It’s no secret that the media and entertainment industry has a diversity problem.
For decades, executives have tended to be white men, a pattern that continues as the country continues to grow.
Deloitte recently published its “media reimagined” The study, conducted in November 2022 among 3,000 U.S. adults over the age of 18 and 500 U.S. media and entertainment professionals, clearly shows that a continued focus on diversity in entertainment will help create income.
An important finding is that barriers to diversity persist at the top, with a big difference between senior leaders (75%) and rank-and-file employees (59%) who see diversity in the media and entertainment industry. The gap between what leaders and gatekeepers think compared to the consumers they serve widens to 47 points when it comes to inclusivity. (See VIP+ analyzing how black audiences FAST underserved Just one example. )
The problem is further exacerbated by changing demographics in the United States. In 1950, according to the census, 88 percent of the population was white. Fast forward to 2020, and while still a majority, that has shrunk to 58%, with 19% of Americans identifying as Hispanic, 12% Black, 6% Asian, and most importantly, 10% % is two or more races.
Deloitte found that a significant proportion of employees at media and entertainment companies view the lack of diversity in leadership as problematic and sometimes put off focusing on diversity for fear of upsetting some viewers. What’s more: A third think leaders don’t understand what diversity and inclusion mean, a point that could decline if more board seats were filled by non-white executives.
The stakes are high. Deloitte estimates that the media and entertainment industry is worth $717 billion domestically, with Hispanics spending $139 billion, Black Americans $89.3 billion, AAPI $41.2 billion and LGBTQIA+ $33.2 billion. Women from other groups accounted for $183.2 billion.
Hopefully, in the coming years, fewer employees will think that leaders don’t understand diversity or are afraid to embrace it, boardroom executives will be more diverse themselves, and consumers will trust that the industry is embracing diversity.