A new study released by McKinsey & Company reveals that Hollywood loses $10 billion in profit annually by choosing to undervalue Black-led projects. Over the years, more and more members of the entertainment industry have rallied for greater inclusivity in Hollywood, pointing out that the erasure of Black media mutes the multifaceted perspectives within pop culture. Many actors have similarly shared experiences of sustained discrimination and racist mistreatment while a part of the entertainment workforce.
Most recently, the 2021 Golden Globes Awards experienced intense backlash after the Hollywood Foreign Press Association (HFPA) overlooked multiple films and television created by and starring Black performers. Cited as a particularly egregious oversight, both viewers and critics criticized the lack of nominations for the critically acclaimed series, I May Destroy You, featuring and written by Michaela Coel. Described as a highly innovative and focused feat of storytelling, its Golden Globes snub sparked a greater conversation about the persistent whitewashing that takes place in Hollywood. Condemnation only increased after it was revealed that all 87 members of the HFPA are white. In response, the HFPA promised to diversify its industry body.
According to Deadline, McKinsey & Company’s study, the first of its kind to offer an integrated look of the film and TV industry, discovered that Hollywood could earn an extra $10 billion yearly by addressing and dismantling the structural racism that pervades its overall environment. To acquire its data, the company analyzed more than 2,000 films, as well as interviewed professional writers, actors, directors, and producers. For the study, the company also partnered with the BlackLight Collective, a coalition of Black artists and executives in the media business. The research demonstrated that Black-led projects receive much less funding than their white counterparts, even though evidence proves that they tend to outperform other ventures in terms of recouping their original investments.
When looking at positions of creative control, the study also revealed that less than 6% of writers, directors, and producers of Hollywood films are Black. Within the industry, 87% of television executives and 92% of film executives are white. Additionally, rising Black actors receive fewer opportunities when it comes to leading roles, often landing an average of 6 starring roles while their white colleagues obtain 9. When it comes to finances, the “Black tax” refers to the ways in which Black talent must frequently pay out of pocket to see their projects reach the light of day. They often do not have the luxury of focusing solely on the art of their craft, but must utilize time and resources to fight for their right to work in Hollywood at all.
As has been shown above, Hollywood needs a systemic overhaul, one that offers targeted protections for the performers and production crews who face bias and discrimination in the workplace. Greater accountability, as well as a willingness to divert financial resources to target and combat systemic racism, is a critical step. Hollywood too often undermines and rationalizes the racism that takes place within its borders, falling back on the excuses of their bottom line. However, audiences have shown, not only with their words but with their pockets, that inclusive storytelling is what they really want.
Source: Deadline