Scarlet Fu: For the first time in almost two decades, Essence Magazine is 100% black owned again. The magazine has been a mainstay of African-American culture for almost half a century. And it was recently purchased from Time Inc by Sundial Brand's founder Richelieu Dennis.
The Liberian native said Essence will keep its current executive team, which consists entirely of black women, including Michelle Ebanks the magazine's president. In today's "Walk the Talk," Bloomberg's ongoing conversation about diversity in the workforce, I sat down with Michelle to talk about the magazine's new chapter.
Michelle Ebanks: This is such a moment in history. It's a time of empowerment for women and women of color. So to the extent that there's real clear ownership, you know, clear identity, it just reinforces what's on the minds of women. How are we more in control of our own destiny?
Scarlet Fu: Now, your management team is not only all black, it's all-female. And they have an equity stake in the magazine. So everyone has some money in the game here. It seems like a pretty significant pivot from when Essence was under Time ownership. What areas might you focus on as you get started?
Michelle Ebanks: Well, I mean, that's a wonderful question, because being under Time's ownership, then we were more conforming to Time Inc's strategy and growth agenda. And now, we have the opportunity to really be Essence. And Essence means that, of course, we're in the content business.
We are about her narrative. Her narrative, from her point of view, her aspirations, her challenges, her loves, her desires, her joy. So we will be content, of course, but also a fierce connection to community. We are the community we serve. And that matters in our culture. And this is an opportunity for us to be even more deeply rooted, grounded in that sense of community.
And then, commerce. Today, with technology, commerce is more closely integrated into community and content. So, now we will be able to bring those three C's together under the umbrella of Essence communications.
Scarlet Fu: What are you hearing from your community of women, from your audiences? Do you find there's a greater demand for a specific type of content? Is the audience more engaged or engaged in a different way following the election of President Trump? What have you heard from them?
Michelle Ebanks: There's such drive, focus, excitement on the confidence and the ability to create change, whether it's voting in elections, whether it's electing mayors of cities. We have more black women who are now mayors or mayor elects than ever before.
Whether it's changing the course of congressional races, whether it's moving up in the ranks of corporations or owning your own business, that economic empowerment is also of critical importance to this community of women who are also the CEOs of their households.
Scarlet Fu: Now, advertising in the print magazine industry has been one of deterioration over the past decade. This is something that's not going to change either with a laser focus on your community. What are you doing to mitigate the impact of that trend? Because even though your audience is very loyal and they have certain stories they want to see and they're getting that from you, the overall trend is still pretty discouraging.
Michelle Ebanks: It is discouraging. But never let a crisis go to waste. We're optimistic. Our independence now, is a critical change. We are able to work even more closely with our advertising partners. Advertisers, corporations, they see themselves as a part of strengthening our social and economic fabric of communities. And they see Essence as an independent company as even more of a partner.
Scarlet Fu: Time Inc, your previous owner in 2015, said the Annual Essence Festival, which is held every July 4th, in New Orleans was more profitable than the magazine itself. Talk about the distinction of this festival. How do you put it together? What are their priorities? What informs the lineup that you put together annually?
Michelle Ebanks: We work with our editorial team, with our marketing team. We're talking about who they want to hear, the music that they're loving now that's motivating them, that's making them happy. And then, that's who we reach out to. That's who we want to see on the stage.
We are her. And it's very much that collaboration, that meritocracy within the organization, where everyone has input. How do we make it exciting? How do we make it special? Women plan all year to be a part of this Essence Festival. So we want to make it truly a memorable experience for them.