What better time to acknowledge the business acumen of two Black women than the start of Women’s history month and the end of our Black history celebration.
This week proved who really does run the world. The ‘Texas Hold ‘Em’ singer and Oprah, the media mogul, recently made bold business decisions that changed their respective industries and inspired fans. Let’s start with Bey.
Beyoncé Keeps Movie Theaters Alive
If you don’t spend all your time obsessively following box office numbers, you may not know that the movie business is still struggling to recover post-pandemic. Yes, “Barbie” was a billion dollar blockbuster in 2023, but audiences still aren’t going to theaters the way they used to. However, if you’re AMC Theaters, you got very lucky and were saved by end of year surprises in the form of back-to-back cultural phenomenons.
According to The Hollywood Reporter, in 2023, AMC Theaters surprised the business world with a fourth quarter revenue of $1.10 billion, an increase from 2022’s $990 million. CEO Adam Aron explained that “literally all” of that number was thanks to concert films from Taylor Swift and Beyoncé.
We’ve already chronicled how Queen Bey’s “Renaissance” tour literally changed cities and countries economies as it traveled the world, so it’s not really a surprise that her concert film did the same for the movie business. “Taylor Swift: The Eras Tour” had a worldwide box office of $261 million, while “Renaissance: A Film by Beyoncé” brought in a global box office of $43.9 million. Compared to the big business of familiar tentpoles, this may not seem like a lot, but when you consider how some awards contenders and major franchises underperformed in the fourth quarter, AMC Theaters desperately needed the boost these concert films provided.
Don’t be surprised if you see theaters try to recreate this success with other concert films. Of course, they will figure out very quickly that Beyoncé is often imitated, but never duplicated. This success isn’t about audiences wanting concert movies, it’s about the talent and aura of these performers captivating fans. If anything, AMC Theaters should be doing more projects with Bey.
The New Queen of Country
As if jumpstarting the movie industry wasn’t enough, the 32-time Grammy winner is turning her sights to country music, becoming the first Black woman to hit No. 1 with the new single “Texas Hold ‘Em.”
While there’s been some controversy about whether country radio will accept Beyoncé, it seems like the BeyHive doesn’t care. The superstar’s foray into country has started a conversation about Black fans’ relationship with the genre and whether we can still find a place in it. Both established artists, as well as up and comers see her new album, “Renaissance Act II,” as a plus for country, noting that a release from someone in the Houston native’s league will lead to opportunities for everyone.
It will be interesting to see how things evolve after “Act II” is released and we get a clearer picture of just how country Bey is going.
Beyoncé’s Beauty Take Over
The “Love on Top” superstar’s world domination isn’t limited to entertainment. She recently extended her reach into the beauty world with new fragrance, Cé Noir. At $160 for a 1.7 oz bottle, it’s a pricey scent with “fragrance notes of clementine, golden honey and golden amber, which is a blend of fruity scents like orange and lemon.”
She’s also hopping into the hair care industry with her new line, Cécred. It’s meant to “repair and strengthen textured hair from root to tip.” Considering how serious Black women are about our hair, this may be the “Dreamgirls” star’s riskiest business yet. However, so far it seems to be paying off, as reviews from influencers are mostly positive.
While there are still questions about whether we will ever actually see Beyoncé using these products, right now, her name and brand is enough to get orders moving.
Bey has found success in music, movies and beauty. Her fashion line didn’t quite work out, but you know she’s probably already in the lab working on her next venture. And frankly, we’ll all be waking up at midnight to make sure we’re first in line for the drop, because she’s Beyoncé.
Oprah Sheds Weight Watchers
Beyoncé isn’t the only woman turning entire industries on their head. Media mogul Oprah Winfrey has once again caused a major shift in the weight loss business.
According to Variety, after nearly 10 years, “The Color Purple” producer is leaving the board of Weight Watchers. Winfrey won’t seek reelection to the board at the shareholders’ meeting in May. She will still work as a public advocate for obesity and weight issues and will donate her 10 percent interest in Weight Watchers to the National Museum of African American History and Culture.
“I look forward to continuing to advise and collaborate with WeightWatchers and CEO Sima Sistani in elevating the conversation around recognizing obesity as a chronic condition, working to reduce stigma, and advocating for health equity,” Winfrey said in a statement.
The decision comes on the heels of Winfrey revealing in December that she’s using a weight loss medication to help manage her health. Her contract with Weight Watchers means that the company is the only one allowed to use her name, image or likeness for this purpose.
The company must have known this day was coming, as it created its own membership program for clients using weight loss medication. According to CNN, it launched “WeightWatchers GLP-1 Program” in December, looking to provide “access to doctors who can prescribe these medications, as well as daily nutrition plans, insurance coordination, and other weight loss support programs.”
This is a major change for a company that built its brand on proper diet and exercise as the only solid, longterm weight loss solution. Getting Weight Watchers to change its mission is just another example of how strong Oprah’s influence on diet industry.
The weight health industry has become extremely crowded, so Weight Watchers doesn’t hold the monopoly that it once did, but Winfrey’s influence will always carry a lot of sway in this world. To that end, when news broke that she was leaving the weight loss giant, its stock dropped 25 percent. Oprah’s name just doesn’t hold influence to her fans, it’s also very important in the business world. After years of recommending her Favorite Things, a lot of people now feel if Oprah’s involved they can trust the product.
The best businesspeople know when to make bold moves and when to rely on their well-known brands. Both Beyoncé and Oprah are brilliant at this, so it’s no surprise that they’re moving the needle in their respective industries. They’re dynamic women who push the envelope and make real change in their worlds. Their fearlessness and hustle is something we can admire and strive for.
