While total advertising spend in the U.S. last year, excluding programmatic, B2B, trade, and local cable, declined 2 percent versus 2022, overall ad investment in diverse-owned media outlets increased 9 percent, reaching $1.9 billion. That’s according to a new study by the ANA Alliance for Inclusive and Multicultural Marketing, conducted in partnership with Media Framework and Guideline. The study also found that investment in diverse-owned and targeted media increased 7 percent year over year, reaching $1.1 billion.

On the surface, those numbers might sound impressive, but the fact is, the overall share of ad spend allocated to diverse-owned and targeted media is a miniscule 1.4 percent. Black-owned media, spurred by digital, registered the largest increase in ad investment in 2023 at $55 million, followed by Hispanic-owned media at $11 million and LGBTQ-owned media at $3 million.

The bottom line is that the ad industry’s pace of progress with diverse-owned and targeted media is extremely slow, despite the high resonance, relevance, and trust delivered by such media.

So, what are the issues at play? How does the industry drive positive change? In this episode of Beyond Profit, a podcast of the ANA Center for Brand Purpose, host Ken Beaulieu seeks answers to those important questions and others from Justin Barton, SVP of digital strategy and partnerships at the multi-media company Black Enterprise, and Jenn Chen, CRO and president of Connatix, a full-stack video platform for publishers and advertisers.

Cleveland, Ohio-based OverDrive, a global distributor of digital content for libraries and schools, was founded on the belief that reading, knowledge, and learning make the world better. As a certified B Corporation, OverDrive not only supports literacy and empowering communities, it also works to make a positive social impact, notably in underserved populations.

Inspired by its purpose — A World Enlightened by Reading — OverDrive works with more than 92,000 public libraries, K through 12 schools, colleges and universities, and corporations in 115 countries worldwide. Its award-winning apps serve readers of all ages, reading levels, and abilities, in more than 100 languages.

Charged with building the OverDrive brand through creative marketing, advertising, and storytelling is Jen Leitman, the company’s chief marketing officer. Though she had wanted to either be an international spy or best-selling author earlier in life, Jen says the CMO role does require some detective work, from understanding human behavior and motivations to following leads to solve a problem.

In this episode of Beyond Profit, a podcast of the ANA Center for Brand Purpose, Jen joins host Ken Beaulieu to discuss OverDrive’s mission to create reading happiness throughout the world, the company’s purposeful marketing efforts and partnerships, its commitment to innovation, and how its operating as a force for good.

A study by Virginia Tech found that the number of wealthy women in the U.S. is growing twice as fast as the number of wealthy men. Women now hold 60 percent of the country’s personal wealth and 51 percent of all U.S. stocks. And by 2028, women will own 75 percent of all discretionary spending, according to the Boston Consulting Group.

The buying power and influence of women is not lost on Wendy Steele, founder of Impact100. The global nonprofit unites and empowers women to create transformational impact within their communities through the power of collective generosity.

Boasting chapters in more than 60 cities and four countries, Impact100 brings together groups of 100 women to donate $1,000 each. The chapters then provide grants to local nonprofit organizations in increments of at least $100,000. Since launching 24 years ago, Impact100 has granted more than $123 million dollars and become a case study in being a force for good.

In this episode of Beyond Profit, a podcast of the ANA Center for Brand Purpose, Wendy Steele joins host Ken Beaulieu to discuss the Impact100 and her life’s mission to leave the world a little better than she found it.