Is Bias Hurting Our Economy?

Can we finally kill the myth our movies and culture need to reflect the majority (white people) to make money? Black Panther has pulled in $242 million its opening weekend breaking box office records. This is not the first-time black stars have pulled off record breaking numbers for culture economy and maybe its time to finally put the myth to bed, as Vox highlights here.

But a larger question remains, how many millions are we missing out on because companies do not know how to include diverse communities in blockbuster ways? Black Panther has broken records with a diverse customer base. The Hollywood Reporter cites data from comScore showing that 37 percent of ticket buyers for Black Panther in North America this weekend were African-American. Caucasians made up 35% of the audience, while Hispanics made up 18%. Any business thrives with diverse revenue streams, why not thrive with a diverse customer base?

Demographic changes are making it almost impossible to ignore diverse customers, but the fact of the matter is some industries have been saved by pivoting to attract urban cultures. The sneaker industry is a great example of urban/minority customer base can generate millions. Hip Hop another example of an urban solutions creating a multibillion dollar worldwide economy and created several black and brown millionaires.

So, the question is, why is there still a feeling that attracting a diverse customer base is not worth the money it takes to acquire new customers? Ask Disney, I am sure the record breaking opening weekend to capture young black men and women for a generation. Maybe its worth other companies trying?