The National Association of Black Owned Broadcasters (NABOB) is the first recipient of the General Motors Diverse Owned Incubator Fund.
As part of General Motors’ “Road to Equity” efforts to become the most inclusive company in the world, the $50 million Diverse Owned Incubator Fund is an investment allocated over the next 10 years to support and scale diverse media and marketing companies.
Blacks make up 13% of the American population, yet own fewer than 247 of 12,374 commercial radio and television stations in the U.S., 2%. The 2022 Black Owned Radio Stations Ownership & Revenue Report concluded that of the 168 stations researched, 121 (72.0%) gross less than one million dollars per year in advertising revenues, and average just 2.8% of Local Commercial Share.
Jim Winston, NABOB President & CEO and Tarshena Armstrong, General Motors’ Director, Diversity Marketing & Development discussed the mission of the diverse owned incubator fund, key pillars, partnership goals, and newly developed resources created as a result of the fund during an armchair conversation at the 2022 NABOB By Black Conference.
Within a brief incubator video overview, which highlighted NABOB’s award announcement, Armstrong also educated audiences on the fund’s key pillars: Business Development, Analytical Capability, and Innovative and Creative Marketing.
“During the first year, the Incubator Fund plans to issue awards to three organizations with the long term goal to seek additional opportunities that reinforce our strategic pillars in a scalable way,” said Armstrong.
First year incubator fund recipients were announced during General Motors’ 2nd Annual Diverse Owned Media Summit and include: The National Association of Black Owned Broadcasters (NABOB), the Black Owned Media Equity and Sustainability Institute (BOMESI), and the National Minority Supplier Development Council.
The General Motors Diverse Owned Incubator Grant is designed to achieve three key goals for NABOB:
- Increase the number of Black owned broadcasters by providing audiences with access to resources and basic knowledge needed to buy a commercial broadcast station.
- Provide additional resources and education for NABOB members to develop digital sales operations and increase digital sales revenue.
- Increase access for black and minority talent within media sales through the NABOB Telecommunications Education & Management Foundation (NABOB Foundation) in partnership with the Media Sales Institute (MSI).
To achieve these goals, NABOB announced the creation of two original video and audio podcast series scheduled to launch in 2023. General Motors will also partner with the NABOB Foundation at the 2023 Media Sales Institute (MSI). Continue reading to learn about new resources coming in 2023!
NABOB President and CEO, Jim Winston, will host How to Buy a Commercial Broadcast Station, a bi-weekly video and audio podcast series featuring station acquisition experts in the fields of policy, law, financing, and more! This podcast is for potential radio & television owners, broadcast radio & television senior management, and successful entrepreneurs looking to diversify. Additionally, this podcast is for anyone working in entry and mid-level positions in the media and advertising industries.
Ashley Smith, NABOB Director of Marketing and Communications will host Digital Sales Strategy for Commercial Broadcasters. This podcast will cover digital sales strategy and digital publishing. NABOB members and audiences will have the opportunity to learn the latest digital news, including trends and monetization strategies from industry leaders within digital marketing, technology, social media, advertising operations, graphic design, content production, video and more! Digital Sales Strategy for Commercial Broadcasters is ideal for digital content teams, social media teams, sales management, and digital sales teams.
Stay tuned for more information!
General Motors Announces Partnership Commitment at 2023 Media Sales Institute (MSI)
While continuing General Motors commitment to increase scale within the marketing and media ecosystem, including diverse talent development, Armstrong also committed to GM’s partnership at the 2023 Media Sales Institute at the Atlanta University Center (AUC).
The Media Sales Institute (MSI), developed by Personal Selling Principles, LLC (PSP) in 1999, is the nation’s leading talent development program for media sales, operations and marketing professionals of diverse backgrounds. The Media Sales Institute has been addressing the challenge of diversity and inclusion within media for over 20 years.
“Building that pipeline with young talent is important and we also want to do that at GM,” Armstrong noted. “We need to do more with those students. We’re going to have to come down and do some sessions and make sure they also learn from a corporate side about marketing and media. So, let’s do some things together with that program.”
To learn more about General Motors “Road to Equity” initiatives for Diverse Owned Media Owners, visit GMRoadToEquity.com!