Pitbull: Rappers Empire Grows as Companies Woo Latino Consumers

I can’t resist a Pitbull article, but this is really great:

Accordingly, Pitbull is rich. Estimates of his wealth range from $10 million to $20 million, most of that coming from endorsement deals with huge American companies. Corporations have decided that he’s the answer to landing Latino customers. In 2012 the Latino population in the U.S. was 53 million, a 50 percent increase from 2000, according to the Pew Research Center. Latinos now account for 17 percent of the U.S. population and collectively spend more than $1.3 trillion each year, according to Nielsen NLSN. In the past month, brands such as Hyundai, ESPN DIS, and Corona have unveiled national ads entirely or partly in Spanish. Colombian actress Sofia Vergara is now one of America’s best-paid endorsers, with high-profile deals with Kmart SHLD, Diet Pepsi PEP, and CoverGirl PG. Singer Shakira, also from Colombia, appears in ads for Dannon, Pepsi, and T-Mobile TMUS, and just signed a deal with Oral-B and Crest. Actresses Eva Longoria and Jessica Alba star in far more commercials than their middling careers suggest they should. Companies are scrambling to win this demographic, and Pitbull is eager to help them.

via Businessweek.

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