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.