See How Target’s Making Strides on Commitment to Invest in Black-Owned Media
Updated: Dec 16, 2021
Target | December 15, 2021
Earlier this year, Target shared their plan to invest at least 5% of their annual media budget with Black-owned media starting in 2022. It’s one piece of their efforts to better reach Black guests in ways that are most meaningful to them as part of our Racial Equity, Action and Change (REACH) commitments. Target is excited to share their latest progress toward that goal, including a new project with REVOLT in support of Black entrepreneurs, part of a multi-million dollar investment in the Black-owned multimedia platform to help Target more innovatively connect with Black guests.
Say hello to ‘Bet on Black’
‘Bet on Black’ is a new pitch competition series Target co-created with REVOLT, premiering digitally Jan. 10, 2022, and on REVOLT on Jan. 11, 2022. The program highlights 12 Black-owned startups, with innovative ideas to revolutionize a range of industries, from technology and entertainment to style, beauty and beyond.
The contestants will face four judges, including Target Senior Divisional of Merchandising in Apparel & Accessories and former Director of Multicultural Merchandise Melanie Gatewood-Hall, music artist T-Pain, costume designer Zerina Akers and radio personality and record producer DJ Envy. Founder of BLK & Bold and strategic advisor to Target Forward Founders, will serve as a coach for each startup. All in, Target’s providing $500,000 in funding for the startups without requiring any equity stakes so each company can retain full ownership and control of their business. Target will also award four finalists one-on-one meetings with a Target executive to provide additional mentorship as they grow.
Target is committed to being a brand for all families. So far in 2021, Target invested four times more with Black-owned media than last year. Target also doubled the number of Black media companies we partner with, and added more internal resources to help support efforts to further diversify our media spend. With REVOLT, Target made a multimillion-dollar investment in “Bet on Black” and have become one of their top advertisers.
Target seen an explosion in interest this year, and they're continuing to work to make it easier for Black-owned media companies to connect with us and to provide more transparency in how evaluating each potential partnership. Target aims to be more than just a customer with these companies, Target wants to be a true partner, and that means investing to help widen and deepen their capabilities so Target can grow more rapidly. Target wants to help evolve the media industry as a whole to be more representative of the American audience.