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Hollywood loses 10B in profits annually by undervaluing Black-led projects
TIWN
TIWN
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Los Angeles, March 12 (TIWN) A recent study has revealed that Hollywood loses $10 billion in profit annually by choosing to undervalue Black-led projects.Â
The survey by American management consulting firm, McKinsey and Company, takes a look at the film and TV industry in the US, and reaches the conclusion the film industry could earn roughly $10 billion if they valued Black-led projects the same way as they do with their White counterparts.
Those conducting the study analysed more than 2,000 films, as well as interviewed professional writers, actors, directors, and producers and also partnered with a coalition of Black artistses and executives in the media business, the BlackLight Collective.
The research demonstrated that Black-led projects receive much less funding than their non-coloured counterparts, despite the evidence that proves that Black-led projects tend to outperform other ventures in terms of recouping original investments.
The study also revealed that less than six per cent of writers, directors, and producers of Hollywood films are Black, while 87 per cent of television executives and 92 per cent of film executives are White in the industry.
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