What better time to honor the business acumen of two Black women than the beginning of Women's History Month and the end of our celebration of Black history?
Black designers at the NYFW AfroFuturism event pay tribute to fashion icons of the past through the fashion of today
This week it became clear who really rules the world. The “Texas Hold 'Em” singer and Oprah the media mogul recently made bold business decisions that transformed their respective industries and inspired their fans. Let's start with Bey.
Beyoncé keeps cinemas alive
Unless you spend all your time tracking box office numbers, you might not know that the film business is still struggling to recover from the pandemic. Yes, “Barbie” was a billion-dollar blockbuster in 2023, but audiences still aren’t going to the movies like they used to. However, if you're AMC Theaters, you got very lucky and were saved by year-end surprises in the form of back-to-back cultural phenomenons.
According to The Hollywood Reporter, AMC Theaters surprised the business world in 2023 with fourth quarter revenue of $1.10 billion, up from $990 million in 2022. CEO Adam Aron stated that “in the truest sense of the word “Word Everything” is thanks to the concert films of Taylor Swift and Beyoncé.
We've previously covered how Queen Bey's “Renaissance” tour literally transformed the economies of cities and countries as she traveled the world. So it's not really surprising that their concert film did the same for the film business. “Taylor Swift: The Eras Tour” grossed $261 million worldwide, while “Renaissance: A Beyoncé Movie” grossed $43.9 million worldwide. That doesn't seem like much compared to the big business of big-name tentpoles, but considering 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 trying to replicate this success with other concert films. Of course, you will quickly realize that Beyoncé is often imitated but never duplicated. This success isn't about audiences wanting concert films, but rather about the talent and aura of these artists captivating fans. If anything, AMC Theaters should do more projects with Bey.
The new queen of the country
As if boosting the film industry wasn't enough, the 32-time Grammy winner is turning her attention to country music, becoming the first Black woman to reach No. 1 with new single “Texas Hold 'Em.”
Although there has been some controversy over whether country radio will accept Beyoncé, the BeyHive doesn't seem to care. The superstar's foray into country has sparked a discussion about black fans' relationship with the genre and whether we can still find a place in it. Both established and emerging artists see her new album, “Renaissance Act II,” as a positive for country, noting that a release from someone in the Houston native's league would bring opportunities for all.
It will be interesting to see how things develop after the release of “Act II” and we'll get a clearer picture of what's next for Country Bey.
Beyoncé's beauty takes over
The “Love on Top” superstar’s world domination isn’t just limited to entertainment. She recently expanded her influence into the beauty world with new fragrance Cé Noir. At $160 for a 1.7-ounce bottle, it's an expensive scent with “fragrance notes of clementine, golden honey and golden amber, a blend of fruity scents such as orange and lemon.”
She is also entering the hair care industry with her new line Cécred. It is said to “repair and strengthen textured hair from root to tip.” Considering how serious black women are about our hair, this might be the “Dreamgirls” star's riskiest business venture yet. However, so far it seems to be paying off as influencer reviews are mostly positive.
While the question remains whether Beyoncé will ever actually use these products, for now her name and brand are enough to get orders flowing.
Bey has found success in music, films and beauty. Her clothing line didn't quite work out, but you know she's probably already in the lab working on her next project. And honestly, we'll all be up at midnight to make sure we're first in line because she's Beyoncé.
Oprah dumps Weight Watchers
Beyoncé isn't the only woman turning entire industries on their head. Media mogul Oprah Winfrey has once again brought about major change in the weight loss industry.
According to Variety, “The Color Purple” producer is leaving the board of Weight Watchers after nearly a decade. Winfrey will not seek re-election to the board at the May shareholder meeting. She will continue to serve as a public advocate for obesity and weight issues and will donate her 10 percent stake in Weight Watchers to the National Museum of African American History and Culture.
“I look forward to continuing to advise and work with WeightWatchers and CEO Sima Sistani to advance the conversation about recognizing obesity as a chronic disease, working to reduce stigma, and advocating for health equity,” Winfrey said in an explanation.
The decision comes after Winfrey revealed in December that she was taking a weight loss drug to improve her health. Your contract with Weight Watchers means that the company is the only company permitted to use your name, image or likeness for this purpose.
The company must have known this day was coming because it created its own membership program for customers taking weight loss medications. According to CNN, the “WeightWatchers GLP-1 program” was launched in December to “provide access to doctors who can prescribe these medications, as well as daily meal plans, insurance coordination and other weight loss assistance programs.”
This is a big change for a company that has built its brand on proper nutrition and exercise as the only solid, long-term weight loss solution. Getting Weight Watchers to change its mission is just another example of how strong Oprah's influence is on the diet industry.
The weight health industry has become extremely crowded, so Weight Watchers no longer holds the monopoly it once did, but Winfrey's influence will always loom large in this world. When it was announced that she was leaving the weight loss giant, its shares fell 25 percent. Oprah's name simply has no influence among her fans, it is also very important in the business world. After years of recommending her Favorite Things, many people now feel like they can trust the product when Oprah is involved.
The best business people 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 setting standards in their respective industries. They are dynamic women who push the envelope and make real change in their world. Their fearlessness and commitment is something we can admire and aspire to.