Diddy recently sat down for an interview with Variety magazine, where he called out the entertainment industry for not putting black people in top-level positions. He explained that while they make the record labels billions as executives, people overseas are recruited to run the label versus a person of color.
“You have these record companies that are making so much money off our culture, our art form, but they’re not investing or even believing in us.
“For all the billions of dollars that these black executives have been able to make them, [there’s still hesitation] to put them in the top-level positions. They’ll go and they’ll recruit cats from overseas. It makes sense to give [executives of color] a chance and embrace the evolution, instead of it being that we can only make it to president, senior VP. … There’s no black CEO of a major record company. That’s just as bad as the fact that there are no [black] majority owners in the NFL. That’s what really motivates me.”
Diddy drove his point home by giving examples of companies that have backed black-owned businesses and ideas, including adidas with Kanye West. He added, “When Live Nation invests in artists and puts them in arenas the same way U2 would be, you have the right results. Black Panther, Black-ish, fashion; it’s all about access. If you’re blocked out of the resources, you can’t compete.”
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