Nearly three years after advertisers and agencies pledged to diversify their spending to support Black-owned media companies, there remains a shortfall in the amount of money actually making it to Black-owned media businesses.

“We’ve definitely seen movement and momentum. But without question, I think that they have fallen very short from the promises that they’ve made. And even this year, with all the talk about the recession and with all of the cuts, I think even their desire to deliver on those commitments are even smaller,” said Detavio Samuels, CEO of Revolt on the latest episode of the Digiday Podcast.

As a Black-owned media company that was founded by Sean Combs and operates a TV network as well as streaming and digital properties, Revolt has worked to address one of advertisers’ top complaints: “That there was not enough inventory in Black-owned media in order to deliver against the commitments,” Samuels said. Among those efforts have been Revolt’s launches of free, ad-supported streaming TV channels across services including most recently Vizio’s WatchFree+.

“There are thousands of FAST channels that exist today. But when you look at those FAST channels, most of the platforms that have FAST channels have somewhere between zero to maybe two Black content-focused channels. And so we see that as a massive opportunity,” Samuels said.

Despite advertisers’ DE&I shortcomings and the overall shrinking of the traditional TV business, Revolt’s revenues have continued to grow, and its digital revenue has surpassed its linear TV revenue despite the latter revenue stream continuing to grow.

“Now our digital revenue is much larger than our linear revenue. Over the last few years, we’ve seen our digital revenue growth about 9x to 10x, whereas our linear revenue has probably grown closer to 4x to 5x. And so streaming and digital is without question the biggest portion of our business right now,” Samuels said.