Hollywood Loses $10 Billion A Year Over Lack Of Black Representation: Report
The lack of black and brown representation in Hollywood is clear . within the previous couple of years, there has been an enormous push to urge more black talent both behind and ahead of the camera. The push seems to be working, but one study has found that it’s going to not be enough.
The movie and television industries rack up $148 billion a year. However, consulting company McKinsey & Company has found that a scarcity of black-led projects costs the industry $10 billion yearly. The study finds that getting obviate racial inequities in Hollywood could boost overall revenues by 7%. Currently, movies with a black main character or co-star receive production budgets 24% less than budgets for films with a lead carbonate .
The study also found that 87% of TV executives and 92% of movie executives are white. the highest three talent agencies for film and movie are 90% white. The study went even deeper to seek out that within the primary 10 years of labor for the typical actor, black actors get a mean 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, l. a. , the University of Southern California, and Nielsen. The BlackLight Collective, a strong group of black executives and talent, worked with McKinsey researchers to urge this study completed.