Jay-Z’s New Venture: Depends on the Earning Power of Urban Youth

 
ESSENCE.COM Dec, 16, 2009

While most corporations are scuffling for ways to stay afloat during this economic climate, some risk takers are actually expanding. Hip-hop moguls Jay-Z, otherwise known as Shawn Carter, along with longtime colleague and business exec Steve Stoute recently formed Translation Advertising, a New York City firm that helps corporate America advertise with a multicultural sensibility, according to BusinessWeek.com. Translation Advertising grew out of Translation Consultation & Brand Imaging late last year. Stoute and Carter own 51 percent of the new agency, which currently employs 50 people. Despite the bleak recession, Translation has a strong foundation, built on its connection to one of the most lucrative demographics in the U.S.: educated, urban youth with earning potential. African-American buying power hovers at $1 trillion, according to the University of Georgia’s Selig Center for Economic Growth. BB

 

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