TL;DR:
- AdTheorent and Hero Media have partnered to launch Hero One, the first ML-Powered Black-owned DSP in programmatic advertising.
- Hero One aims to leverage cutting-edge technology to enhance audience targeting and media buying.
- Despite the immense Black spending power of $1.6 trillion in 2023, 60% of consumers from diverse groups feel “invisible or underrepresented” in ads.
- The partnership combines Hero Media’s Black-owned media network and data with AdTheorent’s machine learning media buying platform.
- The goal is to go beyond assumptions-based retargeting and promote greater equity in diverse-owned media brands in the advertising space.
Main AI News:
AdTheorent, a pioneer in machine-learning solutions, has teamed up with Hero Media, a tech powerhouse, to introduce Hero One, the inaugural ML-Powered Black-owned DSP in the realm of programmatic advertising. This groundbreaking collaboration seeks to harness state-of-the-art technology to supercharge audience development and media procurement.
This strategic move holds profound significance, considering that numerous enterprises still grapple with the challenge of effectively reaching their target audiences without inadvertently making minority consumers feel marginalized by advertisements.
In 2023, the collective spending power of the Black community reached an astonishing $1.6 trillion. Nevertheless, a staggering 60% of consumers belonging to diverse demographic groups expressed sentiments of feeling “invisible or underrepresented” in advertising, as revealed by a survey conducted by the Alliance for Inclusive and Multicultural Marketing.
Jim Lawson, CEO of AdTheorent, expressed his enthusiasm about the partnership with Hero Media, stating, “AdTheorent is thrilled to collaborate with Hero Media in ushering in the era of the first ML-Powered Black-owned DSP. This groundbreaking initiative will empower advertisers to target and engage diverse audiences at an unprecedented scale. By combining Hero Media’s extensive Black-owned media network and data resources with AdTheorent’s award-winning machine learning media buying platform and algorithmic audience creation solutions, we are poised to elevate multicultural programmatic advertising beyond conventional assumptions-based retargeting.”
Joe Anthony, Founder and Chairman of Hero Media, emphasized the pressing need for greater equity and representation, stating, “Black and diverse-owned media companies currently receive only a fraction of the more than $300 billion spent annually on advertising in the United States. As brands increasingly shift towards audience and data-driven targeting strategies, the impact on diverse-owned media becomes even more pronounced. The AdTech landscape lacks diversity in ownership, and with the growing investment in programmatic advertising, it becomes imperative that we establish greater equity in the platforms determining the allocation of resources to Black and diverse-owned media brands. This is the driving force behind the launch of Hero One.“
Conclusion:
The introduction of Hero One marks a significant milestone in the programmatic advertising landscape. By addressing the underrepresentation of diverse audiences and focusing on equitable distribution of advertising resources, this collaboration between AdTheorent and Hero Media has the potential to reshape the market and drive innovation in reaching multicultural audiences.
