By Claire Moraa
- Hollywood stands to potentially gain up to $18B if they close the Black and Latino gap in the entertainment industry
- The Asian and Pacific Islander consumers could unlock a billion-dollar industry in additional revenue if the entertainment industry taps into this section
For years, Hollywood has thrown in the same films on our screens deliberately or subconsciously ignoring other diverse cultures. Hollywood on its own makes bank. For instance, in 2023, the global box office generated $33 billion in revenue. And even though it does generate a significant amount of revenue, there is a gap in the market. This blind spot arises from the failure of Hollywood to adequately engage and represent diverse communities, resulting in substantial financial losses.
Why This Matters: The exclusion of diverse voices and perspectives from the creative process often results in certain cultures being overlooked. There’s clearly a substantial market opportunity waiting to be tapped into if the $30 billion figure is anything to go by. And we cannot blame the audience for lack of reception. When Squid Game, a South Korean show premiered on Netflix, it became one of the most watched shows surpassing 111 million viewers in its first month. This just goes to prove that the talent pool is full of authentic stories and regardless of their origin, they can resonate with broader audiences if given a chance.
The blind spot which overlooks Blacks, Latinos and Asian-American/Pacific Islander communities is not just robbing the audience an opportunity to explore the richness that other cultures have to offer. It is a matter of ignoring the substantial revenue that these diverse communities could generate. To put it into perspective, the inclusion of Blacks could rack up to $10 billion yearly and an additional $18 billion if we rope in the Latinos.
This underrepresentation also extends beyond financial losses. It reflects a systemic problem rooted in racial inequity but also indicates a missed opportunity for the industry to tap into a significant market segment. Furthermore, the impacts of this blind spot extend beyond financial losses, as they contribute to a broader issue of social and cultural exclusion within the entertainment sector.
What’s Next: The absence of diverse voices and perspectives in media contributes to cultural erasure. If marginalized communities continue to go unnoticed, the experiences, traditions, and contributions to the entertainment industry could be wiped out without a fighting chance. This not only undermines the richness and diversity of human experiences but also perpetuates harmful stereotypes and biases. We must actively work to dismantle barriers to representation and amplify diverse voices and stories. This can be used as a strategic opportunity to better serve and resonate with broader audiences while growing the industry and making it all-inclusive.
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