Coca-Cola North America has announced plans to nearly double its spending with minority-owned media companies over the next three years. Black, Hispanic, and Asian-American and Pacific Islander (AAPI)-owned and led media companies and partners will account for 8% of the company’s total annual media budget in North America by 2024.
“Following a thorough analysis of our marketing spend, we recognised we could do more to support an equitable media landscape by creating growth opportunities for minority-owned and led outlets,” said Melanie Boulden, Chief Marketing Officer, North America Operating Unit, The Coca-Cola Company.
“We must take a leadership role, and that’s why we’re not only committing to increase our investment with minority-owned and led media companies, but also are focused on non-media partnerships and empowerment initiatives designed to foster growth and increase competitive advantage of minority businesses and communities.”
Coca-Cola North America is taking immediate action, boosting 2021 spending with minority-owned media 5x compared to 2020. In addition to building relationships with newer partners like Ebony/Jet, Revolt TV and My Cultura, Coca-Cola will continue its legacy of partnership with longstanding and highly influential multicultural media outlets like Essence and Univision.
Caroline Wanga, CEO, Essence Communications, said: “As the only 100% Black-owned media company at scale dedicated to Black women and communities, we value our relationship with long-time partners like Coca-Cola who recognise the importance of Black women and Essence’s unique role in advancing Black culture, equity and celebration.”Click below to share this article