May 17, 2024 Improved representation of Asian and Pacific Islanders (APIs) could generate billions of dollars in additional revenue for the film and television industry, according to senior partner Kabir Ahuja and colleagues. He says there’s a chance. For example, Asian Americans spend only about 0.4 percent of their income on entertainment, while white and black consumers spend about 0.9 percent. Additionally, half of API respondents to a McKinsey survey said they would spend more money if their experience was portrayed authentically.
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A series of four bar graphs shows spending on movies and television in 2022, by group, as a percentage of total consumer income. The four groups are Asians, Whites, Blacks, and All Consumers. In most charts, Asian spending lags far behind other groups. For example, the first graph shows spending on cable and satellite TV services. Asian consumers spent 0.21%, significantly lower than white consumers at 0.58%, black consumers at 0.71%, and consumers overall at 0.57%. The fifth graph shows total per capita spending on film and television in 2022. Asian consumers spent $526, significantly less than white consumers at $824, black consumers at $679, and consumers overall at $788.
Source: Annual Expenditure Means, Shares, Standard Errors, and Coefficients of Variation, Consumer Expenditure Survey Summary Table, U.S. Bureau of Labor Statistics, 2022.
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To read this report, see “From the Margins to the Mainstream: Asians and Pacific Islanders in Hollywood,” April 24, 2024.
