The power of the black community’s dollar is expected to exceed 1 trillion dollars by 2015 and several media companies have taken notice. In an effort to tap into this buying power, a group of several companies formed a consortium titled #IntheBlack. BET is the leader of this effort and it includes over a dozen companies, including the Huffington Post, Nielsen, The Root, Black Enterprise and Johnson Publishing Company.
“We are excited to partner with some of the nation’s most influential media and marketing groups to highlight the growing economic opportunity of the black marketplace,” said BET CEO and Chairman Debra Lee. “As a collective, we are better positioned to demonstrate the value of targeting the black consumer audience and partnering with leading brands to help them succeed.”
According to The Root, 1 in 7 people being born in this country is of African descent and black people are “mega-consumers beating out all other ethnic groups in the consumption of automobiles, wine and spirits, baby care products, groceries, health and beauty products, personal care products, apparel, electronics, movies and travel and entertainment.”
Donna Byrd, publisher of The Root, said she is excited about the potential of this effort. “We’re proud to be associated with this collaborative and historic effort,” said Byrd. “We believe that focusing our collective attention on the economic power of the African-American consumer will have a positive impact on the entire industry.”