Hollywood may be leaving a TON of money on the table.
The lack of black and brown representation in Hollywood is obvious. In the last few years, there has been a huge push to get more black talent both behind and in front of the camera. The push seems to be working, but one study has found that it may not be enough.
The movie and TV industries rack up $148 billion a year. However, consulting firm McKinsey & Company has found that a lack of black-led projects costs the industry $10 billion yearly. The study finds that getting rid of racial inequities in Hollywood could boost overall revenues by 7%. Currently, movies with a black main character or co-star receive production budgets 24% lower than budgets for films with a white lead.
The study also found that 87% of TV executives and 92% of movie executives are white. The top three talent agencies for film and movie are 90% white. The study went even deeper to find that within the first 10 years of work for the average actor, black actors get an average of six leading roles while white actors land 10.
The study drew on numbers from 2015 - 2019. The research was completed at the University of California, Los Angeles, the University of Southern California, and Nielsen. The BlackLight Collective, a powerful group of black executives and talent, worked with McKinsey researchers to get this study completed.