Rapid Response: A new script for the book biz and Hollywood, with The Black List’s Franklin Leonard

Bias Costs

Hollywood's biases and underinvestment in diverse talent result in significant financial losses. Franklin Leonard highlights a McKinsey study revealing that anti-Black bias alone costs Hollywood around $10 billion annually, with additional billions lost due to underinvestment in Latinx and Asian American communities 1. He questions the competence of decision-makers who fail to optimize for these audiences, emphasizing that the goal should be economic success, not just moral imperatives 1.

I always wonder, how long are stockholders going to be satisfied with leadership that isn't optimizing for economic outcomes?

--- Franklin Leonard

Leonard argues that the industry needs to rethink its assumptions about what is considered risky to unlock these missed opportunities.

   

Rethinking Risk

Leonard challenges Hollywood's flawed risk assessments, arguing that many so-called 'risky' projects are actually optimal investments. He cites examples like 'The Hunger Games' and 'Coming to America,' which were initially deemed too risky but proved to be highly successful 2. Harvard Business School's study on the Black List found that movies made from these 'risky' scripts generated 90% more revenue than those that weren't 2.

Great writing has a lot of value, no matter how risky the perceived subject matter is.

--- Franklin Leonard

Leonard also debunks the myth that past eras were more original, pointing out that even classics like 'Gone with the Wind' were adaptations 3.

   

Evolving Landscape

The evolving landscape of storytelling presents both challenges and opportunities. Leonard notes that while it's harder to secure budgets and resources today, this era offers unprecedented opportunities for diverse voices 4. He remains optimistic about the potential for creative people to solve problems and create great art, despite the increasing challenges 4.

At the end of the day, to be a professional writer, you got to be writing, and that hasn't changed.

--- Franklin Leonard

Leonard emphasizes the importance of recognizing and rewarding exceptional writers who can move audiences, advocating for better support and compensation for these talents.