Honoring Culture in Latin Entertainment

Historically, the Latino community has been underrepresented on the big screen.

A study conducted by the USC Annenberg Inclusion Initiative examined 1,300 popular U.S. films from 2007 to 2019. It found that only 5% of the characters in the films identified as Latino or Hispanic.

Yet, despite these discouraging statistics, recent explosive growth in the Latin entertainment industry shows that consumers are more ready than ever to embrace inclusive, representative media and entertainment.

 

The Latin Music Industry Is Rapidly Growing

According to the Recording Industry Association of America, revenue in the Latin music industry grew 37% in the first half of 2021. Tracking this growth has been possible thanks in part to the rise of music streaming platforms.

Leila Cobo, vice president and Latin industry lead for Billboard, explained this in an interview. “Prior to streaming, we really couldn't quantify properly the value of Latin music, and the Latin music consumer, and how much the music was consumed," she said.

Rodrigo Nieto-Galvis, vice president and team lead at CN Bank¹ in Miami, noted that the once-niche Latin music market is now reaching a wider audience. He and the bank's Latin Entertainment Banking team work to meet the unique needs of this industry. 

“During the last seven years, the market of Latin music has moved from targeting some Latin countries and U.S. Hispanic populations to becoming a worldwide movement," Nieto-Galvis said.

 

Working With the Industry Means Developing Relationships

One way to help the Latin music industry continue to grow is by providing the financial services it needs to do so.

Ana Perez, a vice president and senior relationship manager at City National, works on developing meaningful relationships within the industry.

"Our team leader of Entertainment Banking, Denise Colletta, introduced me to her client at the Latin Grammys," said Perez. “They grew fond of City National Bank's work in the Latin Entertainment space and found it especially refreshing that we've had an invested interest in Latin entertainment."

Sponsoring events like the Latin Grammys is the bank's way of showing support for the industry. Perez is excited for the 2022 Latin Grammys. She's looking forward to celebrating the Leading Ladies in Entertainment – an annual recognition from The Latin Recording Academy that honors women who made significant contributions within the arts and entertainment fields.

 

Serving Culture & Community

Philip Sánchez, a vice president and senior relationship manager at City National, knows that understanding the diversity within the Latino community allows for a stronger connection.

“I know the culture and the language and, maybe more importantly, I can relate to them and their style and needs," said Sánchez. “I am my mother's son. I was born and raised in the projects, my mother was undocumented, and I sold flowers on the side of the freeway until I was 19."

Sánchez is not afraid to talk about who he is and where he comes from. “There is no shame in my background. I am not a banker, I am a City National banker — and that makes a difference."

Sánchez takes his experience and uses it as motivation to give back to his community. He is involved with Reading is The way up®, City National's K-12 educational literacy program, and many other community activities — including beautifying underserved schools, funding young scholars, teaching financial education to kids and Spanish-speaking adults, and teaching undocumented women about their rights.

Sánchez believes that being a good banker also means making a commitment to bettering your community. “We want to help small businesses grow and provide them with the necessary education to put them on a path to success," he said. “Giving back to the community is not only rewarding, it's the right thing to do."