The article highlights the challenges faced by Black-owned media startups in securing funding and achieving success in the publishing industry. Despite the growing demand for diverse perspectives and voices, Black-owned publications continue to struggle to access capital and resources. Here are some key points from the article:
- Lack of representation: Only 4% of media is owned by Black individuals, and even fewer receive funding.
- Revenue vs. Venture Capital: The author suggests that revenue, rather than venture capital, is more helpful to Black publishers, as it allows them to charge more for advertising and maintain control over their content.
- Deal flow: Advertisers need access to the audiences of Black-owned publications, making deal flow a crucial factor in their success.
- Networking: The article emphasizes the importance of networking among Black media professionals, who can share insights, strategies, and resources to advocate for more equitable deal terms and visibility in the industry.
- Rule breakers needed: The author notes that it’s disappointing that Black individuals are rarely allowed to be rule-breakers, outliers, or risk-takers in the publishing industry.
To address these challenges, the article suggests that:
- More funding is needed: There should be more money available for Black-owned media startups.
- More players are needed: More participants are required in the ecosystem to create opportunities and increase visibility for Black-owned publications.
- More chances are needed: Black media professionals need more opportunities to break into the industry and achieve success.
- Change is necessary: The industry needs to change its approach to funding, hiring, and promoting Black individuals.
Overall, the article highlights the pressing need for greater representation, resources, and opportunities for Black-owned media startups in the publishing industry.