Diddy Slams Music Industry for Not Investing in Black Executives: ‘Embrace the Evolution’
For over 20 years, Diddy has been a visible trailblazer in the music industry as the CEO/Founder of Bad Boy Entertainment. Although he’s one of the richest men in the entertainment field, he’s frustrated over the lack of black executives in top positions at major companies.
In the cover story for Variety, Diddy slammed the music industry for not giving black people a seat at the table. "You have these record companies that are making so much money off our [hip-hop] culture, our art form, but they’re not investing or even believing in us," he said. "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," he continued. "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 was among a group of investors, including NBA star Stephen Curry, who wanted to invest in the Carolina Panthers ownership but negotiations fell through.
Diddy adds that they are several examples of companies who have successfully invested in black creative and thinkers.
"When we do get the resources, we over-deliver. When Adidas invests in Kanye [West], and it’s done properly, you have the right results," he says. "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. And that’s my whole thing — to be able to come and compete."
You can read Diddy's full interview at Variety.com.
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