{"id":3348,"date":"2022-08-08T16:02:33","date_gmt":"2022-08-08T20:02:33","guid":{"rendered":"https:\/\/advertisingweek.com\/aw360\/2022\/08\/08\/inside-the-black-media-upfronts-success-or-failure\/"},"modified":"2022-08-08T16:02:33","modified_gmt":"2022-08-08T20:02:33","slug":"inside-the-black-media-upfronts-success-or-failure","status":"publish","type":"post","link":"https:\/\/advertisingweek.com\/aw360\/news\/inside-the-black-media-upfronts-success-or-failure\/3348\/","title":{"rendered":"Inside the Black Media Upfronts\u2026 Success or Failure"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">By Lynnwood Bibbens, CEO &#038; Founder, ReachTV<\/p>\n\n\n\n\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/network.advertisingweek.com\/wp-content\/uploads\/sites\/3\/2022\/08\/IMG_1300-Headshot002-002.png\" alt=\"Lynnwood Bibbens\" class=\"wp-image-3350\" srcset=\"https:\/\/advertisingweek.com\/aw360\/wp-content\/uploads\/sites\/3\/2022\/08\/IMG_1300-Headshot002-002.png 300w, https:\/\/advertisingweek.com\/aw360\/wp-content\/uploads\/sites\/3\/2022\/08\/IMG_1300-Headshot002-002-150x150.png 150w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/figure>\n\n<p class=\"wp-block-paragraph\">The Black Upfronts\u2014they seemed like a good idea at the time, didn&#8217;t they?<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The past 5-10 years have seen an overdue acknowledgement of DEI as a corporate priority.\u00a0 Initially, the Black Upfronts looked like an extension of that progress.\u00a0 Finally, black-owned media companies would be able to compete for the business that, for generations, they had been shut out of.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">But something funny happened along the way.\u00a0 In 2019, my company ReachTV did less than 2% of our business with agencies while 98% of our business was brand direct. \u2014Agencies ignored us for the most part except for certain brands within the agency ecosystem, as these companies valued our audience. The upfronts, enables companies to have predictable revenue which we couldn\u2019t penetrate for 5 years despite having relationships at the highest level. So, we had high hopes for the first Black Upfronts in 2021.We were told to offer 60%-70% of our inventory in the Upfront\u2026<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Our sales numbers for that event? 10% of our Upfront offering. On one hand more than we had ever received and on the other hand, Upfront commitments from only 2 of the 6 major agencies who last year did over $240Billion in billings and committed publicly almost $5B to Black owned media.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Obviously, I was surprised and disappointed.\u00a0 Because ReachTV\u2019 s demographics are the most desirable of any company you can name.\u00a0 We deliver programming to airports.\u00a0 When you&#8217;re watching a screen, waiting at the gate to board your flight, or hanging out at the bar, checking out the game during your layover, you&#8217;re watching ReachTV.\u00a0 We cut the deals to bring live CNBC into every major airport.\u00a0 We&#8217;re the only network to offer every single NFL game, live.\u00a0 And our biggest audience? \u00a0The business travelers, including C-suite leadership from every corporation that flies an executive from one city to another.\u00a0 These are the eyeballs that every major automotive, tech and pharma brand is chasing. And we still could only sell 10% of our upfront inventory in the Upfronts.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">I was tempted to call it an anomaly.\u00a0 Business was just getting back on its feet.\u00a0 Over the past year, we hit multiple home runs; Full year after closing our CNN airport acquisition, CNBC Live in the mornings and of course NFL live games.\u00a0 Once again, I had reason to be optimistic about the Black Upfronts.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Our numbers in 2022? With the same agencies as last year, 100% increase, the other agencies, Zero once Again.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Clearly, something is not working the way it&#8217;s supposed to. But before I suggest some solutions, I want to step back a little.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">DEI. Those initials are very much in fashion in the corporate world.\u00a0 Or at least two of them are: the D and the I\u2014diversity and inclusion.\u00a0 You don&#8217;t hear as much about the E, which stands for <em>equity<\/em>. \u201cEquity\u201d is a multifaceted word.\u00a0 Sometimes it can be a synonym for fairness and equality.\u00a0 But as any entrepreneur knows, equity means more than that.\u00a0 It means a piece of the pie.\u00a0 Skin in the game.\u00a0 It&#8217;s the difference between treading water to stay afloat, versus investing in a share of the future.\u00a0 Diversity and inclusion are abstract concepts.\u00a0 It&#8217;s easy for a company to express those ideals and think they&#8217;ve done their part.\u00a0 Equity isn&#8217;t abstract.\u00a0 It&#8217;s quantifiable\u2014percentages and margins, dollars, and cents.\u00a0 And the denial of equity is maybe the most damaging long-term legacy of centuries of bias against people of color.