CBX Daily 9/6/2024

Author

CultureBanx Team
September 06, 2024

Today, Kanye's court clash is helping Adidas stay on track, but let’s start with how the black market share in the sneaker industry remains off the rack…

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Cultural Intelligence Download

The Role Of Black-Owned Sneaker Stores In  A $88 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 pulled in $88.9 billion in 2023, as a result of being boxed out of the sneaker market by traditional establishments.

Kanye Controversy Ends In Courtroom As Adidas Dodges Investor Lawsuit

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Adidas can enjoy a brief sigh of relief as Judge Karin Immergut has agreed to dismiss a lawsuit brought on by investors in a post-Yeezy sneaker universe. For years, rapper Kanye West had been making headlines for his erratic behavior and extreme remarks, ultimately leading Adidas to cut ties in 2022, following his anti-Semitic remarks. Investors claim that they were not effectively warned about West’s behavior before this occurred. The judge however, sided with Adidas, stating that Kanye West had exhibited such behavior for quite some time, and that Adidas did not 'mislead' investors.

Can A.I. Fin-Tech Strategies Close The Racial Wealth Gap?

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Leveraging A.I. driven financial tools has the potential to democratize access to wealth-building strategies and promote economic growth across communities. However, without careful consideration and regulation, these same technologies could exacerbate existing inequalities to closing the racial wealth gap. 

Big Payday For Artists As Meta & Universal Music Group Tackle AI

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Mark Zuckerberg’s Meta Platforms has partnered with Universal Music Group (UMG) to evolve commercial opportunities for its roster of songwriters and artists across Meta's platforms, including Threads, Instagram, Horizon and Messenger. The deal looks to cement both companies’ commitment to protect the work of "human creators" being pillaged by AI to create unauthorized content - a move that strikes a chord with thousands of artists, composers and writers who have raised their major concerns over copyright infringements. 

Hip Hop & ESports Giant $1.8 Billion Epicenter

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There's a growing confidence and interest among Black professionals in pursuing entrepreneurship as a career path. In just four years, 1.6 million businesses have been created in the period between 2020 and 2023. This surge in entrepreneurial spirit is a positive development that can lead to increased representation, innovation, and economic empowerment within the Black community.

Vibes of the Week

Black consumers drive sales in the sneaker industry, but its a "Summer Drop" when it comes to black retailers getting profits according to Cordae and Anderson Paak. Get into it in our CBX Vibes!