Clear Channel Outdoor, a division of Clear Channel Worldwide announced the launch of a Hispanic Marketing Initiative. Pedro (Peter) A. Milian Jr. of Miami, FL, who has been with the company 6 years, has been named Vice-President of Hispanic Business Development. Mr. Milian will oversee the initiative throughout the U.S.
The number of Hispanics in the country has surged nearly 60% since 1990 to 35.3 million, according to recently released Census data. Hispanic buying power is projected to rise from $207.5 billion in 1990 to $452.4 billion by the end of this year. Mr. Milian commented that, "Companies are realizing that one of the best ways to grow their business in the U.S. is to target the Hispanic Market. Clear Channel Outdoor is strategically positioned to help companies increase their market share and build loyalty in this highly brand conscious market segment. Add to that the fact that all Americans are spending more time commuting every day, the combination of radio and outdoor advertising will be necessary in order to reach consumers in a cost-effective manner."