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Here&#8217;s one example.\u00a0 Right now, what percentage of black-owned media companies count more than 10 employees on the payroll?<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s 1%. Sit with that for a moment.\u00a0 Of all the Black owned media companies in America, just 1% of them have more than 10 employees. All the institutionally racist systems and practices in American history, from plantation slavery to political disenfranchisement (e.g., literacy tests), to redlining, to quotas and glass ceilings&#8230; all these forces have conspired to keep generational wealth out of the hands of black people.\u00a0 And generational wealth is the basis of equity.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Equity was what the Black Upfronts promised black-owned media companies.\u00a0 Finally, we would be looking at a locked-in revenue stream, a solid base from which we could build our companies and programming, rather than having to hustle every quarter just to keep the lights on. Instead, the landscape feels more barren than ever.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">So, I&#8217;ve been thinking a lot about the Black Upfronts and how they might live up to their promise. Here&#8217;s one improvement: Let us go first and commit! Black-owned media companies are a tiny fraction of the world&#8217;s content platforms. We are in no danger of soaking up all the money on the table.\u00a0 The same isn&#8217;t true, however, if you switch the order.\u00a0 When the big companies go first, what&#8217;s left for us are scraps. We talked to brand after brand, only to learn that they&#8217;d committed their entire ad budget to Disney, Paramount (BET), etc.etc..<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">An even more substantive approach would be to follow the leadership of Procter &#038; Gamble, which has backed up its words with changes to internal policy.\u00a0 Black-owned media companies have asked advertisers to aim for a simple benchmark: commit 2% of annual budgets to black-owned media. Most companies make a good faith but piecemeal effort to live by their commitment.\u00a0 Not P&#038;G.\u00a0 When their annual budgets are set, they take a full 2% of that capital and set it aside, earmarked for Black-owned companies.\u00a0 When we approach P&#038;G, we know that the money is there.\u00a0 P&#038;G has been at or near the top of their industry for decades.\u00a0 You think they know a thing or two about smart ad buying?<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">One agency has adopted this policy which does give me hope and adds a third agency to register upfront dollars to ReachTV.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">I&#8217;m frustrated, but I&#8217;m not despairing or cynical.\u00a0 Black-owned media has a voice, and just as important, a receptive set of potential partners on the other side of the table.\u00a0 I believe they want to do right by us.\u00a0 If we can refine the mechanism by which they can offer that support, we can help them live up to their commitments, and convert our voice into the equity we deserve.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About the Author<\/strong><\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Lynnwood Bibbens is a serial entrepreneur and the CEO &#038; Founder of ReachTV. As CEO, Bibbens has taken a leadership role in identifying new markets and opportunities for the ReachTV Network, resulting in the Company\u2019s seminal sales, distribution and partnership deals with world-class traditional and digital media and technology powerhouses. Bibbens has led the Company\u2019s direction and growth from a national to an international network with a reach of over 100 Million viewers on the go.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Prior to ReachTV, Lynnwood developed solutions for the Media and Entertainment industry, integrating multiple dynamic content platforms that use proprietary technology that enabled top tier brands to better understand their clients. He has teamed up with syndication partners AOL, Yahoo, Google, Roku, Opera, XBox, Dish, Comcast, Verizon, Adobe, Scripps, and Amazon. Mr. Bibbens was the Producer and Executive Producer of &#8220;Celebrated&#8221; an Entertainment Bio series, culminating in 6 seasons which was sold in the US and around the globe. He has produced both daily and episodic Television focused on Entertainment, Sports, and News.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Equity was what the Black Upfronts promised black-owned media companies.\u00a0 Instead, the landscape feels more barren than ever.<\/p>\n","protected":false},"author":7,"featured_media":3349,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","editor_notices":[],"footnotes":""},"categories":[1],"tags":[4],"topics":[2],"class_list":["post-3348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-culture","topics-editorial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Inside the Black Media Upfronts\u2026 Success or Failure | AW360<\/title>\n<meta name=\"robots\" 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