In an effort to encourage advertisers and marketers to invest more resources into the African American consumer
marketplace, BET Networks has partnered
with several black-targeted media companies to create a media and
Companies such as HuffPost BlackVoices, Black Enterprise, Burrell Communications, Cable Advertising Bureau, Essence Communications, GlobalHue, Inner City Broadcasting Corporation, KJLH Radio, Johnson Publishing Company, National Association of Black Owned Broadcasters, Nielsen, North Star Group, National Newspaper Publishers Association, One Solution, Radio One, TV One, Interactive One, Reach Media, Steve Harvey Radio, TheGrio, The Root, The Africa Channel, UniWorld Group, Vibe Media and Walton Isaacson have teamed with BET for the unprecedented #INTHEBLACK alliance, which it hopes will help companies understand and reach the African American audience more effectively, according to BET officials.
"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. 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," said Debra Lee, Chairman and Chief Executive Officer, for BET Networks.
The consortium will use its collective resources and strength to speak to the advertising community and consumer audience to raise awareness and create a sense of urgency around the economic opportunity the black consumer segment presents, according to BET. African Americans represent over 42 million consumers with a buying power of nearly $1 trillion annually. By 2015, African American buying power is estimated to gain a whopping 35% hitting $1.2 trillion, up from $913 billion in 2008, according to the consortium.
African Americans also beat out all other ethnic groups in the consumption of automobiles, wine & spirits, baby care products, groceries, health and beauty products, personal care products, apparel, electronics, movies and travel and entertainment.
More information about the consortium can be found at areyouintheblack.org, said BET.