CBX Daily 1/30/2024

Author

Claire Moraa
January 30, 2024

Today banking on black Americans’ spending habits could unlock the billion-dollar door, but let’s start with how Spotify is making sure Afrobeats dominates every dance floor…

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The Spotify Effect On Afrobeats' Global Rise To Prominence

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Spotify's (SPOT +0.05%) strategic foray into Nigeria and subsequent support of the Afrobeats genre has significantly impacted its global perception and reach. Afrobeats has emerged as a dynamic and distinct genre that represents African creativity and talent on a global scale. Even though Spotify officially entered the African market in 2021, it's already a genre to watch out for. In 2022, Nigerian artistes collectively earned a substantial $14 billion solely from Spotify's revenue.

Dip Into The $300 Billion Black American Consumerism Bag

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At 47.8 million strong, African Americans are the second-largest consumer group, presenting businesses with a $300 billion opportunity stake in this community. Despite being 13.4% of the U.S. population, Black households accounted for just under 10% of the nation’s total spending on goods and services in, according to McKinsey. However, if companies interpret this data as proof that there’s little profit in serving Black consumers, they are making a multi-billion mistake.

Will Americans Need $200,000 A Year To Be Financially Comfortable?

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“Financially comfortable,” the meaning is unreachable for many, especially when you consider Americans feel they need more than three times the median U.S. household income of about $71,000 a year to feel financially secure. A Bankrate survey found U.S. citizens want to earn over $200,000 a year to be financially comfortable. Considering the median household income for Black U.S. households in 2021 was $46,400 and more than 450,000 job cuts during the first half of 2023, the expectation of being financially secure feels out of reach for many. 

Dinero Season: Financial Services Targeting Latinos Could Reach $90 Billion

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Latinos are set to propel the financial-services market with a projected $90 billion revenue by 2030. Their significant contribution to the overall entrepreneurial landscape in the United States cannot be ignored. In the last 14 years, Latino-owned businesses have seen a growth rate of 55% in terms of their workforce, while white-owned businesses an 8% growth rate.

Puff Puff Pass As Snoop Reaches A New Business High

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Snoop Dogg, known for his affinity for smoking cannabis, has recently shifted his focus from smoking to sipping. He has invested heavily into this specific industry beginning with Leafs by Snoop in 2015. The iconic rapper and cannabis enthusiast, takes a new step in his journey by partnering with Hill Beverage Co. to introduce hemp-infused beverages to the market dubbed Do It Fluid.

Vibes of the Week

The infectious groove of Ice Spice's “Think U The Shit” has everyone turning up the volume on Afrobeat tunes. Get into it in our CBX Vibes!