MJ Day, Editor-in-Chief of Sports Illustrated Swimsuit, joins Yahoo Finance's A Time For Change to discuss Sports Illustrated Swimsuit's 'Pay With Change' initiative to help drive gender and racial equity forward.

Video Transcript

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MARQUISE FRANCIS: Marquise Francis. Welcome to "A Time for Change." I'm Marquise Francis here with Alexis Christoforous. There's a new business model in the magazine publishing world. After 58 years, "Sports Illustrated Swimsuit Edition" announced that it will accept advertising only from companies with a proven commitment to gender equality. We'll hear from the editor-in-chief in just a moment. But, first, let's take a look and quick listen to how "Sports Illustrated" is positioning this new program called Pay With Change.

- Introducing Pay with Change. We're turning our ad space into a place that creates change for women. And all brands making progress can buy in, because if we're not moving women forward, we're holding them back. Our goal-- change the cost of doing business from dollar amount to the currency of doing good.

ALEXIS CHRISTOFOROUS: Well, I had the chance to speak with editor-in-chief MJ Day recently about why the magazine is making this change and what it stands to gain and perhaps lose.

MJ DAY: So Pay With Change is our new advertising mandate. And that means we will only be allowing brands who help drive gender equity forward to be featured in the magazine's annual print issue as well as across our entire digital platform. So it's a very exciting moment in time for us because I feel like it really brings the "Sports Illustrated" brand messaging ethos, you know, into a 360 purview, because we've been perpetuating and really, like, celebrating the ideology of being-- using our power for good across all of our editorial platforms.

And now, really, the entire brand threads throughout the entire thing. You know, we're gonna be encouraging people to think that way about themselves, about what they can do for, you know, women empowerment, what they can do and put out there into the universe, you know, to be better, you know, and to do better. So we're really, really excited.

ALEXIS CHRISTOFOROUS: But, you know, advertising goes right to the bottom line of the publication. And I'm curious what "Sports Illustrated Swimsuit" stands to risk or stands to possibly lose with this new mandate.

MJ DAY: Yeah, I mean, you know, listen, we're excited today to announce the launch of it. We don't know what that means and how this will translate. We do believe that this will be a revolutionary kind of industry change and shift.

And, you know, any progress is good progress when you're speaking around, you know, women empowerment. And I think that it will take time. And we're not afraid of that, and we're committed to that. And I think the end game, we're all winning, you know.

ALEXIS CHRISTOFOROUS: So, MJ, talk to me a little bit about the standards you're using to calculate whether a brand is driving gender equality forward, as you put it. And how do you plan to keep these brands and these companies accountable?

MJ DAY: They have to prove that they are moving the conversation forward for gender equity. And that either can mean that it's a well-established program that's in place, or that can mean that they are, you know, creating and providing opportunities, you know, starting today. We know that these types of things take time, and we know that progress isn't perfect. And we know that, you know, sometimes, we just need to take the leap and make a change and decide to make a change. And so that's what we're supporting now.

But I think it's an evolution within itself. You know, I think a lot of people are gonna bring ideas to us about what that means. And so it's one of encouragement and support and effort. And what we want to see is proof of that progress.

ALEXIS CHRISTOFOROUS: Now, I know the "Sports Illustrated Swimsuit Edition" is out in May. So you have a few months to go. I'm not sure if you already have advertisers locked in and if they've been made aware of this initiative yet. But do you anticipate, or have you gotten any pushback at all from advertisers? And, sort of on the flip side of that, have you gotten some new, unexpected advertisers out of this?

MJ DAY: I say with great excitement that the response has been overwhelming. People are really excited about this initiative. It's only been positive, and I'm really-- I'm proud of the type of partners that we're attracting because, you know, you see the likemindedness in this effort. And it's thrilling because I think the world and the industry has sort of been waiting for this moment. And I'm excited to be able to host it here, you know.

