Diddy Pens Letter To General Motors, demands more money for black entrepreneurs and black owned media.
Diddy is calling out General Motors, and other big corporations for piggybacking off black culture and smiling away with billions, while black owned media continues to suffer. In a letter posted on his website, Diddy says REVOLT, and several other black companies fight for crumbs, while corporations like “GM makes billions of dollars every year from the black community.”
“Corporations like General Motors have exploited our culture, undermined our power, and excluded Black entrepreneurs from participating in the value created by Black consumers. In 2019, brands spent $239 billion on advertising. Less than 1% of that was invested in Black-owned media companies. Out of the roughly $3 billion General Motors spent on advertising, we estimate only $10 million was invested in Black-owned media. Only $10 million out of $3 billion! Like the rest of Corporate America, General Motors is telling us to sit down, shut up and be happy with what we get.”
“It’s disrespectful that Black-owned media companies only represent 1% of the total advertising market. It’s disrespectful that distributors refuse to carry Black-owned media brands in an era where our impact and influence is undeniable,” he continued. “It’s disrespectful that the same community that represents 14% of the population and spends over $1.4 trillion annually is still the most economically undervalued and underserved at every level. To repeat, $1.4 TRILLION ANNUALLY! The Almighty Black Dollar!”
Diddy wants corporate America to give back a substantial amount to Black communities and Black owned media houses.
“If the Black community represents 15% of your revenue, Black-owned media should receive at least 15% of the advertising spend. The same way you understand the power of our dollars, we understand our power to take them away from any corporation that doesn’t give us the economic inclusion we deserve. We are prepared to weaponize our dollars.”
Read the full letter here..