By Tomás Custer
With the recent announcement that another Spanish-language TV network is launching (MundoFox). I thought it pertinent to take a look at the other side of the coin, the seemingly forgotten English-language Latino media.
[caption id="attachment_15418" align="alignleft" width="240" caption="(Source: New America Media 2009)"][/caption]
In case you didn't know, the English-language Hispanic media arena has heated up a lot. New media sites and many independent ventures have entered the field in just the last 20 months. However, I am not talking about just any media companies jumping in. I am, in fact, talking about some of the largest media companies in our country.
NBC, the HuffingtonPost, FOX and Univision don't spend resources entering a market because they think it isn't attractive. They know, what I hope is not a secret to you, that English-language Latinos represent a large market that is growing fast. In other words, they know what they are getting into and competing for, a big slice of the future pie.
Right now, roughly two-thirds of Latinos in the US ( 30+ million) are either English dominant or bilingual. If all the 50+ million Hispanics have about $1 trillion ($1,000,000,000,000) in spending power then the 30 million must have somewhere around $600 billion ($600,000,000,000) in spending power.
Today 25% or 1 out of every 4 children is Latino in the US. Can you imagine a demographic tsunami?
It can't be stopped and it is coming straight at you and your organization. That is exactly what our country is experiencing right now and in the future. Hispanics are only becoming a larger slice of this future pie. Over 1 million Hispanics are being born in the US every year. The Latino population is predicted to rise to 128 million in 2050 accounting for 29% of the US population. That is one big slice of pie.
These big media companies aren't alone. At least six other independent sites have joined in to cater to this growing and previously ignored demographic and that is only if you don't count the social media movement called Latism.
Of course, let us not forget the pioneers in the field of English-language Hispanic news. HispanicTips (my site) is still here and evolving. Latina Lista has recently redesigned and as always is producing great relevant content. (Again, if I forgot anyone let me know.)
All of these sites are competing for eyeballs. All have approached the market in slightly different ways. I have my own opinions about each but one cannot deny they are here, just as one cannot deny why. The numbers don't lie. So while there are days when it can feel like an echo chamber because of all the duplication, I am very happy that a lot of good relevant content is being produced everyday.
When I began HispanicTips over six years ago, I really had to search long and hard to find much relevant news. It was spread out across the web and not always easy to find. That is why I started HispanicTips. Fast forward to today and there is a lot more relevant news.
Now instead of scarcity the opposite is the problem. There is now so much news, how can anyone know what to read or who to trust? Luckily for you and me, the art of digital curation evolved to address this exact problem. With my expertise and experience in both curation and Latino news, HispanicTips continues to be a premier news service. It is trusted and comprehensive. But I am not really here to talk about myself or this site.
I really just want to highlight how far we have come in the English-language Hispanic news genre. The market is huge and I want everyone to know how big it is and that there is a lot of money associated with the demographic. I want every business and organization to realize how much is at stake and that if you don't have plans on how to cater to this market then you had better start.
What happens to companies who don't get into this market early enough or who don't approach it with quality?
These are the big questions but if you look at the numbers and what entities have already entered the field then you really should open your eyes, gauge the impact this will have on your organization and then perhaps even take action.
From: hispaniconlinemarketing.com – “the competition to reach online Hispanics in English will heat up as a result of the following market dynamics.
There are not that many players
There is no clear leader
Low barriers to entry provided by social media” – (I am not so sure I agree with this one. NBCLatino has 8 people working on their site. That isn’t cheap.)
“The ad dollars associated with the upcoming election” – (as one of the few Hispanic news website in English back in 2008 I can tell you I saw only a small spike in ad revenue – most of the money went to Spanish-language media)
The importance of the Latino vote
DL Podcast: Q&A with Chris Peña, Executive Editor of NBC Latino – Is an interesting interview