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The Business of King James

Urban Marketing Group Staff

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After years of fumbling around with the rebuilding of a franchise in Northeast Ohio, it is now official. LeBron James will be heading to Los Angeles this summer in a four year, $154 million-contract, declining to exercise his $35.6 million player option with the Clevland Cavaliers.

There were indeed legitimate championship contending teams interested in James’ signature. The Philadelphia 76ers needed a superstar who has been there, done that. The Houston Rockets would have immediately become favorites had James joined forces with Chris Paul and James Harden. There were even talks that he could land in Toronto. But the four-time MVP and two-time Olympic gold medalist, at 33 years old, wasn’t going to make this decision lightly. Unlike “The Decision,” it was never going to be purely on a team’s basketball acumen or history.

WHERE THE KING GOES, THE MONEY FOLLOWS

Everywhere he goes, James, along with his billion-dollar body, carries an economic windfall that is parallel to no other athlete. Shortly after James announced his return to Cleveland in 2014, Cavaliers’ ticket sales spiked by more than 100 times, jumping from $25 to a staggering $386. Season tickets sold out within hours, and according to a Cleveland.com report, his return to Ohio resulted in a nine-figure economic boost for downtown Cleveland.

In the wake of his announcement, Lakers season tickets, which were selling for $3,499 each, skyrocketed to $5,800 just 20 minutes after the announcement. One person, according to ESPN Wpaid $188,781, including fees for four season tickets on StubHub. The seats, which are 16 rows up, one section off the center, are for regular-season games and do not include the playoffs. The Lakers preseason tickets, now on sale, have doubled in price to $550 plus fees.

LEBRON JAMES’ BIG ECONOMIC IMPACT:

A 2017 study published by the American Enterprise Institute (AEI) quantified the effects that the 33-year-old forward had in Cleveland with the Cavaliers and his brief stint in Miami when he played for the Heat from 2011 to 2014.

By playing in both cities, the data showed that James’ presence had a huge impact on their local economies by boosting restaurant revenues, ticket sales, and job creation. The number of eateries and bars within the mile of the stadium where he played at the time increased by 13%, with employment within those establishments increasing by 23.5%. While, on the other hand, those numbers dropped when James was not on either team.

Earlier in the year, BLACK ENTERPRISE took a look at the cities that would benefit the most if King James joined their NBA team through a study conducted by FormSwift. Had James joined the Knicks, he would have an estimated $1.7 billion economic impact on the city, bringing the state $1.2 million in tax revenue and over 12,000 new jobs over a five-year period. In comparison, if the NBA star signed with the Brooklyn Nets, the state’s economy would receive about $441 million, 3,334 jobs, and $32 million in state tax revenue. Had he moved to Washington, D.C., he would bring the nation’s capital over $66 million in state tax revenue, 3,200 jobs, and more than $444 million in total local economic impact in five years.

Read more @ Black Enterprise

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Africa

Africa’s enormous potential, abundant opportunities

Urban Marketing Group Staff

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AFTER having the honour of serving my country as a diplomat for more than 30 years – 22 of them in eight different African countries – this week I have the opportunity for the first time to underscore US interests in and commitment to the continent at the United Nations General Assembly.
In dozens of meetings and conversations in New York, I will highlight the importance of a continued and strong US-Africa partnership that prioritises the following goals:
• Promoting stronger trade and commercial ties between the United States and Africa by establishing a level playing field across African markets;
• Harnessing the potential of Africa’s tremendous youth bulge as a force for economic ingenuity and prosperity, which is a counter-narrative to violent extremism and despair;
• Advancing peace and security through robust partnerships with African governments via bilateral and regional mechanisms; and
• Most importantly, reemphasising that the United States has an unwavering commitment to Africa.
Far from being mutually exclusive, these priorities are mutually reinforcing. Our failure or success depends on a “whole of government” approach in working with international partners, civil society, and the large African diaspora in the United States, towards a future which leads to peace, stability and prosperity – now and for future generations across Africa.
My experiences in both diplomacy and academia have convinced me that Africa truly is at a critical crossroads, and the direction it takes in the next few years will have a major impact – for good or ill – not only on the continent, but across the world.
Everyone who follows trends in Africa knows that a demographic sea change is coming between now and 2050, when the continent will double its population to more than two billion and the percentage of Africans younger than 25 years of age will surpass 75 percent. These millions and millions of young Africans will have high aspirations for employment and quality of life – no different than young people anywhere in the world. With the proliferation of social media, African youth have a clear window into the countless possibilities that the world has to offer, but more importantly can compare their own circumstances with those of their peers around the globe.
Africa’s leaders are beginning to understand that their most important challenge is to create meaningful and lasting jobs for their youth. And I plan to do all I can to help, since the United States is the ideal partner for supporting Africans in building and strengthening democratic institutions and the type of business environments which attract investment that foster economic growth.
The fact is that a more prosperous and democratic Africa offers enormous commercial and trade opportunities for the United States. As the global economy becomes increasingly intertwined and Africa represents a larger share of global trade, I firmly believe that American companies can and should have deeper ties to the continent, which can also …Read full story

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Business News

Top US Entrepreneur Talks Championing Diversity

Urban Marketing Group Staff

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DIVERSITY IN business will take centre stage in Birmingham next month as hundreds of leading figures from the world of enterprise gather at the MSDUK Conference & Awards 2018 (25-26 September).

Ahead of the much-anticipated two-day event, U.S born entrepreneur and the first African American Woman to own and operate a billion-dollar company, Janice Bryant Howroyd partners with conference organiser Mayank Shah’s passionate belief in the importance of diversity AND inclusion, which she says can provide substantial benefits to businesses and communities alike.

Bryant Howroyd, who will be delivering a fire-side chat with TV newsreader Krishnan Guru-Murthy at the MSDUK Conference, was the first African American woman to build a billion-dollar (US) business.

She grew up in the deep South during the civil rights movement but overcame many obstacles to become one of the United States’ most successful entrepreneurs. Her company The ActOne Group provides workforce solutions to businesses across the globe, harnessing the innovative potential of a diverse global workforce.

Speaking ahead of the MSDUK event, Bryant Howroyd outlined the various ways in which diversity can benefit businesses and communities. “Profitability is not simply a question of one’s balance sheet. Supply chain diversity can be profitable for local communities. That is hugely important.

“Businesses can expand their horizons and gain access to new markets while providing jobs and careers for more people. I speak from experience when I say that companies can benefit in myriad ways by mining a variety of different perspectives and innovative skill-sets”.

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Business News

Digital African American consumers drive change

Urban Marketing Group Staff

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NEW YORK: Digital savvy African American consumers have embraced technology to such an extent that they are having an unprecedented impact on the economy, culture and wider society, a new study suggests.

According to research firm Nielsen, African Americans participate more than other ethnic groups in the US when it comes to video and audio streaming, gaming and smartphone ownership.

In addition, they over-index against non-Hispanic white Americans for spend per capita on a variety of grocery and non-grocery categories, as well as enjoying learning or reading about technology or electronic products.

The Nielsen report, entitled From Consumers to Creators: The Digital Lives of Black Consumers, forms part of the company’s ongoing Diverse Intelligence Series, which focuses on the digital lives of multicultural consumers.

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