Instead of starting a new label, Jay-Z is seeking a new business venture in advertising field. The rapper has teamed up with fellow entrepreneur Steve Stoute and Interpublic Group to open Translation Advertising that will appeal to multicultural consumers.
"As an artist, you make music," Jay-Z said of his new project. "And if you see people who don't know how to market your music, you get involved in it." The rapper has stepped up as the founder of Roc-A-Fella Records to the President of Def Jam before stepping down from the latter position the end of last year. "You know his story. He came from nothing and turned it into something before our eyes," Stoute said. "He left his day job at Def Jam; he has to do something."
Translation Advertising will focus its target markets on minorities in U.S. such as the African-American, Hispanic and Asian-American that have grown significantly in population throughout the years. According to New York Times, these people made up an estimated $2 trillion in consumer buying power. Stoute referred multicultural consumers as "a very loyal audience if you come to them in the right way - if you speak to them, and not speak down to them."
The new agency is located in New York and owned 49 per cent by Interpublic Group, an ad agency which has been established beforehand. Interpublic bought the youth-oriented brand consulting firm, Translation Consulting + Brand Imaging, that Stoute founded and has been garnering clients like Hewlett-Packard, McDonald's and Reebok.
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