Latino media powerhouse Cisneros has formed a strategic partnership with Bungalow Media + Entertainment to develop Spanish- and English-language series and content geared toward Hispanic audiences. The two will also work together to identify and channel key strategic relationships, and build advertiser and branded-content partnerships.

Bungalow, a private integrated entertainment and media company recently founded by media and entertainment executive Robert Friedman, will collaborate with Cisneros business units across multiple platforms including television, digital media and live events, working in conjunction with top creative agencies, independent producers, cable networks and global media companies for all regions of the world.

The partnership is an opportunity to find new areas of growth for Cisneros, which reaches nearly 550 million viewers in more than 100 countries with television, digital, music and consumer products focused on the Hispanic and Latin markets in the Americas, Europe and Asia.

“With our successful history in television that spans more than five decades, we have established a brand recognized the world over (for its Latin soap operas and dramatic series); and in keeping with our current business plan focused on an aggressive expansion strategy, we are partnering with one of the industry’s most talented minds and dealmakers to ensure our growth in prime markets with great potential for Latin-bases content,” said Adriana Cisneros, CEO of the company, adding that the two will “assess and exploit all viable business opportunities and ventures in the world of entertainment.”

It’s no secret that Hispanic audiences represent a growth area, with multiple media companies looking to add targeted programming for the sector. “The Spanish and English speaking markets have become key growth components for media companies and talent in the U.S. and abroad,” said Bungalow’s Friedman. “The U.S. Hispanic population has grown almost 50 percent in the last decade and represents avid consumers of both content and consumer products in all forms. As their buying power and influence continues to increase, this partnership creates a great opportunity to deliver great content across platforms including TV, digital, mobile and e-commerce.”

The multiplatform aspect dovetails with a new report on multicultural marketing for mobile advertisers is showing that African Americans and Hispanics overall show tremendous growth in population and spending power — to the tune of more than $2 trillion in 2013.

Accordingly, according to mobile video and rich-media advertising specialist Vdopia’s VMI Multicultural Marketing Report, there has been a 303 percent growth in mobile video and rich-media advertising spending by advertisers targeting African-Americans and Hispanics over the past year. A full 195 percent of that targeted Hispanics alone.

The advertising spending goes along with video and Web consumption habits, of course: 60 percent of Hispanics and 43 percent of African Americans use their mobile phone as their primary device for accessing the Internet, the survey found. One-third of Hispanic smartphone owners belong to households with an annual income of more than $75,000. And, 45 percent of Hispanic and 46 percent of African American smartphone users are between the ideal demographic ages of 18 and 34. In comparison, only 35 percent of Caucasians fall into this category.

"For marketers looking to reach multicultural audiences…diverse consumers often have unique perspectives, allowing marketers to customize campaigns specific to these distinctive ideas and values,” said Saurabh Bhatia, founder and chief business officer at Vdopia.