A Black-owned media and ad tech company, AdTheorent, has partnered with Hero Media to launch Hero One, the first ML-powered Black-owned demand-side platform (DSP) in programmatic advertising. The aim is to use advanced technology to revolutionize audience creation and media-buying.
The move is timely, as many companies still struggle to effectively reach their target audiences without neglecting minority consumers. According to McKinsey, Black spending power reached approximately $1.6 trillion in 2023, surpassing that of other ethnic groups. Additionally, consumer attitudes are shifting toward social activism, with 77% of Gen Z shoppers stating that a company’s values play a crucial role in their purchasing decisions.
However, a survey by the Alliance for Inclusive and Multicultural Marketing found that 60% of consumers from diverse communities felt “invisible or underrepresented” in ads. Interestingly, the same survey concluded that companies ranking high on diversity indexes experienced the greatest sales boosts from their advertisements.
Hero One, as described in a news release, is an audience-focused programmatic platform that utilizes machine learning and advanced algorithms to deliver contextually relevant advertising. By leveraging AdTheorent’s technology and audience solutions, Hero One allows advertisers to effectively target the right consumers at the right time across the digital landscape. The platform enables advertisers to drive brand-specific key performance indicators at scale.
Jim Lawson, CEO of AdTheorent, expressed excitement about the partnership and its potential impact: “Combining Hero Media’s Black-owned media network and data with AdTheorent’s machine learning media buying platform will elevate multicultural programmatic advertising beyond assumptions-based retargeting.”
Joe Anthony, Founder and Chairman of Hero Media, emphasized the need for greater diversity in ad tech platforms: “There is little to no diverse ownership in AdTech, and with more investment going to programmatic advertising, it’s imperative that we have greater equity in the platforms that will dictate where and how money is allocated to Black and diverse owned media brands. That’s why we are launching Hero One.”
In a time when representation and inclusivity are critical in advertising, initiatives like Hero One are paving the way for a more diverse and equitable industry.
The source of the article is from the blog papodemusica.com