See what happens when you do clownery??? You lose BILLIONS of dollars.
A new study is revealing some unsurprising but still troubling news; Hollywood has been essentially shooting itself in the financial foot with its sordid history of racial inequality By undervaluing Black-led projects and giving them the Mutumbo finger. When it comes to funding, Hollywood loses $10 BILLION in annual revenues. That’s BILLION with a capital B.
But…but…”Black projects don’t make money!” “Black stories don’t appeal to audiences!” F.O.H. with that clearly false narrative.
The news comes from an extensive and very impressive McKinsey & Company study.
The company dug deep and analyzed “the entire film and TV ecosystem” ranging from studios, streaming companies, and distributors to off-screen writers, agents, and crew members. The data was pulled from more than 2,000 films, interviews with Hollywood professionals kept anonymous so they wouldn’t have to fear retribution, and via research done in collaboration with the BlackLight Collective coalition made up of Black leaders, artists, and executives in the film and TV industry.
The study showed that while Hollywood already makes $148 billion each year in revenues if it could just get over its damn racial inequality, it would make billions more. Additionally, the study showed that Black creatives “above the line” who are creators, producers, writers, and directors are often tasked with making way for their talented Black peers who wouldn’t get a look otherwise.
The study notes that they’re, “primarily responsible for providing opportunities for other Black off-screen talent. “Unless at least one senior member of a production is Black, Black talent is largely shut out of those critical roles.”
Unsurprising of course but still unacceptable that Black people have to be “primarily responsible” for our brothers and sisters because people are so blinded by Blackness they won’t ever offer us a fair shot.
Other standouts from the study include a portion on emerging Black actors who often are shut out of leading roles unlike their white peers, and “40 specific pain points” that Black professionals in film and TV regularly encounter during their rise in the Hollywood scene.
This Hollywood racial inequity study from McKinsey & Company is truly something. We highly recommend you read it for yourself, HERE.