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Is Black news VC backable? on July 30, 2023 at 5:00 pm

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Lately I’ve been thinking about media publishing startups (think Semafor and Puck) and their fundraising rounds.

Semafor recently raised a $44 million seed round, and Puck raised a $7 million Series A in 2021. The Messenger, among the newest in the industry, recently raised $50 million. Publishing media jobs are uncertain, pushing those with an entrepreneurial spirit to start their own companies, giving them more ownership over their work. But compare their experience to that of Dana Amihere, who is still trying to find support and funding for her news media startup.

She launched AfroLA News in 2022 to cover the Black community in Los Angeles. So far, she won’t even touch venture capital. The outlook is bleak for people who look like her, she said. People in the startup world keep telling her things are getting better, but “Who are things improving for?” she asked.

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“Knowing what the landscape looks like, it almost feels more worthwhile to dedicate the limited time I do have to other things,” she told TechCrunch+. “I don’t think backing Black news outlets is seen as inherently risky. Rather, I think it’s not seen [at all]. Investors don’t see it as a viable or worthwhile investment unless it’s splashy or fits their idea of what Black news should be.”

Part of the problem is that the pool of investors who like investing in media, specifically publishing, is already small. The industry is risky, and not in the startup sense where one might strike big returns one day. Last year the media sector raised a healthy $15 billion, according to PitchBook; within that, publishing raised just $298 million.

Charles Hudson, a managing partner at Precursor Ventures who invests in new media, said that the funding landscape for most media companies, B2B or B2C, is limited when it comes to venture. “What dollars do get invested tend to go to categories that feel big, like national news, industry-specific vertical pubs like Skift or The Information or B2B media companies,” he told TechCrunch+.

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​ Several Black media publishing founders and investors said that raising funds for a publishing startup was already very hard, and those who raise tend to be the elite within the elite. 

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Business

TikTok Sues US Gov’t

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TikTok is suing the US government to stop the enforcement of a bill that seeks to force the app’s Chinese owner to sell the app or face a ban. The lawsuit argues that the bill violates constitutional protections of free speech and is an “unprecedented violation” of the First Amendment.

Visit of Shou Zi Chew, CEO of TikTok, to the European Commission

Background

  • The bill, the Protecting Americans from Foreign Adversary Controlled Applications Act, was passed last month.
  • The lawsuit was filed in the US Circuit Court of Appeals for Washington, DC.
  • TikTok argues that the bill is a permanent, nationwide ban on a single speech platform and restricts free speech without sufficient reason.

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Government Response

  • The Department of Justice has not commented on the lawsuit.
  • A White House spokesperson directed a request for comment to the Justice Department.
  • John Moolenaar, chairman of the House Select Committee on the Chinese Communist Party, stated that TikTok poses a grave risk to national security and the American people.

Legal Proceedings

  • The lawsuit is expected to add to an already lengthy timeline for a potential ban or sale of the app.
  • ByteDance, TikTok’s Chinese owner, already had over a year to make a move, and legal proceedings will pause the timeline, meaning it could be years before a ban goes into effect.

TikTok’s Efforts

  • TikTok has made efforts to assure the public and US officials that it takes data security seriously.
  • In 2022, the company started “Project Texas,” a move meant to provide data security and transparency around the information the app collects about US users.

Conclusion

  • The lawsuit states that Congress has not offered any evidence suggesting that TikTok poses data security risks or foreign propaganda spread that could justify the law.
  • TikTok claims the law violates the right to due process under the Fifth Amendment and is an unconstitutional bill of attainder.

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Universal Music Group & TikTok Partner in New Licensing Agreement

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In a monumental move, Universal Music Group (UMG) and TikTok have announced a pioneering licensing agreement that will transform the music landscape. This historic deal unites UMG’s vast music catalog with TikTok’s massive user base, unlocking unprecedented opportunities for artists, songwriters, and fans worldwide.

Visit of Shou Zi Chew, CEO of TikTok, to the European Commission

A New Era for Music Consumption and Monetization

The agreement marks a significant milestone in the UMG-TikTok relationship, allowing users to once again create videos featuring music from global superstars and emerging talent. The deal also paves the way for innovative monetization opportunities, with TikTok investing in artist-centric tools and campaigns to support UMG artists across genres and territories globally.
A Shared Commitment to Valuing Music and Creativity
Sir Lucian Grainge, Chairman and CEO of UMG, and Shou Chew, CEO of TikTok, hailed the agreement as a “new chapter” in their partnership, built on a shared commitment to promoting the value of music, human artistry, and the welfare of the creative community.

Sir Lucian Grainge, Chairman and CEO of UMG on the left of the photo.

Addressing Generative AI Concerns
The deal also tackles concerns around generative AI, with TikTok committing to work with UMG to ensure that AI development in the music industry protects human creativity and the economics that flow to artists and songwriters.
Deeper Connections and Responsible AI Development
Ole Obermann, TikTok’s Global Head of Music Business Development, emphasized that the agreement will “create deeper connections between artists, creators, and fans” and ensure that AI tools are developed responsibly to enable a new era of musical creativity and fan engagement.
Transformational Partnerships and Advancements
Michael Nash, Chief Digital Officer and EVP of UMG, welcomed the renewed relationship with TikTok, citing the potential for “transformational partnerships” and “significant advancements” in commercial and marketing opportunities, as well as protections for UMG’s industry-leading roster.
A Win for the Music Industry
This groundbreakingagreement is a major victory for the music industry, which has long sought to strike a balance between promoting artistic creativity and protecting the rights of artists and songwriters in the digital age. With UMG and TikTok working together, the possibilities for innovation and growth are endless, and fans can look forward to enjoying music from their favorite artists in new and exciting ways.
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House of Lords to Host Nigerian Innovators

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Clean Cyclers, alongside Sustainability Unscripted and other sustainability partners, is gearing up to host the 3rd Edition of the Global Sustainability Summit in the United Kingdom. Scheduled for March 28 – 29, 2024, at the prestigious House of Lords in the Palace of Westminster, the summit aims to raise awareness, promote collaboration across disciplines, tackle global challenges with local solutions, and advocate for social equity.

Canon Otto, the organizer and founder of Clean Cyclers, emphasized the summit’s commitment to inclusivity, prioritizing climate action, environmental stewardship, and identifying policy pathways for sustainable development. Under the theme “Advancing Sustainability, a Journey Towards a Greener Future,” the summit will gather leading visionaries, experts, innovators, and change-makers from global corporations, organizations, and government agencies to brainstorm strategies for adopting the 2030 Sustainable Development Goals.

Sustainability Businessman Otton Canon

The summit will feature panel sessions addressing urgent topics such as climate action, circular economy, renewable energy revolution, sustainable cities, biodiversity conservation, green finance, sustainable agriculture, and climate justice. Additionally, it will recognize and celebrate companies, governments, organizations, and individuals demonstrating commitment to sustainability through practical initiatives and the realization of short-term objectives and long-term goals.

In a statement, the organizers highlighted the broad spectrum of sustainability practices, policies, and innovations aimed at mitigating climate change, conserving biodiversity, protecting natural resources, and promoting social equity. The theme “Advancing Sustainability” underscores the need for a shift from short-term exploitative approaches to long-term regenerative ones, reflecting humanity’s ability to learn, adapt, and innovate.

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The summit aims to foster knowledge exchange, collaboration, and actionable solutions over two days of physical gathering at the House of Parliament in London. Participants will explore diverse perspectives, share knowledge, and work together to shape strategies that drive meaningful change and accelerate progress towards a sustainable future.

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