Coca-Cola ramps up ad spend with minority-owned media companies
Coca-Cola has announced plans to double its advertising spend with minority-owned media companies for the next three years.
Melanie Boulden, Chief Marketing Officer, North America Operating Unit, The Coca-Cola Company said: “Following a thorough analysis of our marketing spend, we recognized we could do more to support an equitable media landscape by creating growth opportunities for minority-owned and led outlets. 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.”
According to reports, the beverage giant taking immediate action, boosting 2021 spending with minority-owned media 5x compared to 2020. Black, Hispanic, and Asian-American and Pacific Islander (AAPI)-owned media companies and partners will account for 8% of the company’s total annual media budget in North America by 2024.
Fernando Hernandez, Vice President, Supplier Diversity, The Coca-Cola Company: “We acknowledge the disadvantages that some smaller companies have in competing for business opportunities with large multinational companies like Coca-Cola. We’re excited about the potential of this program to pioneer a more evolved and inclusive approach to supporting minority-owned media companies and partners.”
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.
Michele Ghee, CEO, Ebony/Jet stated:“Historically, Black-owned media companies have not had access to advertising and sponsorship dollars on par with the impact Black people and culture have on society. The progress being made is promising, and Coca-Cola is showing up as a strong partner in this effort.”
In 2020, Coca-Cola announced plans to ramp up its ad spend with Black-owned enterprises across its supply chain by at least $500 million over the next five years. This commitment to diverse suppliers and businesses resulted in a $800 million spend across the entire supply chain.
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