Albert Rodriguez, President & Chief Operating Officer of Spanish Broadcasting System, Inc. (the “Company” or “SBS”) (OTC: SBSAA), spoke to the prestigious publication, Forbes Magazine.
Before the holidays, contributor to Forbes magazine Isaac Mizrahi, interviewed a few industry leaders such as Albert Rodriguez, President and COO of SBS, Nita Song, President IW Group, John Kozack, Executive Vice President Multimedia Sales at Univision and Michael Roca, Managing Director, DE&I Investment, Omnicom Media Group regarding Multicultural marketing investments and their expected growth in 2022.
In response to the questions –Do you see 2022 with a higher demand for Multicultural media/creative services? Albert Rodriguez responded: «It’s fascinating that many advertisers seek innovative, culturally engaging media campaigns/creatives that truly speak to the multicultural audience. As it relates to the Hispanic community, the fingerprints of our culture can be found across all forms of media. Whether through bilingual audio campaigns, the rise of Latin music, and the growth of diverse talent representation within the general market and Hispanic campaigns – nuestra gente, our people are everywhere. The message couldn’t be clearer, especially with the latest census results, the minority community is on the rise, and if you’re not growing with them, you’re hurting your business.»
Why do you see the above trend? «It’s a combination of many factors: the social justice movement, the growing minority population, and their spending power; the influence Black, Hispanics, and Asian-Americans have on mainstream culture and their ability to tell if brands are making a concerted effort to foster a deep, meaningful connection. Frankly, the higher demand for multicultural media shouldn’t be considered a trend but a necessity.»
Is this driven by existing brands, «comeback brands» (decreased or canceled past multicultural plans due to Total Market and now are back), or new entries? We’re seeing existing, major brands step up and take the lead through powerful multicultural campaigns that address real issues that impact all people of color at the forefront. They are changing the game and are forcing other brands to follow. While it’s become quite the domino effect, and we see the results in our year-over-year revenue growth, there is still a lot of work to be done. Brands need to do more than multicultural marketing; they must also invest in the community and businesses.
Do you have any other comments about your expectations for 2022? We embraced the challenges of 2020 and 2021 with ingenuity and innovation. Our passion for propelling through the tough times has set our foundation for 2022. We’re open for business and working closely with brands on developing innovative cultural marketing solutions that reach our loyal audience.»