CBX Daily 5/19/2024

Author

Majella Mark
May 20, 2024

Today Blacks aren’t afraid to splash on Black-owned sneaker stores, but let’s start with how the Drake vs Kendrick's clash has boosted music sales…

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How Drake vs Kendrick Lamar Feud Boosts Music Revenues? 

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Rap beefs keep artists on their toes and are essential in keeping the HipHop culture alive. In 2007, two big rap stars took the hip-hop beef tradition to lucrative heights. Kanye won by selling 266,000 more albums than 50 Cent that day, totaling over 1.6 million units combined, making the industry over $20 million in one day. The revenue of the U.S. music industry totaled $11.8 billion for the year.

Increasing Dollars To Black-Owned Sneaker Stores In $80 Billion Industry

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Black individuals consistently account for the share of America’s sneaker sales each year. However, Black retailers hardly profit from the industry’s increasing valuation that is expected to pull in revenues of more than $80 billion in 2024, as a result of being boxed out of the sneaker market by traditional establishments.

Microsoft Shuts Down Police Party At The A.I Playground

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We can all agree AI has revolutionized every industry but in the same breath, it has also perpetuated inequalities and prejudices especially in minority communities. One sector that has been hard hit with AI racial biases is law enforcement with at least six known people wrongfully arrested. And it's not just about prejudices, it has the potential to monitor, track, and surveil individuals without their consent. Without clear guidelines and standards, there is an increased risk of misuse, abuse, and infringement of individuals' rights.

Black Consumers Push Companies To Keep The Same Energy On Sociopolitical Issues

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Black consumers want brands to keep the same energy around sociopolitical issues, if they want to capture a larger share of their money. With the combined spending of Black households outpacing the growth rate of white households over the past two decades, at 5% vs. 3% respectively, Black consumers are a growing force to be reckoned with. Critically however, these consumers have shown to be more likely to take action, 58% vs. 50% of the total market, either via speaking out against or becoming a patron of businesses based on their political, social, and/or environmental stances. 

Defining Culture: Why The Epicenter Of Influence Lies With Black Celebrities

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At the epicenter of influence a recent study by Morning Consult revealed that Black consumers are more likely to heed brand advice from Black celebrities, than the public as a whole. While that may not be all too surprising, when analyzing this study’s data, we can learn more about all of the factors that make up true influence. Especially when you consider that 50% of Black consumers trust Black celebrities, athletes & influencers for brand advice.

Vibes of the Week

Drake and Kendrick are willing to die “On This Hill” while boosting the music industry. T-Pain opens up our week with a tune. Get into it in our CBX Vibes!