In 2020, this is expected to grow by 6.3% to reach $28.7 billion.
The US Multicultural Media Forecast 2019 report by the Association of National Advertisers (ANA) revealed that despite there being nearly 40% of ethnic minority population in the US, multicultural media spending accounts for only 5.2% of the US marketing industry. In 2018, multicultural ad and marketing spending reached $25.9 billion.
Projections suggest that this is likely to rise 4.5% in 2019 to correspond to a little over $27 billion. It could jump to 6.3% in 2020, and would potentially be $28.7 billion that year.
The report revealed that $18 billion of investment was dedicated to targeting Hispanics, a 5.3% jump from 2018. The African-American population is targeted with media spends amounting to $7.2 billion, and spends targeting Asian Americans totalled $722 million.
[2 minute read; article may be behind a paywall]