The red carpet is rolling out, and Hollywood is celebrating its finest achievements in acting, cinematography, directing, and beyond. But amid the glamour, there’s a significant economic story to tell, too. McKinsey research indicates the US film and TV industry is leaving billions on the table.
Specifically, a report by McKinsey’s Tomás Lajous, Lucy Pérez, and coauthors indicates the industry could generate an additional $12 billion to $18 billion a year in annual revenue if Latino representation in Hollywood improved. Similarly, a 2023 survey of 1,000 Asian and Pacific Islander consumers found that “half of respondents would be willing to spend more money and time on film and TV if their experiences were represented more authentically.” And, according to a 2021 McKinsey report, Hollywood loses out on nearly $10 billion every year by undervaluing TV and film projects about and by Black creators.
Before you tune in to the 97th awards ceremony, explore these insights for more for ways to increase authenticity and foster inclusive storytelling, both on- and off-screen.
Latinos in Hollywood: Amplifying voices, expanding horizons
From margins to mainstream: Asians and Pacific Islanders in Hollywood
Black representation in film and TV: The challenges and impact of increasing diversity