This June has seen a noticeable reduction in corporate support for Pride events, attributed in part to political shifts following Trump's executive order to end diversity programs. A Gravity Research poll indicates that 39% of Fortune 500 and Global 1000 companies will decrease their involvement in Pride-related engagements. NYC Pride reported a significant $750,000 budget shortfall, leading to fewer events and diminished support for local LGBTQIA+ organizations. Additionally, critics argue this corporate participation often amounts to 'rainbow capitalism', prioritizing marketing over genuine support for LGBTQ issues.
NYC Pride is facing a deficit of $750,000, roughly 25% of the event's overall budget, which will impact its usual programming and support for LGBTQIA+ nonprofits.
39% of companies plan to decrease their engagement with Pride-related events, indicating a notable shift in corporate support following recent political changes.
Critics have accused many companies of engaging in rainbow capitalism, using Pride Month as a marketing scheme rather than genuinely supporting LGBTQ issues.
Corporate involvement in Pride skyrocketed after the Supreme Court upheld same-sex marriage rights, leading to an expectation of brand presence at Pride events.
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