NEWS
Hollywood Forfeits Up to $30B Every Year Because of Racial Inequity
Over three reports, McKinsey has tallied up the entertainment industry’s opportunity cost of continuing to diminish Black, Latino and Asian Pacific Islander colleagues and audiences.
BY REBECCA SUN
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APRIL 24, 2024 6:00AM
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'Black Panther,' 'Spiderman: Across the Spider-Verse' and 'Everything Everywhere All at Once' MARVEL/WALT DISNEY STUDIOS MOTION PICTURES/COURTESY EVERETT COLLECTION; SONY PICTURES RELEASING/MARVEL ENTERTAINMENT/COURTESY EVERETT COLLECTION; ALLYSON RIGGS/A24/COURTESY EVERETT COLLECTION
Who would pass up $30 billion? Hollywood’s top decision-makers and gatekeepers, apparently.
Beginning in 2021, the consulting firm McKinsey has published a series of reports exploring the entertainment industry’s representation and inclusion of historically excluded people. Along the way, the analysts totaled up the potential financial revenue that Hollywood could stand to gain if it adopted more culturally inclusive business solutions: $10 billion per year from closing the Black inequity gap, an eye-popping $12 billion to $18 billion from properly valuing Latino professionals and consumers, and — in the latest report released today, conducted in collaboration with Gold House — $2 billion to $4.4 billion from more effectively tapping the Asian and Pacific Islander market.
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