There is a $1 trillion Hispanic media market to be claimed in the US in the next few years.
Who’s going to walk away from the table with the largest slice of the pie? As Jeff Berovici and Dorothy Pomerantz wrote for Forbes Magazine dated August 6, 2012, “Hispanics, now underserved by advertisers, will be the most important U.S. growth market through mid century if current trends continue.”
A population growth rate estimated to approximate an increase of 170 percent, will soon result in Latinos making up every one in three American residents with a median age of 27 years old, or the “perfect age” for whom advertisers target. The conclusion of these statistics is obvious: the Hispanic media and consumers are the next goal for any company capable of reading a spreadsheet.
The Top Companies in Television
The big dog in Hispanic television is Univision and has been since its founding in 1962. Now so large as to be an umbrella of television media businesses, it includes Telefutura, Glavision and three new networks already started in the first half of 2012. According to Berovici and Pomerantz’s piece for Forbes Magazine, Univision was the sole television station to broadcast nationally in Spanish for over two decades and now “reaches a staggering 97 percent of Spanish-speaking households.”
A second competitor, more than a couple of laps behind Univision and just in its infancy is MundoFox, another national channel to be broadcast in Spanish. Headed by Herman Lopez, CEO of Fox International Channels, MundoFox hopes to make the surprise splash that FOX did to established network broadcast two decades ago. There is room to grow, despite Univision’s apparent control of the market. Lopez counts on the statistical finding that “Hispanics households watch more TV each week … than the total US household average.”
Finally, earlier this spring, “CNN en Español launched three new shows, Café CNN, CNN Dinero and Conclusiones.”
Hispanic radio, daily newspapers, weekly newspapers and Internet site had begun to launch joint and interrelated ventures to capture wider audiences and gain greater customer loyalty. For instance, one of the largest media marriages to date has been the announced plan between Univision and ABC news, as reported by ABC on August 7th, “for a muliplatform Hispanic news, lifestyle and entertainment programming service.” This style of diversification also seeks to garner the attention of both the younger and the older Hispanic audiences by using their preferred form of interaction.
Hispanic production companies have also come into their own, particularly for Sophia Vergara and her company, even as she holds the distinction of the highest paid actresses on television. Even as she hold this distinction, her company is working on other projects to develop new television shows, series and concerts for a viewing audience soon to be a full third of Americans.