ALEXIS CHRISTOFOROUS: You know, MJ, I'm sure I'm not telling you anything new. You've seen the critics over the years. You've been with "Sports Illustrated Swimsuit," by the way, for pretty much your entire career and worked your way up to editor-in-chief. So there are the critics out there who see the swimsuit edition as exploiting women and their bodies. What would you say to those who call this Pay With Change initiative ironic or maybe even hypocritical?

MJ DAY: I would tell them that they haven't been paying attention. And I would tell them that since the inception of, really, the "Sports Illustrated Swimsuit Issue," you know, we've been doing more than almost any other, you know, brand out there in terms of elevating women's platforms and giving them opportunities to be more than just, you know, a, dot dot dot, swimsuit model. It has been at the forefront of everything that we have been doing since my tenure at the helm of the brand.

It's purposeful change. It is authentic and heartfelt change. And I would tell them that-- not to judge a book, necessarily, by its cover. And apply that to how you feel about women in general, because you cannot make assumptions, you know, in the first glance of something. And this is what we're battling against, too, with this. We want to allow women and brands to be seen holistically and not just instantly categorized because of the first experience you've had with them.

ALEXIS CHRISTOFOROUS: I think you have a unique perspective, you know, being in the role as editor-in-chief of "Sports Illustrated Swimsuit" since 2014, but you've been with the brand since 1998. So talk to us a little bit about how you've seen the narrative change around diversity and inclusivity at the publication.

MJ DAY: When I came to be the editor in charge of the brand, that was my only initiative was to have that conversation here and to pursue that. As a woman, you know, at the time, as a 30-something-year-old woman who was never really anything smaller than a size 12, you know, I knew what we, as women, kind of were subject to by not having representation around us in mainstream media. And I also knew that the ideals of beauty were very, very subjective.

And so, for me, specifically, I felt it was a great responsibility, possessing the power that this brand does, to be as inclusive and as representative as we could be. I do have a very unique perspective, and it is very much a personal passion of mine. And I do think we can take this over into the publishing side of things as well and make a great deal of change there because, you know, the more good we can do with this power, and the more brands we can encourage to do the same, the better this industry and this landscape will be, not just for business but just for everyone, so.

ALEXIS CHRISTOFOROUS: I know that last summer, you had that pioneering photoshoot with trans model Lena Bloom. What was public response to that, viewership response to that, and also advertising response to that?

MJ DAY: I mean, I think, universally, the world stood up and just gave Lena and our brand a long slow clap because it's long overdue, you know, that recognition and inclusion of that nature, you know, has been celebrated. And we've had nothing but support for Lena, for that beautiful cover, for that conversation. And, you, know, Lena and Valentina Sampaio, very much a part of this brand and this family, and I'm just-- I'm so, so happy with the reaction and the support that has been shown to us and them.

ALEXIS CHRISTOFOROUS: Tell us briefly what this gender equity fund at "Sports Illustrated Swimsuit" is about. What types of organizations stand to benefit from it?

MJ DAY: So "SI Swimsuit" will create the gender equity fund. And that's where a percentage of the total of 2022 ad dollars will go towards funding women's equity and advancement. And, essentially, we're putting our money where our mouth is. And we'll be working with multiple brands that, you know, support and promote progress for women.

ALEXIS CHRISTOFOROUS: And, finally-- I know we said earlier it's a few months away still, that May issue. But I know you are fast at work. What can we expect? Any surprises, anything that you can sort of reveal to us, in this swimsuit edition?

MJ DAY: Alexis, so many surprises. I mean, I think it's gonna be a really-- I think it's gonna be a beautiful issue. I think it's gonna be a really unique issue. I think people are gonna walk away from this year feeling just as inspired and as excited and surprised as ever. And I think a lot of people are gonna see themselves in a lot of different ways in this issue.

ALEXIS CHRISTOFOROUS: And, again, that "Sports Illustrated Swimsuit Edition" is due out in May. We'll, of course, be watching to see how that new ad program is put into practice.