January 30th 2024.
Buzzfeed recently announced a new partnership with Culture Genesis, a YouTube network that supports creators from diverse backgrounds. This collaboration will allow Buzzfeed to market advertisements to a wider range of audiences.
Culture Genesis, known for managing content creators like Steve Harvey, Kai Cenat, Cam Newton, and All Def Digital, will now include Buzzfeed's multicultural brands such as Cocoa Butter, Pero Like, and HuffPost Voices in their portfolio. This will expand their reach and provide more opportunities for advertisers to connect with diverse audiences.
In return, Buzzfeed will have a dedicated partner to help monetize their advertising inventory. This means that advertisers now have the option to purchase brand activations, editorial sponsorships, and media inventory from both Culture Genesis and Buzzfeed across various platforms, including the web, YouTube, social media, connected TV, and FAST channels. In total, the two companies combined reach 55 million households.
The financial details and any potential data-sharing agreements of this deal were not disclosed. According to Jonah Peretti, CEO of Buzzfeed, the split of the advertising revenue will depend on the specifics of each deal, such as the involved creators and inventory.
Peretti also acknowledged the growing trend of packaging multicultural content to be sold by a Black-owned principal. He believes that this strategy not only adds scale but also provides more opportunities for advertisers to reach diverse audiences, as there are currently limited options for Black-owned media with a significant reach.
However, this partnership also raises some concerns about Buzzfeed, a predominantly white company with a workforce that is 52% white as of November 2023, securing advertising revenue that could have gone to Black publishers.
Justin Barton, senior vice president of digital strategy and partnerships at BLACK ENTERPRISE, points out that deals like this could potentially take away funds that were originally earmarked for Black-owned media. He believes that this goes against the intentions of the diversity commitments made by agencies and brands.
Dévon Christopher Johnson, co-founder of The Black Owned Media Equity and Sustainability Institute, praised the partnership but hopes that it does not overshadow the diversity efforts of advertisers.
Cedric J. Rogers, co-founder and CEO of Culture Genesis, assured that their creators will receive a fair share of the advertising revenue, with a 50/50 split between the companies. He also promised that all the inventory sold to advertisers as part of this deal will include diverse creators.
This partnership between Buzzfeed and Culture Genesis shows a commitment to promoting diversity and inclusivity in the advertising industry. It also highlights the need for more Black-owned media, and the importance of supporting them to ensure fair representation and opportunities for diverse voices.
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