with the streaming video on demand (SVoD) user penetration at 15.2% in 2022 and is expected to hit 20.6% by 2027. Culturally diverse creators who are in high demand right now like Tyler Perry who could be looking for a bigger stake in the SVoD by potentially walking away from his BET+ $150 million per year contract that runs through 2024.
By Gary J. Nix
– Total estimated podcast ad revenue estimated to reach $2B in 2023
– The number of paid podcast events has increased by more than 2,000% in the past 7 years Podcasting continues to be a critical tool to deliver content in today’s world and has seen a huge uptick in paid content of 2,000%. Spotify’s acquisitions of Gimlet and Anchor are a testament to this reality. In addition, the low barrier to entry creates a system where the right podcasts can deliver diverse audiences to brands via the cultural connections within. Yet and still, the revenue models that come from the business of podcasting while Black remain widely varied even though the sector is estimated to reach $1 billion in 2021 and $2 billion by 2023.
By Gary J. Nix
– Nearly 22% of Black consumers say a brand’s values are important in purchasing decisions
– Black spending power reached a record $1.6T in 2021 The concept of consumerism is often invoked in its negative connotation. However, when we discuss consumerism here today, we will refer to the act of protecting or promoting the interests of consumers. Why? Because businesses need to understand that Black consumers are more likely than others to base purchase decisions on a brand’s values, the values of its corporate parent, or the brand’s commitment to diversity and social justice.
By Gary J.Nix Major League Soccer is the first professional sports league to partner with Black banks by leveraging a $25M loan Black-owned banks collectively control less than 1% of U.S. banking assets The link between sports and culture is strong, always has been, and Major League Soccer (MLS) has leveraged a $25 million loan
By Gary J. Nix Nike gets new a Chief of Diversity, Felicia Mayo From Tesla Diversity Officers are in demand but underpaid News regarding the exit of Nike’s (NKE +1.40%) former chief talent, diversity, and culture officer, Kellie Leonard, and subsequent entrance of her replacement, former Tesla (TSLA -2.48%) executive, Felicia Mayo, has pointed attention
By Gary J. Nix Wynn Interactive appears to now be looking to sell its online betting property for $500M after receiving a $3B valuation Culturally relevant people on WynnBET’s roster included former USMNT goalie Tim Howard, and O’Neal One-time belle of the sports betting ball, Wynn Interactive, appears to now be looking to sell the
By Gary J. Nix Klutch Sports Group CEO, Rich Paul, signs endorsement deal with New Balance Projections suggest the global sneaker market will be worth $120B by 2026 Michael Jordan. LeBron James. Stephen Curry. When it comes to sneaker endorsement deals, more often than not, we are talking about what athlete was signed by what
By CultureBanx Team In 2020, Baby Boomers over 65 upped their online shopping by 53% YoY Nearly 9 million Baby Boomers identify as African American “OK, boomer” your generation is jumping online at high rates and brands need to respond with new products and better user interface. Nearly nine million Baby Boomers identify as African
By Gary J.Nix Only 3.2% of executive or senior-level managers at Fortune 500 companies are Black There are only 3 Black Fortune 500 CEOs We are more than a year out from the time when companies started publishing grandiose statements about their feelings and upcoming actions regarding diversity, equity, and inclusion (DEI). While the communicated
By Gary J. Nix Michael Jordan’s game worn shoes during his first season with the Chicago Bulls sold for $1.47M The sports memorabilia market size is estimated to be worth $5.4B The new hotness these days for those looking for the proper flex are collectibles. Whether art, comics, or sports memorabilia, the rush to become
By Gary J. Nix Roblox and Sony Music Entertainment form partnership to bring artists into the metaverse Will this partnership affect Roblox’s $45 billion dollar valuation? It is said that necessity is the mother of innovation, and creativity its father. 2020 illustrated this in many ways, namely a new type of collaboration between various recording
By Gary J. Nix Total estimated podcast ad revenue reached $842M in 2020 The number of paid podcast events has increased by more than 2,000% in the past 7 years Podcasting continues to be a critical tool to deliver content in today’s world and has seen a huge uptick in paid content of 2,000%. Spotify’s
By Gary J.Nix J. Cole plays for the Rwanda Patriots in the Basketball Africa League that just kicked off with its inaugural season Major companies such as Pepsi and Jordan Brand are already partners in the new basketball league along President Obama Rapper J. Cole had a jam-packed weekend. Not only did he drop his
By Gary J.Nix Only 3.2% of executive or senior-level managers at Fortune 500 companies are Black There are only 3 Black Fortune 500 CEOs We are nearly a year out from the time when companies started publishing grandiose statements about their feelings and upcoming actions regarding diversity, equity, and inclusion (DEI). While the communicated feelings
By Gary j. Nix Justice Clarence Thomas really wants Congress to regulate Twitter moderation 60% of Black Twitter users state they use the platform to get involved in social and political issues they find important Justice Clarence Thomas has set his sights on moderation on Twitter (TWTR -3.74%) and other tech platforms. Interestingly enough, Justice
By Gary J. Nix The number of Black former McDonald’s franchisees suing the restaurant giant now stands at 77, representing 300 restaurants Compensatory damages in that discriminatory lawsuit could reach close to $1.5B Once again, McDonald’s (MCD -1.02%) has found itself in hot water, as proven by a new lawsuit alleging it pushed one of
By Gary J. Nix Sports agencies negotiated $45.7B in current professional athlete contracts Only 2 entertainers own sports agencies, Lil Wayne and Jay-Z The third prominent sports agency with a hip hop artist at the helm became the first with a top-3 pick in the NFL Draft, when Nicole Lynn signed Quinnen Williams to upstart
By Gary J. Nix U.S. advertisers are estimated to spend $36B advertising on digital video 74% of Black TV viewers report streaming TV content, compared to 68% of total market consumers This year will mark the first time in U.S. history that the average daily time spent watching content on mobile devices will surpass that
By Gary J. Nix Total estimated podcast revenue will reach $678.7M in 2019 The number of paid podcast events has increased by more than 2,000% in the past 6 years Podcasting continues to be a critical tool to deliver content in today’s world and has seen a huge uptick in paid content of 2,000%. Spotify’s