Pantone has had an officially designated color of the year since 2000, or nearly a quarter of a century. Each of those annual colors received support with inspirational color palettes and associated products, as shown in the Pantone Marketplace.
Since Pantone perceives color as a form of language and communication, their color of the year sets the tone for 365 days with regards to how Pantone approaches target audiences such as photographers, graphic artists, beauty products, home decoration and design, industrial design, and many others. Pantone is de facto the official guide to color usage in all industries, and the color of the year gets extra attention from professionals everywhere.
For Viva Magenta, its importance lies in offering an alternative to the traditional red shades products refer to and usually end up employing. The new shade and the attention given to it may help refresh offerings available to professionals and consumers. The Pantone Color Institute hopes that by designating an annual color they may encourage new ways of communication with color.