By Roman Wolfe
Jay-Z has been named chairman of Translation Advertising, a new advertising agency that is part of Steve Stoute's Translation Consultation and Brand Imaging.
According to
The New York Times, Jay-Z will help direct the agency's efforts to connect advertisers to a newer, younger, demographic.
"As an artist, you make music," Jay-Z told The New York Times. “And if you see people who don’t know how to market your music, you get involved in it."
Stoute and Jay-Z jointly own 51% of the company, while Translation's parent company, the Interpublic Group of Companies owns the other 49%.
Interpublic is the third-largest advertising agency. Just last year, Stoute sold the company to Interpublic for almost $15 million dollars.
According data released by Nielsen Company last week, advertising spending on media outlets that reach multicultural consumers in America totaled $2.3 billion last year.
The greatest amount of spending was on African American targeted media at $805 million dollars, comprising 35% percent of total spending.
Jay-Z will take over as chairman immediately and the company is expected to announce their first clients later this month.